February 10th, 2022 at 3:00 pm UTC · 3 min read
In support of its growing DeFi ecosystem, Flare has announced a recent partnership with Ola Finance, a platform offering customized lending networks. Ola plans to launch a lending network on Songbird – Flare’s canary network – with future plans to deploy on Flare mainnet.
This partnership signifies Flare’s growing suite of DeFi offerings. Projects building on Songbird and Flare will have the ability to deploy a lending network through Ola’s protocol, thus offering lending/borrowing services to their users.
Ola Finance has partnered with Flare to support the development of the Flare ecosystem. In accordance, Ola’s lending networks will be primed to support all tokens launched on Flare including all F-Asset tokens like XRP, DOGE, ALGO & LTC, thus providing DeFi services to non-Turing complete tokens.
David Yakira, Co-Founder & CEO, Ola Finance:
“We at Ola are thrilled to partner with a rising Layer 1 as promising as Flare. Their F-Asset system that aims to incorporate non-Turing complete assets into DeFi aligns with Ola’s goal to increase the number of tokens that offer DeFi Lending services to their communities. We are excited to align these goals to build out a strong relationship with Flare Network while growing their DeFi ecosystem.”
Hugo Philion, Co-Founder & CEO of Flare said:
“With TVL on Songbird reaching $120m in January, we are delighted that Ola’s lending-as-as-service solution is primed to attract even more liquidity into the Flare ecosystem. Their differentiator within DeFi lending which enables anyone to create their own branded lending network on Songbird & Flare should prove to be very powerful.”
Ola Finance distinguishes itself from other lending protocol’s with its unique white-labeled, B2B approach. Partners of Ola benefit from owning their own lending network equipped with a deep level of customizability and a unique UI fit to their brand. While projects expand their product suite, Ola serves as a dedicated partner behind the scenes providing continuous maintenance and product development.
Flare is a unique network that integrates Turing incomplete blockchains with the Ethereum Virtual Machine (EVM), bringing all kinds of assets into a smart contract-enabled ecosystem. Focusing on cryptocurrencies like XRP and Dogecoin, Flare and its canary network Songbird upgrade popular tokens for the DeFi world.
Ola Finance is a technology provider that offers lending-as-a-service to its partners. While Ola Finance uses its protocol to build the lending network, their partners become the owner of the network once deployed. Ola, with $48 Million in Value Locked, has launched lending networks for partners including SpiritSwap on Fantom, ApeSwap on Binance Smart Chain, and Fuse Network. Ola offers these communities access to borrowing/lending services and all the benefits that come with owning your own Lending Network, without needing to focus resources on developing one.
Flare is the first Layer-1 blockchain to achieve trustless and secure inter-ecosystem interoperability with any blockchain, while requiring no adaptation of the integrated chain. The combination of next-generation consensus, the State Connector and the Flare Time Series Oracle allows Flare to integrate with as many blockchains as possible – creating a powerful cross-chain protocol that is truly decentralized, secure and scalable. Fast, low fee and low carbon, Flare lights the way to a unified, decentralized future.