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Flare Finance, First Flare-Based DeFi, Launches Beta Testing

Flare Finance finally starts closed beta testing of its instruments

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Cover image via stock.adobe.com

Flare Finance, a pioneering decentralized financial protocol (DeFi) that harnesses Flare blockchain, is finally released in a closed beta version. Flare enthusiasts have begun testing its instruments.

25 explorers started Flare Finance stress testing

On Jan. 3, Flare Finance, the first-ever DeFi based on "XRP fork" Flare, released a statement regarding the beta testing of the product. Flare Finance invited 25 enthusiasts to take part in experiments within the newly released beta environment. Registration was opened in Flare Finance's Discord room.

Flare Finance started beta testing
Image via Twitter

All 25 slots were filled in a few hours only. As a result, the final stage of project testing is up and running now. As covered previously by CryptoComes, hundreds of crypto enthusiasts participated in the previous phase of Flare Finance tests.

👉 MUST READ Flare Finance Launches XRP Giveaway, Rewards Testers with NFTsrelated article image

Also, the project shared the results of its Christmas and New Year giveaways. The lucky supporters of the Flare ecosystem received generous XRP bonuses.

Flare Finance architecture design published

Flare Finance is tasked with building a full-stack DeFi toolkit based on Flare, a "utility fork" of XRP Ledger. Flare enthusiast @BNWAdam released an infographic that covers the structures of Flare Finance.

Flare Finance design explained by project enthusiasts
Image via ImgBB

The future DeFi ecosystem will consist of a FlareLoan lending/borrowing ecosystem, FlareX decentralized exchange, FlareFarm "yield farming" environment, Flare Wrap token issuance instrument and Flare Mutual, a system for peer-to-peer insurance coverage.

The system will utilize Spark (FLR), an asset that will be airdropped by Flare Network to all XRP holders. On Dec. 12, 2020, a snapshot of XRP balances was taken to schedule the distribution of 1 FLR to 1 XRP. FLR tokens will eventually be distributed in 2021-2022.

Flare is a Turing-complete blockchain based on Avalanche consensus. It will be EVM-compatible since its launch, so it will be able to empower the XRP audience with a programmatic smart contracts hosting platform.

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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 (Swap.online, Monoreto, Attic Lab etc.)