Expanding DeFi Capabilities: Flare and Kinetic Join Forces

Flare Partners with Kinetic to Boost DeFi Development

Flare, a blockchain optimized for data, has announced a partnership with Kinetic, a lending and borrowing platform, to enhance the development of decentralized finance (DeFi) applications on the Flare network. The collaboration aims to introduce lending and borrowing capabilities, deepen liquidity, and build a robust DeFi ecosystem on Flare.

Kinetic, backed by Rome Blockchain Labs, will provide a seamless platform for Flare users to participate in DeFi activities and earn block rewards using their supplied digital assets. The platform will also utilize Flare’s native price oracle, the Flare Time Series Oracle (FTSO), to ensure accurate and decentralized price feeds for lending and borrowing.

Integration of FAssets and Testing on Coston2

Kinetic will integrate FAssets, developed by Flare Labs, to enable non-smart contract tokens like Bitcoin (BTC), XRP Ledger (XRPL), and Dogecoin (DOGE) to engage in DeFi activities. The launch of Kinetic will begin on Coston2, Flare’s testnet, allowing users to engage, provide feedback, and gain insights before its official launch on the mainnet.

CEO Statements

Hugo Philion, CEO and co-founder of Flare, expressed excitement about collaborating with Kinetic and Rome Blockchain Labs. He believes the partnership will showcase the power of FAssets by enabling decentralized lending and borrowing against non-smart contract assets.

Jake Hunsbusher, core contributor at Kinetic, stated that users can now put their tokens to use and lead a new era of financial empowerment. Kinetic has also partnered with Watchpug and Immunefi for smart contract audits and bug bounty programs.

Hot Take: Flare and Kinetic Join Forces to Accelerate DeFi Development

Flare’s partnership with Kinetic is a significant step in boosting the development of decentralized finance applications on the Flare network. With the integration of FAssets and the use of Flare’s price oracle, users will have more opportunities to participate in DeFi activities and earn rewards. The collaboration aims to create a robust DeFi ecosystem by deepening liquidity and providing seamless lending and borrowing capabilities. The initial launch on Coston2 allows for thorough testing and refinement before the platform’s official release on the mainnet. This partnership demonstrates the potential for decentralized lending and borrowing against non-smart contract assets like Bitcoin, XRP Ledger, and Dogecoin.