By connecting with Ripple, Flare will introduce XRP to the DeFi ecosystem built on Ethereum. XRP token holders will be airdropped native Flare tokens, called Spark, to initiate activity.
Ripple’s Investment Finally Pays Off
In a webinar organized by cryptocurrency platform Uphold, Ripple CTO David Schwartz said Flare Networks would finally bring DeFi to the XRP Ledger. He reminded viewers that Xpring, Ripple’s incubation arm, had invested in Flare in November 2019.
It now appears that the investment is paying off.
Flare is a smart contract platform based on the Ethereum Virtual Machine (EVM). It will create a bridge between the XRP ledger and Ethereum, ushering in a much-needed update to what has been a less than innovative project as of late.
Despite XRP’s erratic price action, the project itself has accomplished little in the way of development. Now, the network will be able to sustain DeFi applications, said Schwartz. He hopes that the Flare-enabled smart contracts will add to XRP’s utility.
“It is fantastic to see companies building systems that add utility to XRP and I think the ability to use XRP directly in smart contracts is going to be tremendously useful,” the CTO said.
Once the Flare update is live, XRP holders will be able to generate XRP-pegged tokens called FXRP and use them within Ethereum-based DeFi applications. To generate FXRP, Spark tokens will be needed as collateral.
Flare will airdrop Spark tokens to all XRP holders to initiate activity. The team took a snapshot on Dec. 12 at 12:35 am UTC of all eligible addresses.
The DeFi news category was brought to you by Ampleforth, our preferred DeFi partner
The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.
You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.
Brad Garlinghouse, the CEO of Ripple, said that a large portion of the company’s profits come from selling XRP. While Garlinghouse insists that Ripple as a company was cash positive,...
XRP Prepares for Volatility as Spark Airdrop Approaches
Investors are purchasing XRP en masse as they prepare to receive an equivalent amount of SPARK tokens via an upcoming airdrop. Spark Airdrop Approaches The utility of the XRP Ledger...
Ripple Is Becoming a Dumping Ground for Bitcoin Spam Transactions
As Ethereum attracts more and more precious Bitcoin into its network, Ripple is attempting something quite similar. The results, however, appear far from convincing. Everyone Wants a Piece of Bitcoin...
Happy New Year from all of us at Crypto.com Research! 2020 was an unprecedented year for the world and for crypto. Before we fully plunge into 2021 predictions, we will...
