Flare Networks to Bring DeFi to Stellar (XLM)

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Fri, 02/26/2021 - 06:35
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Alex Dovbnya
Stellar (XLM) will be integrated by smart contracts provider Flare Networks
Flare Networks to Bring DeFi to Stellar (XLM)
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Ripple-backed Flare Networks is bringing smart contracts to Stellar (XLM) in its latest effort to branch out.

Prior to that, Flare Networks also announced support for XRP, Litecoin, and meme cryptocurrency Dogecoin.

Interoperability is key

In its Twitter announcement, the smart contracts provider makes a case against maximalism, stating that ecosystems must be united. 

The interoperability-focused blockchain is slated to launch in the first half of 2021.

Its F-Asset protocol allows any cryptocurrency to turn into a smart contract asset and become part of the burgeoning decentralized finance ecosystem.

In such a way, Flare Networks is aiming to steal Ethereum’s lunch as the second-largest blockchain is facing intense competition from rivals such as Binance Smart Chain (BSC).

Related
Second-Biggest Stablecoin Goes Live on Stellar Network

A growing ecosystem 

Following its much-talked-about Spark airdrop for XRP holders in December, DeFi protocol Flare Finance will also distribute DAOFlare (DFLR) tokens later this year.    

As reported by U.Today, Flare Networks has also entered the red-hot NFT race by integrating Gala Games, expanding its growing ecosystem.

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.

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