Flare Finance and XinFin Network will have a bidirectional bridge that will enable XDC to be wrapped and bridged to Flare Network.
Flare Finance recently announced its partnership with XinFin Network, an enterprise-ready hybrid blockchain for trade and finance. In one of the most significant events for the crypto space in 2021, this partnership will create new opportunities for different communities. With the announcement of this partnership, Flare Finance moves a step closer towards becoming the epicentre of interoperable DeFi.
Uniqueness of This Partnership
Flare Finance has announced that it will support XDC across all its products. This would unlock huge value for XDC holders who would be able to do everything from staking their XDC to earning variable APY or participate in FlareLoans to stake XDC to borrow stable coins, and even mine YFIN using their XDC with FlareFarm. Flare Finance is also expected to provide opportunities for projects on XinFin protocol to use Flare Finance launchpads for future token and project launches.
Flare Finance and XinFin Network will also have a bidirectional bridge that will enable XDC to be wrapped and bridged to Flare Network. Similarly, F-Assets could be brought to XinFin Network using this bridge. This would essentially make assets of all the protocols interoperable, opening newer avenues that never existed before.
Why XinFin Network?
XinFin Network has been on its mainnet for over two years now and is working on global trade and finance. Besides, it is being seen as an alternative to Ethereum which has been facing issues pertaining to higher gas fees. XinFin Network has an average block time of 2 seconds with negligible transaction fees. It is believed to be closely working with financial institutions and governments to bring global trade and finance on the XinFin Network. EVM parallelization, private chain generation, and hardware integration are expected to come to XinFin Network soon.
Flare Finance is expected to go live a month after the Flare Network goes. Flare Network which is expected to go live soon is unlocking the value of locked assets by bringing smart contracts to chains that lacked them. With Flare Finance set to become the first DeFi platform on Flare Network, the potential for growth appears beyond imagination. Even before its launch, Flare Finance is anticipated to become one of the top DeFi platforms. Flare Finance will offer six products that range from yield farming to insurance. Details of all the products are available on the Flare Finance website and major news is usually announced on Twitter.