Decentralised finance has ushered a new era for cryptocurrencies by opening up new opportunities and delivering real-world applications. However, the present DeFi space is confined largely to Ethereum while the likes of XRP and LTC have been left behind. The situation is about to change with the arrival of Flare Network and the products built by Flare Finance on the network.
The huge anticipation for Spark airdrop by Flare Network showed the crypto community’s interest in seeing decentralise finance make its way to the XRP Ledger. Flare Network will enable smart contract functionality on the XRPL making XRP fully programmable money. Completing the loop and bringing utility to the Flare Network is Flare Finance. It is important to note that both Flare Network and Flare Finance are two separate business entities.
Flare Finance is building a decentralised finance platform that enables XRP and Spark token holders to experience DeFi with swaps, stable currency, yield farming, asset-backed loans, insurance, and yield mining. Users will be able to interact with Flare Finance Ecosystem using their Flare Wallets. The six products being developed by Flare Finance includes FlareX, FlareFarm, FlareUSD, FlareLoans, FlareMutual, and FlareMine.
Users will be able to use all the products without giving the custody or control of their assets to any centralised party. Flare Finance is a natural evolution of DeFi which combines the fast settlement of XRP, Ethereum Smart Contracts, and Avalanche for consensus. You can read about all the products offered by Flare Finance in their short paper.
The YieldFlare Token or YFLR will be the main exchange fee and secondary governance token of Flare Finance ecosystem. It will be used to mine YFIN which is the main governance token of the ecosystem. Holders of Spark token will receive DFLR token during the Flare Finance airdrop. This token will not have any value of its own and will have to be swapped to YFLR within seven days from the day of the airdrop.
Flare Finance will have a snapshot and airdrop one month after the mainnet launch of Flare Network. Users can join Flare Finance’s social media channels to remain updated and get timely information.
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