After XRP and Litecoin, Flare Plans To Bring Smart Contract Functionality to Stellar

Monday 01 March 2021, 4:05 AM AEST - 1 month ago

Ripple-backed blockchain startup Flare Networks is announcing its plans to integrate Stellar Lumens (XLM) into its smart contract platform.

In a new tweet, Flare makes the announcement that it will be making XLM an F-Asset on its network.

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

XLM, on its own, is not compatible with Ethereums virtual machine (EVM), but Flares F-Asset protocol acts as the bridge. By integrating XLM into its platform, users will be able to utilize XLM-backed tokens on any Ethereum-based decentralized finance (DeFi) network.

Flare Networks aims to connect DeFi and smart contracts with blockchain networks, making any cryptocurrency token usable in smart contracts. The company started off with Ripples XRP before revealing plans to integrate Litecoin (LTC), Dogecoin (DOGE) and now Stellar Lumens (XLM), which is going to be the fourth digital asset in its arsenal.

In January, Flares co-founder Hugo Philion said in an interview with Real Vision that the company could potentially bring smart contract capabilities to Bitcoin.

We are a network that is based around utility, about providing utility to other networks such as XRP, potentially one day, Bitcoin, potentially other networks. Any asset can be represented, any blockchain asset can be represented on Flare. The point is that, yes, we are trying to pu ...

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