First Flare-Based DeFi, Flare Finance, Goes Live in Closed Beta

Here's how FLR supporters can help Flare Finance with beta testing

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Celebrating the successful snapshot of XRP balances by Flare Network, Flare Financea pioneering Flare-based decentralized financial ecosystem (DeFi)invites all Flare enthusiasts to take part in closed beta testing of its main operations.

The journey to Flare-based DeFi begins

In their recent Twitter thread, the Flare Finance team, which promotes itself as the first DeFi on the overhyped "utility fork" of XRP Ledger, shared an invitation for all FLR community activists. Two hundred challengers may be the first to try the performance and UX of the new ecosystem.

Flare Finance introduces closed beta-testing
Image via Twitter

In a futuristic video shared by Flare Finance, developers claim that "the hype hasn't even begun," so the opportunity to participate in the "isolated" beta testing of Flare Finance is for true "early birds" only.

It is likely that the testing campaign will utilize Flare's Coston testnet launched without fanfare in May 2020 and named to commemorate Martha Jane Coston (1826-1904), an American tech innovator and entrepreneur.

The 194th anniversary of Ms. Coston's birthday coincided with the snapshot of XRP balances for Spark (FLR) distribution. It was taken successfully few hours ago.

All enthusiasts are welcome

To join the isolated beta testing of Flare Finance, a cryptocurrency user needs to fill out a short form that covers his/her previous experience in the blockchain segment, on decentralized crypto exchanges (DEXes) and the possible strong points required for testing. However, the team at Flare Finance invites testers with "varying experience" in the cryptocurrency sphere.

According to the video, Metamask Ethereum-focused browser extension will be used to synchronize with the devnet.

As covered by CryptoComes previously, Flare Finance will provide its users with a multi-instrumental DeFi experience on Flare. The structure of DeFi will include DEX, a lending/borrowing dashboard and, of course, liquidity mining modules.

👉 MUST READ First-Ever DeFi on "XRPL Fork" Flare to Distribute Yield Tokens; Bounty Program Launchedrelated article image

Furthermore, shortly after the activation of Flare's mainnet, Flare Finance will airdrop its own backbone assets, DAOFlare (DFLR) tokens. FLR holders will be allowed to either use them as governance tokens or to exchange them for YFLR tokens needed for "yield farming."

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Vladislav Sopov

Blockchain Analyst & Writer with scientific background. 5+ years in IT-analytics, 2+ years in blockchain.

Worked in independent analysis as well as in start-ups (, Monoreto, Attic Lab etc.)