Flare blockchain's presence in decentralized finance (DeFi) is consolidating. Last week, the total value locked (TVL) on the network surpassed the $15 million milestone. DefiLlama shows a record $16.3 million in TVL as of this writing, up 100% since the beginning of August. Meanwhile, the weekly transaction count nearly hit the 2 million mark last week.
Flare is a layer 1 blockchain focusing on interoperability. It is compatible with the Ethereum Virtual Machine (EVM) and enables the use of smart contracts on Ripple (XRP). The networkâs presence in DeFi became noticeable at the end of 2023. Today, it hosts seven dapps with over $1 million in TVL.
The largest dapp is Clearpool, a lending platform aimed at institutional investors, with over $16 million in TVL. The second-largest dapp is Sceptre Liquid, a liquid staking protocol for Flareâs native coin, FLR, with $13 million in deposits. Kinetic, a native lending dapp, has surged from zero to over $6 million in TVL within a month. Other major contributors include SparkDEX and BlazeSwap, two rapidly growing decentralized exchanges (DEXs).
