Flare Teams Up with Ola Finance to Broaden its DeFi Offerings

Flare partners with Ola Finance to support customized lending networks, further expanding the suite of DeFi products available on Flare.

Flare has teamed up with Ola Finance to provide a broader range of DeFi solutions, including tailored lending networks. On Songbird, Flare’s canary network, Ola intends to create a loan network to deploy it on the mainnet eventually.

One of the company’s offerings is to provide its partners with loans as a service. The network is built using Ola Finance’s protocol; however, its partners become the owners once the network is implemented. Flare’s next-generation consensus, State Connector, and Flare Time Series Oracle enable it to interact with as many blockchains as possible, resulting in a robust cross-chain protocol that is genuinely decentralized, safe, and scalable.

Flare’s DeFi capabilities are expanding as a result of this relationship. Songbird and Flare-based projects will leverage Ola’s protocol to construct a lending network, making lending and borrowing services available to their customers.

Supporting the growth of the Flare ecosystem in mind, Ola Finance has teamed up with Flare. As a result, Ola’s lending networks will be ready to handle any tokens published on Flare, including all F-Asset tokens like XRP, DOGE, ALGO, and LTC, allowing non-Turing complete tokens avail use of DeFi services.

Flare’s Co-Founder and CEO, Hugo Philion, stated:

“With TVL on Songbird reaching $120m in January, we are delighted that Ola’s lending-as-as-service solution is primed to attract even more liquidity into the Flare ecosystem. Their differentiator within DeFi lending which enables anyone to create their own branded lending network on Songbird & Flare should prove to be very powerful.”

Ola Finance’s white-labelled B2B strategy separates it from other lending protocols. Ola works as a loyal partner behind the scenes, providing constant maintenance and product development as projects increase their product offerings. On the other hand, Flare uses the Ethereum Virtual Machine (EVM) to create a smart contract-enabled ecosystem by connecting Turing-incomplete blockchains with EVM.

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