This post was written by Neil on Jul 12, 2021
Flare Finance offers 6 financial products allowing users of the Flare Network to act as their own yield generating bank and exchange without giving up custody or control of their assets to a centralized party.
In preparation for the launch of Flare Network, they’ve finalised the 21 assets that will be supported across all 6 products; FlareX, FlareWrap, FlareFarm, FlareMine, FlareLoans and FlareMutual.
These assets include;
ADA: Cardano is a blockchain platform for changemakers, innovators, and visionaries, with the tools and technologies required to create possibility for the many, as well as the few, and bring about positive global change.
ALGO: Algorand builds technology that accelerates the convergence between decentralized and traditional finance by enabling the simple creation of next generation financial products, protocols and exchange of value.
BNB: BNB is the cryptocurrency coin that powers the Binance ecosystem. As one of the world’s most popular utility tokens, not only can you buy or sell BNB like any other cryptocurrency, but BNB comes with a wide range of applications and benefits.
CAKE: Pancake Swap is the leading decentralized exchange on Binance Smart Chain, with the highest trading volumes in the market.
CEL: Celsius Network is the first and only platform that earns you up to 17% yield on your crypto, rewards you every week and lets you borrow cash at the lowest rates.
CSC: Casino Coin is a digital currency, developed specifically for the regulated gaming industry.
DOGE: Dogecoin is an open source peer-to-peer digital currency, favored by Shiba Inus worldwide.
ETH: Ethereum is a technology that’s home to digital money, global payments, and applications.
FLR: Spark is the native digital asset of the Flare Network blockchain. FLR is a new form of programmable money that comes with two detachable votes that are used to contribute to the governance parameters of the ecosystem and the Flare Time Series Oracle (FTSO).
GALA: Gala is currently based on the Ethereum blockchain and uses the ERC-1155 Standard. This reduces fees and makes it possible for a user to send multiple NFTs in the same transaction.
GTC: Gitcoin is the community of builders, creators, and protocols at the center of open web ecosystems.
LTC: Litecoin is a peer-to-peer cryptocurrency and open-source software project released under the MIT/X11 license.
PAC: PAC Protocol is built on the foundation of a first-of-its-kind blockchain technology utilizing both proof-of-stake and deterministic master nodes to offer instant, secure and low-cost transfers.
SANSHU: Sanshu Inu is a community-focused decentralized transaction network.
SHIB: Shiba Token is our foundational currency that allows investors to hold millions, billions, or even trillions, of it in their wallets.
TEL: Telcoin is a new cryptocurrency based on the Ethereum blockchain that will be decentralized and accepted by telecom operators.
USDC: USD Coin is issued by regulated financial institutions, backed by fully reserved assets, redeemable on a 1:1 basis for US dollars, and governed by Centre, a membership-based consortium that sets technical, policy and financial standards for stablecoins.
USDT: Tether converts cash into digital currency, to anchor or tether the value to the price of national currencies like the US dollar, the Euro, and the offshore Chinese yuan.
XDC: XinFin is an enterprise-ready, open-source, hybrid blockchain protocol specializing in tokenization for real-world decentralized finance.
XLM: Stellar is an open-source network for currencies and payments. Stellar makes it possible to create, send and trade digital representations of all forms of money—dollars, pesos, bitcoin, pretty much anything. It’s designed so all the world’s financial systems can work together on a single network.
XRP: XRP is a digital asset built for payments. It is the native digital asset on the XRP Ledger—an open-source, permissionless and decentralized blockchain technology that can settle transactions in 3-5 seconds. XRP can be sent directly without needing a central intermediary, making it a convenient instrument in bridging two different currencies quickly and efficiently.
A quick recap of each product:
FlareX enables users of the Flare Network to swap currencies and earn passive income providing liquidity to liquidity pools. Decentralized On-Demand Liquidity (DODL) is made available to traders through a simple and easy to use interface.
FlareWrap enables users to bridge their currencies to the Flare Network easily without needing an exchange.
FlareFarm is the ecosystems primary governance yield farming platform and fair launch distribution platform (launchpad). FlareFarm enables users to earn yield easily and effectively through participation in various staking pools.
FlareMine is a decentralized yield mining platform that allows owners of Bitcoin or Ethereum mining rigs to mine various non PoW tokens. Additionally serving as the first infinite mining portfolio manager.
FlareLoans is an asset-backed loans issuance platform which provides Decentralized On Demand Liquidity (DODL) by enabling holders to pool their assets to be loaned against a borrower’s collateral.
FlareMutual is a decentralized mutual fund that allows people to share risk together without the need for an insurance company.