• Dapps:16.23K
  • Blockchains:78
  • Active users:66.47M
  • 30d volume:$303.26B
  • 30d transactions:$879.24M

Flare and a New Look at XRP in DeFi

user avatar

by Giorgi Kostiuk

a day ago


Flare is an innovative platform that opens new horizons for XRP in decentralized finance. Utilizing its infrastructure and new protocols, Flare is creating opportunities for XRP holders.

What is Flare?

Flare (FLR) is a Layer-1 blockchain designed to enable cross-chain compatibility and data processing. Its main features include:

* **Flare Time Series Oracle (FTSO)** - provides decentralized data; * **Flare Data Connector (FDC)** - authenticates data from other blockchains; * **FAssets** - allows for fully collateralized representations of assets as tokens.

How FAssets Work?

The FAssets system employs a decentralized approach to token creation. XRP owners send their tokens to registered agents who freeze them and then mint FXRP at a 1:1 ratio based on verification via the FDC.

The collateral structure includes: * 1x underlying asset (XRP) * FLR pool collateral (typically > 1.5x FXRP) * Stablecoin collateral (~1.2x FXRP)

Additionally, multiple layers of security measures are in place.

The Role of Songbird and USD₮0 in the Flare Ecosystem

Songbird (Flare's test network) serves as a platform for testing new protocols. The introduction of USD₮0, an omnichain version of Tether's USDT, significantly boosted the total value locked in DeFi on Flare.

Over a period of 13 days, the total value locked (TVL) on Flare surged from $37.1 million to over $120.9 million, expanding the platform and attracting new users.

Flare aims to connect idle liquidity from XRP with programmable DeFi, creating new opportunities for users. The platform restores access to financial products and serves as a foundation for further growth in decentralized finance.

0

Share

Other news

What’s Next for UNI Tokens? Predictions Until 2035

An overview of potential scenarios for UNI tokens over the next ten years, including price forecasts and Uniswap platform developments.

user avatarGiorgi Kostiuk

a few seconds ago

Elastos Introduces BTCD, an Innovative Bitcoin Stablecoin for DeFi

Elastos has launched BTCD, a new Bitcoin-backed stablecoin designed to provide stable value in DeFi. Learn about its mechanics and benefits.

user avatarGiorgi Kostiuk

a minute ago

Pi Network Prepares Important Announcement for Pi2Day

Expectations soar ahead of Pi2Day: potential announcements for Pi Coin and community awaits news.

user avatarGiorgi Kostiuk

a minute ago

Overview of Sui (SUI) and Stellar (XLM): Will SUI Rise and XLM Fall?

Market analysis of cryptocurrencies: Sui (SUI) shows growth, Stellar (XLM) faces challenges. Discussing future prospects.

user avatarGiorgi Kostiuk

2 minutes ago

Algorand Shows 66% TVL Growth Driven by Stablecoin Demand

Algorand's DeFi ecosystem increased by 66.45% in one day, attracting attention due to immediate transaction finality.

user avatarGiorgi Kostiuk

2 minutes ago

Ruvi AI (RUVI) Promises High Returns Compared to Cardano

Analysts predict Ruvi AI's potential at 113x while Cardano faces investment slowdown.

user avatarGiorgi Kostiuk

3 minutes ago

dapp expert logo
© 2020-2025. DappExpert. All rights reserved.
© 2020-2025. DappExpert. All rights reserved.

Important disclaimer: The information presented on the Dapp.Expert portal is intended solely for informational purposes and does not constitute an investment recommendation or a guide to action in the field of cryptocurrencies. The Dapp.Expert team is not responsible for any potential losses or missed profits associated with the use of materials published on the site. Before making investment decisions in cryptocurrencies, we recommend consulting a qualified financial advisor.