Flare Brings Ethereum Compatibility to Stellar
XLM will be added to Flare’s EVM-compatible smart contracts platform.
Key Takeaways
- Flare Networks has announced that it will integrate Stellar Lumens (XLM) as an F-Asset on its platform.
- This will make XLM compatible with Ethereum-based smart contracts and applications.
- Flare has previously announced integration with XRP (XRP), Litecoin (LTC), and Dogecoin (DOGE).
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Flare Networks has announced that it will integrate Stellar Lumens (XLM) with its smart contract platform, thereby offering compatibility with the Ethereum blockchain.
Flare will be integrating $XLM as an F-Asset, bringing XLM to scalable smart contracts and a trustless gateway to #Stellar. Decentralisation is far too important for maximalism. Ecosystems must be united. @stellarorg #UnlockingValue
— Flare ☀️ (@FlareNetworks) February 25, 2021
Flare Will Link XLM and ETH
Flare’s decision to integrate Stellar Lumens means that users will be able to create XLM-backed tokens and use those tokens with Ethereum-based DeFi projects like Uniswap. This will be achieved through Flare Networks’ F-Asset protocol, which allows investors to transform cryptocurrencies into bridge tokens.
While Stellar already supports native smart contracts, its own contracts are not compatible with the Ethereum Virtual Machine (EVM). Flare’s approach will overcome that restriction.
Other Flare Efforts
Flare Networks has previously announced integration with XRP (XRP), Litecoin (LTC), and Dogecoin (DOGE). Flare says that by onboarding various assets, it aims to achieve decentralization. It also aims to avoid maximalism, the favoring of certain coins over others.
The team has not clarified whether it will conduct an airdrop for XLM, LTC, and DOGE holders, as it has done for XRP.
Flare Networks is still in the testnet phase; the project’s mainnet is expected to go live by the end of Q2 2021.
Disclosure: The author did not hold crypto mentioned in this article at the time of press.
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