Blockchain-powered Web3 projects continue to populate the .xyz community. Web3 avatar platform Davatar.xyz helps you to easily update your avatar across all sites connected to the Ethereum Name Service. Crypto publishing platform Mirror.xyz works to change the way writers connect with their audience and monetize their work. Ethereum based cryptocurrency wallet Monolith.xyz makes it easier for users to buy, store, and spend their cryptocurrency in the real world. In this week’s #WebsiteWednesday, we’ll introduce you to a decentralized network that aims to bridge blockchain networks to create greater functionality for cryptocurrency: Flare.xyz.
Flare.xyz is a platform currently designed to bring full smart contract functionality to blockchain networks like Ripple (XRP) that lack this power. Some cryptocurrency, like XRP, is “non-Turing complete.” If a cryptocurrency is “non-Turing complete,” it lacks smart contract functionality. Smart contracts help crypto holders use decentralized finance (DeFi) apps to engage in complex financial transactions without a bank or other financial institution taking a big cut. DeFi apps include decentralized exchanges (DEXs) for trading one currency for another, crypto wallets, which have built-in tools that help you trade, store, and send crypto, and asset management platforms, which help users hold and trade different digital assets. In May 2021, Flare.xyz raised $11.3 million in a seed round, with contributions made by venture capital firms like Digital Currency Group and Wave Financial, and angel investors including Internet entrepreneur Vinny Linghamand and Litecoin cryptocurrency founder Charlie Lee. This funding helps Flare.xyz develop usage with additional non-Turing complete blockchain networks, such as Dogecoin (DOGE), Litecoin (LTC), and Stellar (XLM).
This innovative platform is the first blockchain network to integrate Ethereum’s software platform, which developers use to create Ethereum-based DeFi apps. Flare.xyz serves as a bridge between Ripple’s XRP Ledger and Ethereum to expand their native tokens’ functionalities. As a result, XRP will have smart contract functionality with the ability to use the cryptocurrency for dApps, DeFi solutions, and NFTs. Via Flare.xyz, holders of XRP can now use apps such as leading decentralized crypto exchange Uniswap to trade their assets with other currencies, or crypto wallets like Argent.xyz, where they can store, trade, and invest their assets.
Flare.xyz was co-founded by former investment manager Hugo Philion and former R&D engineer Sean Rowan. As long-time supporters of blockchain technology, we are inspired by the growing number of Web3 pioneers like Hugo and Sean making up the .xyz community. We look forward to seeing the development of Flare.xyz. You can learn more by following the platform on Twitter or by visiting Flare.xyz.
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