Flare Finance to Extend its DeFi Functionality to DOGE, XRP and LTC
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The origin of the centralized financial structure can be traced back to the 19th century when private banks like J.P. Morgan established their roots in the American economy. The ever-expanding scope for banking and merchant activities that became an essential function of the private banks led the industry to open many new players that arose the need for centralized authorities to regulate the market like central banks.

These centralized authorities majorly regulated the fiat market. But today, finance is not just limited to fiat but has also extended to the digital world opening unimaginable opportunities. The latest idea that is significantly impacting the core of the entire financial structure is decentralized finance (DeFi) that accompanies the blockchain space.

However, there are some challenges like associated extra cost, transaction time and accessibility of DeFi to all top cryptocurrencies that need immediate solutions.

While these are challenges that need to be resolved, it would require intricate knowledge of the space to design a valuable product. Flare Finance is a blockchain platform that is building on Flare Network to offer DeFi capabilities for the users of cryptocurrencies such as DOGE, XRP, Spark and LTC.

An Introduction to Flare Finance

While it is common to think of Flare Network and Flare Finance as the same entity or a part of one another, this isn't true. Flare Finance is an independent entity. Flare Finance is separate from Flare Network and Ripple Inc, and it leverages the Flare Network to offer DeFi products to LTC, Spark, DOGE and XRP.

Flare Finance makes use of Flare Network's smart contracts capabilities making XRP, LTC and DOGE fully programmable money. Flare Finance aims at delivering non-custodial, decentralized financial infrastructure including swaps, stable currency, yield farming, asset-backed loans, insurance and yield mining for the first time to XRP, LTC, DOGE and Spark.

Flare Products - What is the Hype all About?

Like in any good recipe, the secret lies in its ingredients, for Flare Finance, it lies in the in-house developed, advanced and innovative products. Let's look at its products.

FlareX is an intuitive, efficient, and fast margin and spot trading platform. FlareX will enable users of the Flare Network to swap currencies and earn passive income providing liquidity to liquidity pools.

Flare Farm is a token distribution model which will allow users to mine a pool of assets (tokens, NFTs or rewards) distributed via smart contract over a fixed period of time.

Flare Loans will enable users to get collateralized loans securely utilizing decentralized finance. Lending or Borrowing earns the obligated parties both the allocated APR (minus a 1.5% fee) and a correlating amount of YFIN.

Flare Mutual is a decentralized mutual fund that allows people to share risk together without the need for an insurance company. New projects building on Flare Network can insure their risk against smart contract failure, hacks and bugs.

Flare USD is a stable coin of Flare Network. It can be minted or burned by initiating an asset swap. Flare USD is an asset backed stable coin that maintains its variable dollar to dollar peg at all times.

What Next?

Flare Finance has rolled out a Public Beta Program which is open to everyone. Participants will stand a chance to win 1 of the rare 250 Samurai NFTs. You can register for the Public Beta from here. Things will only speed up from here for Flare Finance as the mainnet of Flare Network is inching closer. It remains to be seen which other cryptocurrencies will be integrated by Flare Finance in the near future. You can check more about the project from here.

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