Ripple-backed blockchain startup Flare Networks is asserting its plans to combine Stellar Lumens (XLM) into its good contract platform.
In a brand new tweet, Flare makes the announcement that will probably be making XLM an F-Asset on its community.
Flare will likely be integrating $XLM as an F-Asset, bringing XLM to scalable good contracts and a trustless gateway to #Stellar. Decentralisation is way too necessary for maximalism. Ecosystems should be united. @stellarorg #UnlockingValue
— Flare (@FlareNetworks) February 25, 2021
XLM, by itself, is just not suitable with Ethereum’s digital machine (EVM), however Flare’s F-Asset protocol acts because the bridge. By integrating XLM into its platform, customers will have the ability to make the most of XLM-backed tokens on any Ethereum-based decentralized finance (DeFi) community.
Flare Networks goals to attach DeFi and good contracts with blockchain networks, making any cryptocurrency token usable in good contracts. The corporate began off with Ripple’s XRP earlier than revealing plans to integrate Litecoin (LTC), Dogecoin (DOGE) and now Stellar Lumens (XLM), which goes to be the fourth digital asset in its arsenal.
In January, Flare’s co-founder Hugo Philion said in an interview with Actual Imaginative and prescient that the corporate may probably carry good contract capabilities to Bitcoin.
“We’re a community that’s based mostly round utility, about offering utility to different networks corresponding to XRP, probably someday, Bitcoin, probably different networks. Any asset could be represented, any blockchain asset could be represented on Flare. The purpose is that, sure, we are attempting to place ahead a really sturdy concept for every participant about how utility works, and why they should take part.”
Flare intends to distribute 45,827,728,412 of its native token Spark (FLR) within the first half of 2021. They’ve already moved to airdrop their Spark token to eligible XRP holders and have introduced plans to do the identical for qualifying LTC holders forward of the corporate’s launch in Q2 2021. There may be nonetheless no phrase as as to whether the corporate intends to carry out a comparable airdrop for DOGE and XLM homeowners.
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