CandleFocus

Flare Labs Expands DeFi for XRP, Bitcoin, and Dogecoin Users

Author: Content Editor
Flare Labs is working on enhancing the capabilities of FAssets, a system designed to integrate non-smart contract assets like XRP, Bitcoin, and Dogecoin into the decentralized finance (DeFi) ecosystem. They plan to add FBTC for Bitcoin and FDOGE for Dogecoin, following the deployment of FXRP, a tokenized form of XRP. This allows users to turn non-smart contract assets into ERC-20 compatible tokens, enabling smooth interaction with smart contracts in various distributed apps. Flare aims to solve the challenge of non-smart contract assets not being able to engage directly with smart contracts in DeFi. By tokenizing these tokens, popular cryptocurrencies without native smart contract capability can participate in DeFi, expanding the range and adding diversity to current systems. The beta phase of FAssets has seen significant involvement, with over 40,000 users completing 450,000 transactions. Flare has introduced new features to improve user experience and plans to continue expanding support and access to decentralized finance beyond XRP, BTC, and DOGE. The company also offers Blockchain Machine Images that streamline the deployment of blockchain nodes for over 20 networks, making blockchain operations more efficient and affordable.

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