The United States – During the first week of October, Flare Finance revealed that the company would launch the test phase for the first DeFi protocol, in partnership with Ripple’s XRP, based on Flare Networks. When they announced this project, the company launched a test on the Costco network.
Flare Finance is a DeFi protocol that the Flare network will deploy. According to the executives, this project will launch “six products in one” to benefit its customers. The first platform is the “FlareX,” which will operate and serve as a decentralized exchange in a multi-token ecosystem. According to Flare, this system will integrate swaps.
Furthermore, FlareFinance announced the FlareFarm Governance platform that allows yield farming. This project focuses on a stablecoin distribution platform called FlareUSD. The other three systems announced will offer risk-based mutual funds, loans, and a pool to provide liquidity called FlareMine.
Flare Finance claims that this project will give XRP holders and users of the network’s low cost “DeFi experience.” Even customers without technical or advanced knowledge can use this platform. Flare Finance developed this project intending to remove traditional intermediaries, such as banks and financial advisors.
This past week, the public saw a sharp increase in Ripple’s XRP price, and it even surged above the $0.2600 resistance. It means that Ripple is now starting to become better than most banks in the United States. According to critics, Ripple delivers a much better experience than old bank technologies. In terms of speed, pricing, and overall customer experience, Ripple is way more appealing.
Since cryptocurrencies have become an integral part of today’s financial market, Flare Finance’s decision to work with Ripple is a smart move. Ripple has long been in direct competition with MasterCard, SWIFT, and banks, but the company continues to outpace them.
Companies like Ripple make cross-border payments more accessible and hassle-free. The digitalization of all processes from transferring transactions to receiving has fundamentally improved to offer the best possible experience.
According to the executives, Flare Finance provides XRP and Spark uses the cheapest and faster experience thanks to Flare Network and XRP Ledger’s superior architecture. The company’s goal is to expand XRP uses cases by integrating new virtual machines to execute smart contracts. Flare Networks will do this through Xpring, Ripple’s investment arm. Since the first week of October, Flare has caused great hype in the crypto and XRP community for the launch of this project.