Flare Finance will bring smart contracts functionality to XRP, LTC, and Dogecoin and will convert them into fully programmable money as per the new report that we have in our latest crypto news.
The Decentralized finance space is seen as the next big thing in crypto but a few top cryptocurrencies were unable to become a part of DeFi and to bring value to their holders. This will likely change soon as Flare Finance will launch the product on Flare Network. Flare Network will bring plenty of functionality to LTC, XRP, and DOGE that will turn them into programmable money.
This would allow any integrated coin currently #XRP, #LTC and #Doge holders to trustlessly create a stable token. #UnlockingValue https://t.co/FJKA5SIov5
— Flare (@FlareNetworks) February 23, 2021
Flare Finance will go live on the network a month after the main net is launched and will initially launch six products FlareFarm, FlareX, FlareUSD, FlareMutual, FlareLoans, and FlareMine. The product will allow users to earn passively by staking or providing liquidity right from the wallets. The complete decentralized financial infrastructure will be available for the first time for Spark, DOGE, LTC, and XRP.
Flare Finance ecosystem will utilize three tokens, YFIN, YMIN, and YFRL and all spark token holders will receive DFLR tokens that will eventually be swapped to YFLR in a week. This is mainly being done to ensure that the active participants are a part of the ecosystem. YMIN and YFIN will have to be harvested from the platform utilizing the tokens and the snapshot date is not announced yet but users will check on the social media channels to get more details about it.
Flare will bring Defi to LTC, DOGE, XRP, and Spark tokens and will unlock the value of these crypto-assets. From being held in the wallet users will be able to stake or provide liquidity to make a passive earning while Defi is set to grow exponentially and it will be detrimental for the top assets to be left out. Flare will enable the path for other assets to become a part of DeFi. The products will be audited by the Certik Foundation as these audits will help the users to trust the platform and the products. The platform will also conduct a Private Beta and will set to roll out a Public Beta program so all users can have a chance at winning a Samurai NFT.
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