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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.

XLM, on its own, is not compatible with Ethereum’s virtual machine (EVM), but Flare’s 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 Ripple’s 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, Flare’s 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 put forward a very strong idea for each participant about how utility works, and why they need to participate.”

Flare intends to distribute 45,827,728,412 of its native token Spark (FLR) in the first half of 2021. They have already moved to airdrop their Spark token to eligible XRP holders and have announced plans to do the same for qualifying LTC holders ahead of the company’s launch in Q2 2021. There is still no word as to whether the company intends to perform a comparable airdrop for DOGE and XLM owners.

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Featured Image: Shutterstock/GrandeDuc

(Excerpt) Read more Here | 2021-02-28 10:13:05

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