Flare Finance confirmed the release of six DeFi products as an all-in-one investment solution. This would introduce the expanded use of FLR tokens and XRP to the DeFi markets.
At the beginning of October, Flare Finance announced the start of the test phase of its first DeFi protocol on the Flare Networks. The early stage testing was conducted on the Coston Test Network. Deployed on the Flare Networks, the Flare Finance is operating as a DeFi Protocol to add utility to its native FLR tokens as well XRP when it is lunch.
The first FlareX network would act as a decentralized spot exchange in a “multi-token system”. The second product, FlareFarm, is a governance platform that facilitates Yield Farming. The FlareUSD,third-product, will act as a stablecoin distribution network. The other three platforms will offer additional financial instruments and services such as risk-based mutual funds, loans and a yield-farming liquidity pool provider FlareMine’s.
However, according to Coinspeaker.com, during the testing phase, the XRP community had expressed a few suspicions. Some users said that the lack of activity during the test phase caused the project to lose legitimacy.
For your knowledge, Flare Network has received backing from Ripple ‘s investment Xpring. It’s simply an XRP digital asset-based utility fork. The network aims to extend the XRP utility to smart contracts by integrating it with the Ethereum Virtual Machine (EVM).