By
Godfrey Benjamin
April 24th, 2024
In its latest update, Flare Finance announced that it will be launching six DeFi products as an all-in-one solution for investing. Thus, it will bring the higher utility of FLR tokens and XRP to the DeFi markets.
Earlier this month in October, Flare Finance announced launching the test phase of its first DeFi protocol on the Flare Networks. On Monday, October 26, Flare Finance further updated its status on the progress made. All the early stage testing took place on the Coston Test Network. Deployed on the Flare Networks, the Flare Finance works as a DeFi Protocol bring utility to its native FLR tokens as well XRP upon its launch.
The announcement notes that Flare will be launching a total of 6 decentralized finance (DeFi) products. These products will offer all-in-one trust-free solutions for investing as well as traditional finance.
The first platform FlareX will function as a decentralized spot exchange in a “multi-token system”. The second product dubbed FlareFarm is a governance platform facilitating Yield Farming. The third-product FlareUSD will work as a stablecoin distribution platform. The other three platforms will offer other financial instruments and products like risk-based mutual funds, loans, and a yield-farming liquidity pool provider FlareMine. The official announcement notes:
“Flare Finance seeks to provide XRP/Spark users with the fastest and cheapest DeFi experience thanks to the superior architecture of Flare Network and the XRP Ledger. Our user experience will be based on providing the simplest means possible to unlocking and utilizing the value carried in your FLR and XRP. Holders of XRP or FLR will soon be able to easily earn interest on their holdings in a decentralized, trust free fashion without the need for any financial advisors, banking institutions or third-party intermediaries”.
What Flare Finance Can Offer to XRP Community
Flare Finance’s products have been deployed to offers a simplified experience to users. Also, the intention is that anyone without technical or advanced knowledge can use it. As said, the goal is also to remove traditional intermediaries like banks or financial advisors.
Using the Flare Wallet, users can interact with different Flare Finance products. The Flare ecosystem supports different crypto tokens like Sparks, FLR, YFLR, FXRP, and FUSD.
However, during the testing phase, the XRP community had expressed a few suspicions. Some users said that the lack of activity during the test phase caused the project to lose legitimacy.
For those who don’t know, Flare Network has received backing from Ripple‘s investment Xpring. It is basically a utility fork based on the XRP digital asset. The network aims to expand XRP utility to smart contracts by integrating with the Ethereum Virtual Machine (EVM).