FLARE FINANCE: THE KING OF ALL DEFI PROTOCOLS.
We are obviously in the era of DEFI ( Decentralised Finance). The advent of blockchain which comes with smart contracts that allow the execution of contracts automatically with minimal or without a third party has brought a paradigm shift to the world of finance. We can now do banking online without having a bank account with the traditional banks; we can make insurance deals online without having any insurance policy with the traditional insurance companies; and do so much more through contractual businesses without third party now. All thanks to smart contracts that come with blockchain technology and in particular DEFI. There are many Defi projects that have been developed so far and proved to be working well and are improving. You hear names like Bancor, Aave, Chainlink ,Ren, Compound, etc. The Flare Finance is also in the defi race, but with a clear leadership protocols that make it the king of all defi protocols.
The Flare Finance is a Defi protocol designed to do all financial smart contracts. Its a protocol that is set to work excellently in the banking, insurance, mining, etc. According to the Flare Finance white paper, it is clearly and correctly stated that the protocol can do many things as follows:
‘Flare Finance offers 6 financial products allowing the users of the Flare Network to act as their own yield generating bank and exchange without giving up custody or control of their assets to a centralized party. These six products are: 1.FlareX 2.FlareFarm 3.FlareUSD 4.FlareLoans 5.FlareMutual 6.FlareMine. Users can interact with all of the products in our ecosystem through their Flare Wallets. They can earn passively by staking or providing liquidity for the exchange. Flare Finance increases the utility of Spark (FLR) and Trustless XRP (FXRP); combining the best of XRP (very fast settlement), Ethereum (smart contracts) and Avalanche (consensus) to create the natural evolution of DeFi.’
Without doubt, we can conclude that Flare Finance is out to be the king of all defi projects. For more information about this project you can check out these links:
