Flare, an upcoming EVM-compatible blockchain focused on the XRP and Dogecoin (DOGE) communities, strengthens its presence in the decentralized finance segment.
Ola Finance partners with Flare, announces launch on Songbird
According to the press release by the Flare team, it has inked a partnership with Ola Finance, a platform of customized programmable lending products.
As the partnership goes live, Ola Finance will support all F-assets, i.e., Flare-based versions of mainstream tokens. Since the first joint releases, Ola Finance will integrate XRP, Dogecoin (DOGE), Algorand (ALGO) and Litecoin (LTC).
David Yakira, co-founder and CEO of Ola Finance, stresses the importance of latest integration for ecosystems of non-Turing complete tokens and their presence in DeFi:
We at Ola are thrilled to partner with a rising Layer 1 as promising as Flare. Their F-Asset system that aims to incorporate non-Turing complete assets into DeFi aligns with Ola’s goal to increase the number of tokens that offer DeFi Lending services to their communities. We are excited to align these goals to build out a strong relationship with Flare Network while growing their DeFi ecosystem.
Also, Ola Finance is going to deploy its smart contracts to Songbird (SGB), a "canary network" of Flare that serves as a sandbox for multiple Flare-focused DeFi designs.
Empowering crypto businesses with programmable lending products: What is Ola Finance?
Hugo Philion, co-founder and CEO of Flare, is fascinated by the opportunities unlocked by the partnership between his team and Ola Finance:
With TVL on Songbird reaching $120m in January, we are delighted that Ola’s lending-as-as-service solution is primed to attract even more liquidity into the Flare ecosystem. Their differentiator within DeFi lending which enables anyone to create their own branded lending network on Songbird & Flare should prove to be very powerful.
Ola Finance pioneers a "white-label" approach to decentralized lending protocol building. Its partners can order and integrate their own lending protocols equipped with an unmatched level of composability and customizability.
Besides creating "out-of-the-box" decentralized lending solutions for businesses, Ola Finance provides its clients with consulting and maintenance support.