Cryptocurrency News

Flair Finance announces partnership with XinFin Network

Flair Finance has announced a partnership with XinFin Network in what could be one of the most important events of the crypto space in 2021. While much has been said about interoperability and bridging communities, Flair Finance is well on its way to becoming a community hub. With this partnership, Flair Finance and XinFin Network will have a bi-directional bridge that will allow assets from any chain to be wrapped and used on another chain. Therefore, essentially the XDC will be wrapped and bridged from the XinFin network to the Flare network. Similarly, Flair Network tokens can be minted in the XinFin network and F-Assets can be brought into the XinFin network.

The True Interoperability

Flair Finance has also announced that it will support XinFin Network’s native token, XDC, across all offerings. This would mean that XDC holders can mine YFIN by participating in Flair Farms or XDC holders can use their XDC as collateral to take out loans through Flair Loans or borrow as well as lend. But you can borrow stable coins by betting XDC in YFIN earning a variable APY. . Flare Finance has total 6 products which can be studied in detail Flair Finance Website. It is important to note that Flair Finance is the first DeFi network to be built on the Flair network. However, even before its release, many are already expecting Flair Finance to become the best DeFi network.

It is important to understand that Flair Finance is a separate entity from the Flair Network and is a platform built on it. The Flare Network is a distributed network running the Avalanche consensus protocol that is compatible with the Federated Byzantine Protocol and leverages the Ethereum Virtual Machine. It aims to unlock the value of assets locked on chains that do not have native smart contracts. This will enable additional utility for these tokens while the native token of the network will act as collateral for trustworthy issuance of assets. XRP, XLM, Doge and LTC will be the F-Asset at the time of the network’s launch. After the network goes live, other assets can be added based on voting. Algorand and XDC are some of the tokens that are expected to apply for integration with Flair.

XinFin Network

XinFin Network, on the other hand, is an enterprise-ready hybrid blockchain for trade and finance. It is widely regarded as an alternative to Ethereum because of its 2000 TPS capability with low fees. The average time to complete a transaction on XinFin Network’s protocol, XDPoS, is just 2 seconds. The XinFin network is also counted among the most energy efficient networks as it consumes only 0.0000074 TWh as per the available data. XinFin website. The XinFin network is believed to be working with governments to bridge the gap in global infrastructure. Private chain generation, EVM parallelization and hardware integration are expected to arrive on the XinFin network in the future.

future of defi

Flair Finance has already announced access to a wide range of assets in the Flair Finance ecosystem including FLR, XRP, LTC, XLM, DOGE, ALGO, ADA, SHIB, SANSHU, TEL, CEL, BNB, CAKE and now XDC Will go More assets are expected to be added by voting once the network goes live. With such a well-organized ecosystem that includes the assets of all chains, Flair Finance is connecting not only these chains but also communities and ecosystems.

For DeFi to become a viable alternative to banks for the general public, such broad integration will be crucial. It appears that Flair Finance has already taken the first step in the right direction and positioned itself as a leader in the DeFi space. The race to become the top DeFi platform has accelerated with the progress made by Flair Finance. The game is only just beginning, so be prepared to HODL your bag and be part of the state-of-the-art DeFi platform.

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