Flare Network, an upcoming project that plans to offer smart contract functionality for Ripple and Dogecoin, has announced a partnership with Ola Finance, in a bid to bolster its presence in the decentralized finance (DeFi) sector.
The initiative will allow developers building on Flare’s canary network Songbird to deploy a suite of lending networks through Ola Finance, Flare said in an announcement today.
Under the partnership, Ola Finance, which supports customized programmable lending products, will support all Flare-based mainstream assets, including Ripple (XRP), Dogecoin (DOGE), Litecoin (LTC), as well as Algorand (ALGO).
David Yakira, Co-Founder & CEO, Ola Finance, said:
“We at Ola are thrilled to partner with a rising Layer-1 network as promising as Flare. Their F-Asset system that aims to incorporate non-Turing complete assets into DeFi aligns with Ola’s goal to increase the number of tokens that offer DeFi Lending services to their communities.”
Ola’s Cryptocurrency Lending Program
Ola provides its partners with a lending-as-a-service solution. Once the protocol is used to establish the loan network, the partners are given control after the service is fully implemented.
Since its launch, it has partnered with Fantom-based SpiritSwap and Binance Smart Chain ApeSwap, among others, giving their communities access to lending and borrowing services that will be fully controlled by the firms without them having to build their own lending networks.
Ola’s partners can order and integrate their own customized lending protocols at will.
“With TVL on Songbird reaching $120m in January, we are delighted that Ola’s lending-as-as-service solution is primed to attract even more liquidity into the Flare ecosystem,” Hugo Philion, co-founder and CEO of Flare, said.
Philion added that Ola’s differentiator in DeFi lending will allow developers to create their own branded lending network on Songbird.
Songbird Still Under Development
It is worth noting that Songbird is still under upgrade and will be fully unveiled before the end of March.
Meanwhile, once the Songbird upgrade is complete, Flare Network disclosed that it will commence the airdrop of its native token, Spark (FLR) token for Ripple (XRP) holders.
At the moment, Flare supports ALGO, XRP, DOGE, and LTC, with further plans to add Cardano (ADA) in the near future.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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