Flare Finance will integrate XDC across all its products

Flare Finance, the institutional-grade DeFi platform exploring the true potential of the Flare Network has recently announced that XinFin Network’s native token XDC will be integrated across all its products. The announcement comes a few days before its beta release and is likely to have a massive impact on the ever-rising DeFi sector.

Flare Finance is a DeFi protocol deployed on the Flare Network that is the first Turing complete FBA Network that will bring immense utility to the users. The new partnership will entail many benefits that will be passed on to the respective communities. Both the stakeholders in the partnership will have a bidirectional bridge that will allow XDC to be wrapped on the Flare Network and F-Assets to be minted onto the XinFin Network.

XinFin is a hybrid blockchain that revolutionizes the traditional finance sector with the help of a seamless decentralized infrastructure solution. It will work concurrently with legacy financial systems by provisioning a permissioned blockchain that can be used by different entities to refurbish their tech stack and introduce new use-cases.

The collaboration will also encourage better interoperability which is what Flare Finance is noted for. Users of all communities will have a better opportunity to earn passive income and participate in both the ecosystems. A true depiction of interoperability would be experienced by the community members.

Flare Finance is the first DeFi platform on the Flare Network that will reward its holders to the hilt. With XinFin now in the picture, users can find this as a wonderful option vis-a-vis Ethereum especially when it comes to the rising gas fee issue. XinFin Network takes a step forward and has the potential to complete a transaction in less than 2 seconds with its capacity of 2000 TPS and affordable fees.

The way forward

XDC will be listed by Flare Finance against all its F-Assets that will also include FXRP, FALGO, FLTC, FADA, FDOGE, and FXLM. XDC would be further bridged into the Flare Network thanks to the integration of FlareWrap. Tokens on the Flare Network will be minted on the XinFin Network making the network interaction seamless and interoperable.

Apart from these benefits, XDC will also be listed on Flare Mutual through which users can pay for coverage for XDC. XDC holders can earn high yields in YFIN because they will be able to stake when they participate in FlareFarm. New projects that will develop on XinFin Network will be able to use Flare Finance’s launchpad for token launches. Flare Finance is gradually spreading its wings to become the ‘To-Go’ DeFi platform even before its official launch.

In about a month, Flare Finance will go live, and it is important to note that Flare Finance and Flare Network are two separate entities. Flare Finance has already made several announcements pertaining to its support for LTC, XRP, DOGE, XLM, etc, and progressing towards being one of the preferred platforms before its official launch. With interoperability truly being considered the future of DeFi, Flare Finance could be on the path to becoming the best DeFi platform.

Discuss this news on our Telegram Community. Subscribe to us on Google news and do follow us on Twitter @Blockmanity

Did you like the news you just read? Please leave a feedback to help us serve you better

Disclaimer: Blockmanity is a news portal and does not provide any financial advice. Blockmanity's role is to inform the cryptocurrency and blockchain community about what's going on in this space. Please do your own due diligence before making any investment. Blockmanity won't be responsible for any loss of funds.