Flare is expanding its presence in the decentralized finance (DeFi) sector with its latest partnership with Ola Finance. Ola Finance is a firm that provides programmable lending products customized to meet user needs.
Flare is an upcoming compatible blockchain focusing mainly on Ripple (XRP) and Dogecoin (DOGE).
Flare partners with Ola Finance
A press release from Flare stated that it had secured a major deal with Ola Finance. Once this partnership is activated, Ola Finance will support all the Flare-version tokens derived from the platform’s mainstream tokens. During the initial stages of this partnership, Ola Finance will integrate Ripple (XRP), Dogecoin (DOGE), Algorand (ALGO) and Litecoin (LTC).
The co-founder and CEO of Ola Finance, David Yakira, commented on this partnership, saying it was a much-needed integration between two ecosystems. By the two firms working together, Yakira states that the benefits of non-Turing complete tokens will be realized.
Yakira also added that the partnership achieves the objective of increasing the number of tokens accessed in the DeFi lending sector. “We are excited to align these goals to build out a strong relationship with Flare Network while growing their DeFi ecosystem.
The CEO and co-founder of Hugo Philion also added that “with TVL on Songbird reaching $120M in January, we are delighted that Ola’s lending-as-a-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 to deploy smart contracts to Songbird
Through this partnership, Ola Finance has revealed plans to create a lending platform on Songbird. Songbird is a canary network of the Flare network, and it functions as a sandbox where projects that want to launch on Flare can test their functionality. The canary network supports experiments through a limited supply of testnet tokens. Songbird does for Flare what Kusama does for Polkadot.
Ola will launch a lending network on Flare’s Songbird before launching it in the future on the Flare mainnet. The launch will expand Flare’s reach in the DeFi sector and enable projects building on its canary network to execute a lending protocol via Ola Finance.
The Songbird network will record increased activity through this partnership. The network will function as a platform for developers that will be empowered to provide lending and borrowing solutions needed by users.
Through Ola Finance, developers can create lending networks similar to Compound and Aave. By partnering with Flare, developers can test the functionality of their systems on Songbird before these are later launched into Flare’s mainnet. By conducting tests before the main deployment, developers can detect bugs and other errors.
The protocol will also allow users who have provided collateral in the form of one cryptocurrency to borrow another cryptocurrency from other lenders on the network. Ola will also provide support to less liquid tokens, as it will conduct an off-chain service dubbed the ‘protector bot’ that will detect price anomalies and trade against them to create a reliable platform.
Through these offerings, Ola Finance provides a unique approach to decentralized lending. It provides unique lending solutions to businesses by integrating composed and customized features. Ola Finance also offers support in consultancy and maintenance.
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