Flare and Kinetic join forces to enhance defi capabilities
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Flare, a blockchain platform designed for data optimization, has announced a partnership with Kinetic, a lending and borrowing platform, to enhance the development of decentralized finance (defi) applications on the Flare network.
In an exclusive press release shared with crypto.news, this collaboration aims to introduce lending and borrowing capabilities, increase liquidity, and foster the growth of a robust defi ecosystem on the Flare platform.
Under this partnership, Kinetic, which is supported by Rome Blockchain Labs, will provide a seamless platform for Flare users to engage in defi activities and earn block rewards using their digital assets.
Furthermore, the platform will leverage Flare’s native price oracle, the Flare Time Series Oracle (FTSO), to ensure accurate and decentralized price feeds for lending and borrowing operations.
In addition to this, Kinetic will integrate FAssets, a technology developed by Flare Labs, to enable non-smart contract tokens such as Bitcoin (BTC), XRP Ledger (XRPL), and Dogecoin (DOGE) to participate in defi activities.
The launch of Kinetic will initially take place on Flare’s testnet, Coston2, providing users with a dynamic and interactive environment to engage, provide feedback, and gain insights. This initial rollout will allow for thorough testing and refinement of the platform before its official launch on the mainnet.
Hugo Philion, CEO and co-founder of Flare, expressed his excitement about the partnership, emphasizing the potential for financial empowerment that it brings. He believes that the collaboration will open up new opportunities for users to leverage their tokens.
Jake Hunsbusher, a core contributor at Kinetic, echoed this sentiment, stating that their users can now make use of their tokens to spearhead a new era of financial empowerment.
Kinetic has also formed partnerships with Watchpug and Immunefi, who are responsible for overseeing the platform’s smart contract audits and bug bounty programs.
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