Catenaa, Monday, December 02, 2024-Flare, an Ethereum Virtual Machine (EVM)-compatible blockchain, is positioning itself as a hub for decentralized finance (DeFi), reports say.
The network provides developers access to decentralized, high-integrity data via tools like the Flare Time-Series Oracle and Flare Data Connector, challenging traditional centralized oracles.
With a total value locked (TVL) of $20.75 million, Flare has rapidly expanded its ecosystem, reaching one million active wallets in August 2024.
It supports a range of DeFi protocols and is integrated with leading bridges such as LayerZero and Stargate.
The blockchain is preparing to launch FAssets, an over-collateralized bridge system enabling non-smart contract tokens like Bitcoin, Dogecoin, and XRP to interact with EVM-based DeFi applications.
Testing will begin on its Songbird network in December, with a mainnet launch slated for early 2025. Unlike existing solutions, Flare’s approach aims to remove trust by ensuring full collateralization of assets.
In addition to DeFi, Flare is also diversifying into NFTs, meme coin protocols, and advanced data applications.
The network is exploring Trusted Execution Environments (TEEs) to process vast data securely and efficiently. These secure enclaves offer significant cost advantages over zero-knowledge computation and could power data-intensive applications on Flare.
Looking ahead, Flare plans a hackathon in early 2025 to integrate TEEs into its ecosystem.
