Flare, a blockchain for data, is expanding its decentralized finance (DeFi) ecosystem, according to Co-Founder Hugo Philion. The EVM-compatible Layer 1 network offers developers decentralized access to high-integrity data from various chains and the internet, using the Flare Time-Series Oracle and Flare Data Connector for a decentralized alternative to off-chain oracles.
With a Total Value Locked (TVL) of $20.75 million, Flare reached 1 million active wallets in August 2024. The network boasts a growing set of DeFi protocols and is preparing to launch FAssets, overcollateralized bridges for non-smart contract tokens like Bitcoin, XRP, and Dogecoin, on its Songbird canary network in December, with a mainnet launch expected early next year.
Flare’s FAssets bridge is a safer way for users to bring their non-smart contract coins to the network for use in EVM-based DeFi protocols. Flare also supports NFT protocols and meme coins, with the team emphasizing the importance of safety in the DeFi ecosystem, having integrated with Chainalysis, Elliptic, and Hypernative for constant DeFi monitoring.
Flare is also exploring Trusted Execution Environments (TEEs) for various applications, including CEX-like DEXs, fee tiers for users, and machine learning. The network plans a hackathon in early 2025 focused on developing an integrated TEE for Flare.
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