Flare Blockchain is Expanding its DeFi Ecosystem
Flare with Ola Finance is bringing customized lending networks on Songbird – Flare’s canary network. DeFi projects building on Songbird and Flare can deploy a lending network through Ola’s protocol. The lending networks will include all F-Asset tokens like XRP, DOGE, ALGO & LTC, adding non-turing tokens to the DeFi ecosystem.
Flare is a network that combines Turing incomplete blockchains with the Ethereum Virtual Machine (EVM), allowing an asset to be included in a smart contract-enabled ecosystem. Flare is the first Layer-1 blockchain to offer trustless and safe inter-ecosystem interoperability with any other blockchain without needing the integrated chain to be modified. Flare can interface with as many blockchains as possible because of the combination of next-generation consensus, the State Connector, and the Flare Time Series Oracle, resulting in a robust cross-chain protocol that is genuinely decentralized, safe, and scalable. Flare is a united, decentralized future that is fast, low-cost, and low-carbon.
Hugo Philion, Co-Founder & CEO of Flare, said:
With TVL on Songbird reaching $120m in January, we are delighted that Ola’s lending-as-as-service solution is primed to attract even more liquidity into the Flare ecosystem. Their differentiator within DeFi lending which enables anyone to create their own branded lending network on Songbird & Flare should prove to be very powerful.
Ola Finance is a technology platform that provides its partners with lending-as-a-service. While the protocol is used to establish the loan network, its partners become the owners of the network once it is implemented. Ola has created loan networks for partners like SpiritSwap on Fantom, ApeSwap on Binance Smart Chain, and Fuse Network, with $48 million in value locked. It provides these communities with borrowing/lending services and all of the advantages of having their own Lending Network without having to devote resources…
