Flare Network has announced a partnership with Ola Finance, in a bid to bolster its presence in the decentralized finance (DeFi) sector
Flare Network & Ola Finance Partnership
According to Flare, the effort would enable developers built on Flare’s canary network Songbird to construct a suite of lending networks through Ola Finance. Ola Finance, which specializes in bespoke programmable loan solutions, will now handle all popular Flare-based assets, including Ripple (XRP), Dogecoin (DOGE), Litecoin (LTC), and Algorand (ALGO).
Ola intends to create a loan network on Songbird – Flare’s canary network – with the intention of expanding to the network’s mainnet in the future. This collaboration exemplifies Flare’s expanding portfolio of DeFi services. Projects based on Songbird and Flare will be able to create a lending network using Ola’s protocol, enabling them to provide lending/borrowing services to their customers.
Developers may use Ola Finance to construct lending networks similar to Compound and Aave. Through a partnership with Flare, developers may validate the functioning of their systems on Songbird before to launching them on Flare’s mainnet. Developers may uncover flaws and other issues by doing tests prior to the main release. Additionally, the protocol will enable users who have pledged one cryptocurrency as collateral to borrow another coin from other lenders on the network. Ola will also support less liquid tokens using an off-chain service called the ‘protector bot,’ which will identify and trade against price anomalies in order to establish a trustworthy platform.
Quotes
David Yakira, co-founder and CEO of Ola Finance, stresses the importance of latest integration for ecosystems of non-Turing complete tokens and their presence in DeFi: “We at Ola are thrilled to partner with a rising Layer 1 as promising as Flare. Their F-Asset system that aims to incorporate non-Turing complete assets into DeFi aligns with Ola’s goal to increase the number of tokens that offer DeFi Lending services to their communities. We are excited to align these goals to build out a strong relationship with Flare Network while growing their DeFi ecosystem.
Hugo Philion, co-founder and CEO of Flare, is fascinated by the opportunities unlocked by the partnership between his team and Ola Finance: “With TVL on Songbird reaching $120m in January, we are delighted that Ola’s lending-as-as-service solution is primed to attract even more liquidity into the Flare ecosystem. Their differentiator within DeFi lending which enables anyone to create their own branded lending network on Songbird & Flare should prove to be very powerful.”
