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XRP Flare Fork Receives Its First DeFi: Details

Much-anticipated Flare fork of XRP has announced first DeFi protocol ready for onboarding on Flare

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Although Flarea "utility fork" of XRP Ledgerwill commence its operations only in December 2020, decentralized financial protocols (DeFi) have already begun to show interest in its instruments.

Introducing Flare Finance

In early October, the Flare Finance team revealed that it is working on DeFi to leverage the smart contract capabilities of the Flare Network. It will include margin and spot trading engines, noncustodial liquidity pools, insurance coverage for all funds and other DeFi tools.

Firt DeFi on Flare Network announces testnet launch
Image by Flare Finance

Today, Oct. 6, Flare Finance shared the news of its successful testnet launch. Its Coston system has gone live in the testnet environment. To celebrate this milestone, the newcomers are organizing an XRP airdrop for their social media followers.

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Meanwhile, at press time, the project managed to deliver only a landing page, accounts on Twitter and Telegram and a community chat in Discord and GitHub with 8 repositories. They include Solidity-written tools for loans, stablecoins and a multi-asset exchange.

Flare Finance teases the launch of the ecosystem with three tokens. YieldFlare (YFLR) will serve as a governance asset and exchange fee instrument. YieldFin (YFIN) will take part in yield farming while YieldMine (YMIN) will act as a reward for yield mining.

Flare Networks team responds

Flare Networks, the team behind the Flare XRP fork, has offered a low-key response restraining from either public approval or disapproval of the Flare Finance protocol:

We have spoken to @FlrFinance The project is interesting and we are grateful that they have chosen Flare. Flare's role is not to approve or disapprove of a project. As with everything do your own research and don't take risks that you can’t recover from if they go wrong.

It should be noted that Flare fork is tasked with empowering XRP instruments with smart contract capabilities. Its team scheduled the airdrop of Spark tokens to all XRP holders, excluding Stellar inventor Jed McCaleb.

To take part in the airdrop, the users of noncustodial XRP storage instruments should add a specific message to their accounts in accordance with the detailed manual written by XRPL Labs. The users of numerous centralized wallets can enjoy a seamless airdrop as their platforms supported the Flare Network release.

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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.)