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Flare Finance announces partnership with XinFin Network

Friday, 25 June 2021 02:50 AM

AMSTERDAM, NETHERLANDS  / ACCESSWIRE / June 25, 2021 / Flare Finance has announced a partnership with XinFin Network days before the launch of its Beta. Flare Finance which is set to become the first DeFi platform of Flare Network will be offering a total of six products at the time of launch. XinFin Network's native token XDC will be supported across all six products. With this news, Flare Finance has depicted that it aims to become a truly interoperable DeFi platform. So, what exactly will be the result of this partnership? 

Flare Finance, Friday, June 25, 2021, Press release picture

Flare Finance and XinFin Network will have a bidirectional bridge enabling either chain to deploy assets onto the other chain. XinFin Network will be able to mint assets from the Flare Network onto XinFin Network, whereas Flare Finance could utilise XDC in its ecosystem using FlareWrap. This makes all the assets on either chain interoperable across both the chains unlocking huge potential for developers as well as value for the investors.

XDC holders will also be able to participate on other products of Flare Finance bringing liquidity to the platform. With FlareFarm, XDC holders would be able to stake XDC and earn yields in YFIN. They would be able to participate in FlareMutual and pay for coverage with XDC or get loans against XDC using FlareLoans. XDC will also be tradable against other F-Assets via FlareX.

The best DeFi platform besides offering alternatives to traditional banks would have to be easy to operate. Interoperability will make it easier for users to leverage breakthrough products without having to use multiple DeFi platforms. Flare Finance with its strategic partnerships and integrations could turn into a single platform that could serve multiple communities and various projects.

Flare Finance has also taken several proactive steps for the same. It has announced that it would allow new projects on XDC to use Flare Finance launchpads for launch. This could give a massive boost not only to the XinFin community but to the Flare Finance community as well. While so much is being announced by Flare Finance, it is important to remember that it is not live yet. Flare Finance platform will go live a month after the launch of Flare Network.

Flare Network and Flare Finance are two separate entities. Flare Network is a distributed network running the Avalanche consensus protocol adapted to the Federated Byzantine Agreement and leveraging the Ethereum Virtual Machine. It aims to unlock the value of locked assets on chains that lack smart contracts. Flare Finance is offering a DeFi platform for these assets once they are unlocked on the Flare Network.

Flare Finance has so far announced support to FLR, XRP, LTC, XLM, DOGE, ALGO, ADA, SHIB, SANSHU, TEL, CEL, BNB, and CAKE. Now with XDC support being announced, Flare Finance has set itself up for huge success. The amalgamation of these communities and the value in terms of assets and support it would bring could turn huge. Will Flare Finance become the best DeFi network? The world is about to find out soon!


Name - Flare Finance
Email - [email protected] 
Country - Netherlands

SOURCE: Flare Finance

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