While the cryptocurrency space is still evolving, several platforms are working endlessly to make the experience welcoming for new users. Making it simple for new users is bound to help them get acquainted with cryptocurrencies. One of the best ways to achieve that is with partnerships between different protocols and bringing together their individual offerings for the greater good. 

One of the most significant partnerships of 2021 could be the one between Flare Finance and XinFin Network. Flare Finance can achieve true interoperability with this partnership and become the epicentre for numerous blockchain communities. 

Flare Finance and XinFin Network

The partnership between Flare Finance and XinFin Network will lead to the creation of a bi-directional bridge that will stimulate the free flow of digital assets from either chain onto the other chain. 

Essentially, XinFin Network will be able to wrap and bridge XDC (the native token of XinFin Network) to Flare Finance. F-Assets could also be minted to the XinFin Network using the bidirectional bridge. Flare Finance also announced its plan to support XDC across all its products.

For example, XDC holders can mine YFIN by participating in the FlareFarm (mining platform of Flare Finance). XDC holders will be able to use the tokens as collateral by staking them on FlareLoans to borrow stablecoins and earn a variable APY. Apart from these, XDC holders can utilize all the six products offered by Flare Finance. 

Flare Finance will support various assets, including FLR, XRP, LTC, XLM, DOGE, ALGO, ADA, SHIB, SANSHU, TEL, CEL, BNB, CAKE, with the newest addition of XDC. This impressive set of assets and the strategic partnership with XinFin Network will help Flare Finance to add value to an already impressive ecosystem. 

Flare Finance

Flare Finance is built on Flare Network but operates as a separate entity. It uses Flare Network’s Avalanche consensus protocol to improve its token capabilities and leverages its efficient contracts for better spot trading and P2P margin functionalities. 

Flare Network aims to unlock the value of locked assets of chains that do not have native smart contracts. Flare Finance will provide a DeFi platform for this unlocked assets ensuing utility and value 

Flare Finance offers a range of products which includes:

• FlareX
• Flare Wrap
• Flare Farm
• Flare Loans
• Flare Mutual
• Flare USD

XinFin Network

XinFin Network is a hybrid interoperable blockchain that works with different international governments to reduce the gap in global infrastructure. It is a strong competitor for Ethereum Network because of its low fees and 2000 TPS capacity. 

XinFin is a fast network that takes an average of 2 seconds to process a transaction on the XinFin Network’s protocol. Also, the company manages its carbon footprint by being an extremely energy-efficient network that uses only around 0.0000074 TWh of energy. 

The organization aims to resolve the pain points of global infrastructure using blockchain technology. The core idea behind the network is to create a secure and transparent platform for cross-border transactions. With this partnership with Flare Finance, both protocols have only grown stronger and seem poised to change the crypto and DeFi space.