- Flare Networks-based DeFi protocol will launch 6 products to add utility to the digital asset XRP and the Spark token.
- Flare Finance products will use a multi-token ecosystem to provide governance and rewards to its users.
In early October, Flare Finance announced the launch of the test phase for the first DeFi protocol based on Flare Networks. At the time of the announcement, Flare Finance, an entity not associated with Ripple’s partner, Flare, launched a test on the Costco network. In a more recent publication, they provided an update on their progress.
Flare Finance is a DeFi protocol that will be deployed on the Flare network. The protocol will launch “6 products in one” for the benefit of its users. The first is a platform called FlareX that will operate as a decentralized spot exchange in “a multi-token ecosystem”. The platform will integrate swaps.
Also, the FlareFarm governance platform will allow yield farming. Their third product will be a stablecoin distribution platform called FlareUSD and three other platforms that will offer: loans, risk-based mutual funds, and a yield farming and pool to provide liquidity, called FlareMine.
The protocol will give XRP holders and users of Flare Networks’ and its Spark token a low cost “DeFi experience”. Flare Finance’s products have been developed with the intention that they can be used by anyone, without technical or advanced knowledge. In that way, they