Decentralized finance is seen as the next big thing in the cryptocurrency market. However, several top cryptocurrencies are unable to be a part of DeFi and bring value to their holders. This could change very soon as Flare Finance will launch its product on Flare Network. Leveraging the Flare Network, Flare Finance is expected to bring smart contract functionality to XRP, LTC, and DOGE coin making that fully programmable money.
Flare Finance DeFi Products
Flare Finance is expected to go live on the Flare Network a month after the main net is launched. It will initially launch six products FlareX, FlareFarm, FlareUSD, FlareLoans, FlareMutual, and FlareMine. The products will allow users to earn passively by staking or providing liquidity right from their Flare Wallets. A complete decentralized financial infrastructure will be available for the first time for XRP, LTC, DOGE, and Spark tokens.
Flare Finance ecosystem will utilize three tokens: YFLR, YFIN, and YMIN. All Spark token holders will receive DFLR tokens which will have to be swapped to YFLR within a week. This is possibly being done to ensure that active participants become a part of the ecosystem. YFIN and YMIN will have to be harvested from the platform utilizing the YFLR tokens. The snapshot date is not announced yet, but users can check on Flare Finance’s social media channels to get more details about it.
Why is this a big deal?
Flare Finance is bringing DeFi to XRP, LTC, DOGE, and Spark tokens which will unlock value of these cryptocurrencies. From being held in the wallet, users will now be able to securely stake or provide liquidity to make a passive earning. DeFi is set to grow exponentially and it would be detrimental for the top cryptocurrencies to be left out. Flare Finance is enabling the path for other cryptocurrencies to become a part of DeFi.
The Flare Finance products are set to be audited by Certik Foundation. These audits could help users in trusting the platform and its products. Besides, Flare Finance has already conducted a Private Beta and is all set to roll out a Public Beta program. Users can participate to stand a chance of winning Samurai NFT.
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