Ripple-backed Flare Networks advocates that it will integrate Stellar Lumens (XLM) with its smart contract platform. It will offer compatibility with the Ethereum blockchain. Flare’s decision to combine Stellar Lumens indicates that users will develop XLM-backed tokens and leverage those tokens with Ethereum-based DeFi projects such as Uniswap. However, this will be accomplished via Flare Networks’ F-Asset protocol. Thus, enabling investors to convert cryptocurrencies into bridge tokens. Its F-Asset protocol enables any cryptocurrency to transform into a smart contract asset. Thus, becoming a part of the burgeoning decentralized financial ecosystem.
According to the Twitter announcement, the smart contracts provider makes a case against maximalism. While Stellar already maintains native smart contracts, its contracts are not compatible with the EVM. Flare plans will overcome that limitation. Flare networks have concentrated on interoperability, with the same scheduled launch in the first half of 2021. Moreover, the announcement occurs after integration with XRP, Litecoin (LTC), and Dogecoin (DOGE) to the network.
Flare Network expands its ecosystem by collaborating with trustline
Further, Flare Network’s gravity was challenged by some after it integrated DOGE following an online poll. Nevertheless, following the XLM announcement, the decision isn’t questioned yet. After the said integration, Flare Network extended its ecosystem by the future issuance of a stablecoin on the XRP Ledger. It collaborated with Trustline, a California-based credit network. Aurei’s stablecoin will be minted via a smart contract after crypto-collateral is put into a ‘Priority vault,’ as per the proposal.
Recently, the coins integrated involve XLM, XRP, LTC, and DOGE, with users now capable of developing a stable token via the help of Trustline. With Flare taking significant steps in the cryptocurrency market, the XRP ledger has been placed to active use, even though the digital asset suffers a tough time in the market. Flare states that onboarding various assets directs to accomplish decentralization. It also intends to circumvent maximalism, the selection of certain coins over others. The team has not explained whether it will conduct an airdrop for XLM, LTC, and DOGE holders, as it has done for XRP and FLR holders.
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