Flare’s (FLR) decentralized finance sector is gaining momentum, largely due to USD₮0, an improved version of Tether that was launched on the network in late April.
The impact was immediate, with the combined value locked within Flare’s protocols rising from
$64m to $124m
In just a matter of days, it has reached approximately $155 million, showcasing remarkable progress.
Why did the figures increase? Kraken entered the scene, making it very simple for individuals to acquire and redeem Tether on and off Flare.
No more complicated bridging or hurdles to overcome; everybody here wants straightforward deposit and withdrawal processes.
This is precisely what the major players had been anticipating, and once they managed to swiftly inject substantial funds into the market, the entire system started functioning smoothly. Major platforms like SparkDEX, Kinetic, and Sceptre began experiencing significant trading activity.
Regarding SparkDEX, they hit a record peak with more than $60 million in total value locked (TVL).
What’s impressive about Flare is their approach to handling price feeds. Instead of depending on external oracles, they’ve developed their own internal oracle system integrated directly within their network. This ensures better synchronization across the protocol and reduces expenses, particularly when dealing with intricate processes such as liquidations.
There’s excitement surrounding the upcoming “XRPFi,” which plans to utilize wrapped XRP (XRP) on Flare. This development might seamlessly usher in the next stage with all this USDₜ₀ liquidity in place.
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