Omnichain liquidity transport protocol Stargate officially announced that Flare, the blockchain for data, has been integrated. Stargate V2 now incorporates the Flare network, which links it to over 25 chains and permits free flow of liquidity.
A crucial link between Flare and more than 25 chains, including as Ethereum, Arbitrum, Optimism, and Base, is provided by Stargate V2. This will facilitate user funds transfers across ecosystems, allowing Flare to increase TVL and deepen liquidity.
The Hydra feature of Stargate V2 will make it possible to transfer USDC, USDT, and ETH to Flare in a seamless manner. They will then be able to be used by protocols and decentralized applications (dapps) that are powered by Flare. While corresponding Hydra assets are being minted on Flare, the underlying assets will continue to be locked in native asset pools on the source chains. Then, by using Stargate, these Hydra assets may be redeemed at any time for native assets, hence maintaining continuous liquidity throughout all chains that are connected together.
Flare Co-Founder and CEO Hugo Philion said:
“FLRfiSummer is accelerating. With LayerZero V2, Sparkdex, and now Stargate V2, holders of USDC and USDT across multiple networks have seamless access to the industry-leading yields made available by Flare’s new DeFi emissions program. Our aim is to dramatically deepen stablecoin liquidity on the network to provide a secure foundation for the launch of FAssets and the arrival of Bitcoin DeFi on Flare.”
Angus Lamps, Foundation Lead of Stargate said:
“Stargate has dominated the web3 interoperability space over the last 12 months, capturing up to 50% of daily cross-chain transaction volume at peak times. As one of the most reliable and popular bridge protocols, Stargate V2 can help to onboard a significant user base of advanced DeFi users to Flare through unified liquidity.”
Stargate, which was built on the LayerZero V2 general message passing protocol, has enabled more over $1 billion dollars in bridged assets during the month of June and presently has close to $500 million dollars in TVL. It is possible for users, applications, and developers to bridge to Flare of any size without incurring any costs or suffering slippage. This is accomplished by bridging from any Stargate chain with native assets at no cost.
The integration of Stargate V2 is aligned with the launch of a substantial DeFi incentives program on Flare. The program’s objective is to increase stablecoin liquidity and to establish a strong foundation for the future DeFi FAssets system for non-smart contract chains. Users of Stargate V2 who choose to bridge their USDC and USDT to Flare and participate to certain dex pools may be eligible to get reward rates that are among the highest in the industry.
Flare can now contact consumers across the blockchain realm and has significantly increased its access to cross-chain liquidity thanks to its integration with Stargate V2. When combined with Flare’s entrenched data protocols, which provide safe, quick, and affordable data access, dapp developers have access to an integrated stack that helps them create powerful omnichain apps.
