Flare Finance Extending Capabilities of XRP and LTC Holders

Published January 20, 2021 | Updated January 20, 2021

Flare Finance Extending Capabilities of XRP and LTC Holders

Ethereum has ruled the Decentralized Finance space for a long time while its counterparts lag due to limited capabilities and exposure, flare network plans to change that.  

Flare Network Brings Smart Contract Capabilities to XRP and LTC

Flare Finance extends XRP and LTC tokens capabilities through seamless and efficient applications built over Flare Network. An independent protocol deployed over Flare Network, Flare Finance, to bring more utility to the FLR and XRP token holders once the network is launched. 

With an intent to provide more efficiency and better DeFi experience to the XRP/SPARK token holders, Flare Finance is empowering the decentralized finance space through its trust-free and high-efficiency financial products.

The Litecoin, Flare, and XRP holders would be able to earn interest on their holdings in a trust-free system without relying on any third-party intermediaries.

Flare Finance leverages the Flare Network’s smart contracts to provide high-efficiency P2P margin and spot trading. This offers steadfast non-custodial liquidity pools and decentralized insurance coverage.

Understanding the Flare Network’s immense potential, Flare Finance protocol is looking for options to leverage the ever-growing decentralized finance space. Flare Finance is building innovative products like FlareX, FlareUSD, FlareLoans, FlareMine, Flare Finance, and FlareMutual. These products will help users to benefit without any centralized party involvement. With its YFIN, YFLR, and DFLR token, the users can leverage the Flare Finance ecosystem.

How Will Flare Finance Protocol Benefit FLR token Holders?

The innovative protocols will benefit the users and establish Flare Finance as a trust-free banking and insurance solution. FlareX is an innovative Spot and margin trading platform, while Flare Farm is a Yield farming and governance platform. Flare USD allows stable dollar distribution while FlareLoans offers a seamless collateralized loans platform. FlareMutual can be used for decentralized risk-based mutual funds, and miners can use FlareMine for yield mining and liquidity generation.  

Flare Finance launched a reward program for the volunteers who intend to participate in testing its products. The company is looking for at least 200 participants to ensure that the Flare Finance ecosystem products are robust and efficient. It announced rewarding the customers who participated in the test phase of the Flare network.

After the Flare Network launch, the Flare Finance protocol will deploy on the network. It will hence become the first-ever decentralized platform for the XRP and Flare holders. The system uses three tokens for rewards, governance, and fee. The Flare Finance protocol would also use FLR, Trustless XRP in the various products. YieldFlare is the native token on the Flare Finance ecosystem and a YFIN token, which would act as a governance token. Flare Finance also announced DFLR tokens’ airdrop after taking a snapshot post-Flare Network’s main net launch. 

Conclusion

Flare network is set to be launched in the second quarter of 2021. And the integration would allow Litecoin token LTC to be trustlessly used on the Flare using the Ethereum style smart contracts. The integration would provide more interoperability and composability to Litecoin tokens.

Flare Finance will extend the XRP, FLR, and Litecoin token capabilities once the Flare Network officially launches in the second quarter of 2021. Flare Finance announced an airdrop of a total of $6500 worth XRP to the participants.  The beta test program that intends to reward the volunteers would help ensure its scalability and efficiency.

Disclaimer
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
About Author
I am an associate content producer for the news section of Coingape. I have previously worked as a freelancer for numerous sites and have covered a dynamic range of topics from sports, finance to economics and politics.
Casper Brown 370 Articles
I am an associate content producer for the news section of Coingape. I have previously worked as a freelancer for numerous sites and have covered a dynamic range of topics from sports, finance to economics and politics.
Follow Casper @