Flare Finance in a recent announcement has revealed that it will integrate XinFin Network’s XDC across all its products. This is seen as a major step towards achieving interoperability in the DeFi space. Flare Finance will be the first DeFi platform on the Flare Network. With support for assets such as FLR, XRP, LTC, XLM, DOGE, ALGO, ADA, SHIB, SANSHU, TEL, CEL, BNB and CAKE, already announced, the addition of XDC will add to the extent of interoperability.
Flare Finance and XinFin Network will have a bidirectional bridge that will enable the movement of assets from one chain to the other. So, XDC could be wrapped and become part of the Flare Finance ecosystem. Similarly, all the assets on the Flare Finance ecosystem could also be minted onto the XinFin Network.
Besides, XDC holders will have the opportunity to participate in Flare Finance products such as FlareLoans, FlareMutual, FlareMine and others. This will empower XDC holders to earn passive income by staking, borrowing and lending. Flare Finance will also enable projects on the XinFin Network to utilize FlareLaunch. Such interoperability is the need of the hour for the DeFi ecosystem which is scattered at the moment.
XinFin Network has been successfully running its mainnet for the past couple of years. It has achieved some significant milestones such as transaction time of 2 seconds, negligible gas fees, being part of R3 Corda, Sandbox licenses and more. Among many of the XinFin Network’s advisors, Andre Casterman who is an ex-SWIFT Corporate & Trade head is worth noting.
It is anticipated that XinFin Network is aiming to work with financial institutions and governments. With this partnership, any asset on XinFin Network would have an option of becoming a part of Flare Finance’s ecosystem. This interoperability can result in a massive success for Flare Finance which is already being seen as a top DeFi platform even before its launch.
Flare Finance is expected to launch a month after Flare Network goes live. Flare Network is expected to go live in a few weeks, if not earlier. Will Flare Finance provide the interoperability required in the DeFi space but is lacking at the moment? With the launch date nearing, we might have an answer soon. Flare Finance will share all the updates over their social media accounts.