Flare Finance Redefining DeFi Ecosystem with Smart Contracts for XRP and LTC
Flare Network is creating a new benchmark in the cryptocurrency industry with its state-of-the-art solutions. Upon its launch around the second quarter of 2021, Flare network would provide integration for Litecoin, XRP, and Dogecoin which would allow the tokens to operate trustlessly on the network with smart contracts. Harnessing the revolutionary Flare Networks is Flare Finance which will bring smart contracts on XRP, LTC, and Dogecoin enabling utility and ownership to the users within the decentralized finance ecosystem.
Flare Finance is an entirely separate entity and does not come under Flare Network or Ripple Inc. It is an independent protocol operating on the Flare Network enhancing the capabilities of the XRP and LTC tokens within the Flare ecosystem. The highly sophisticated and robust system leverages the immense capabilities of the decentralized finance ecosystem through its financial products.
The products are designed by highly efficient and dexterous experts who understand the intricacies of the financial and blockchain space. Through these products, the XRP, LTC, and FLR token holders would be able to leverage their holdings without any third-party intermediary. Flare Networks boasts of immensely robust smart contracts, which Flare Finance utilizes to offer profitable spot trading and P2P margin trading with non-custodial liquidity pools and decentralized insurance coverages.
The protocol captures the power of Flare Network and accentuates it to deliver higher benefits to the customers. Through the use of smart contracts developed on the Flare Network, Flare finance is building a highly capable trustless financial ecosystem that uses XRP, LTC, and Dogecoin.
Products
With its suite of highly intuitive, market-leading, and futuristic products, the Flare Finance team is striving to offer a comprehensive and all-round banking utility to its customers.
- FlareX is a fast, intuitive, and efficient spot and margin trading platform that deciphers trading intricacies and allows traders to benefit in a hassle-free manner.
- Flare Farm is another robust yield farming and governance platform where the yield farmers can benefit.
- Flare Loans allows the users to attain collateralized loans in the decentralized finance space in a secure way.
- Flare Mutual can be utilized by the customers to invest in risk-based mutual funds to benefit from their assets.
- Flare USD is a solution that offers the distribution of stable coins pegged on the US dollar.
Tokens
FLR and Trustless XRP tokens would be utilized in the Flare Finance products, while their native tokens would be used within the protocol for rewards and fees.
- YieldFlare: Native token for staking and trade. The token would be used on the FlareX platform for an exchange fee and used for trading and during token swaps.
- YFIN: It is a low supply token for Yield farming and governance and can be mined using the YieldFlare token and other cryptos. It also acts as a governed token within the Flare Finance system.
Reward Program
The Flare Finance team is continually striving to ensure that its products are a class apart and offer maximum utility and efficiency to the users. While the adept development and testing team leaves no stone unturned in fine tuning the finalized products, it intends to go an extra mile in ensuring quality. Thus, Flare Finance launched a reward program which sought applications from volunteers to test its various decentralized finance products. At least 200 users are required to participate in the reward program.
Summing Up
The Flare Finance Protocol would launch on the Flare network and provide the most agile and resourceful decentralized platform to the LTC, XRP, Dogecoin, and FLARE token holders. Flare Finance would ensure maximum utility to the token holders and developers with its efficiently designed framework and transparent system. The integration of XRP and LTC would bestow more efficiency to the LTC and XRP tokens by increasing composability and making them more interoperable. You can follow Flare Finance on social media for regular updates.
