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- Flare integrates Stargate Finance, enabling seamless liquidity flow from over 25 blockchains.
- Stargate V2 brings USDC, USDT, and ETH to Flare, enhancing DeFi capabilities.
Flare, a data-focused blockchain, has announced a Stargate Finance integration, allowing for frictionless liquidity movement from over 25 chains, including Ethereum, Arbitrum, Optimism, and Base.
Angus Lamps, Foundation Lead at Stargate, emphasized the significance of this accomplishment and stated, “Stargate has dominated the web3 interoperability space over the last 12 months, capturing up to 50% of daily cross-chain transaction volume at peak times. As one of the most reliable and popular bridge protocols, Stargate V2 can help onboard a significant user base of advanced DeFi users to Flare through unified liquidity.”
⛓️ @StargateFinance now integrates @FlareNetworks.
Enjoy unified liquidity between Flare and 25+ top chains, including Ethereum, Arbitrum, Optimism, and Base.$USDC, $USDT & $ETH are coming to the Flare ecosystem.
Deep liquidity powers #FLRfiSummer ☀️https://t.co/edO9WOIf1K pic.twitter.com/zvXsFle0qF
— Flare ☀️ (@FlareNetworks) July 18, 2024
Hydra Feature of Stargate V2 Enhances Stablecoin Liquidity and DeFi on Flare
Stargate V2’s Hydra feature will promote the smooth transfer of USDC, USDT, and ETH to Flare, allowing them to be used in dapps and protocols. The underlying assets will remain in their original asset pools on the source chain, while Hydra assets will be minted on Flare.
This integration coincides with the introduction of Flare’s significant DeFi incentive campaign, which aims to increase stablecoin liquidity and lay the groundwork for the next FAssets DeFi system for non-smart contract chains.
Stargate V2 users who bridge their USDC and USDT to Flare and add them to particular dex pools can also take advantage of industry-leading payout rates. Hugo Philion, Flare Co-Founder, stated:
“FLRfiSummer is accelerating. With LayerZero V2, SparkDEX, and now Stargate V2, holders of USDC and USDT across multiple networks have seamless access to the industry-leading yields made available by Flare’s new DeFi emissions program. Our aim is to dramatically deepen stablecoin liquidity on the network to provide a secure foundation for the launch of FAssets and the arrival of Bitcoin DeFi on Flare.”
Stargate presently has almost $500 million in total value locked (TVL) and has helped enable over $1 billion in bridging assets in June.
Meanwhile, CNF has previously reported improvements to the Flare Time Series Oracle (FTSO) to reduce data transmission times to 1-2 seconds, hence improving dapp capabilities on the Flare and Songbird networks.
Furthermore, in May, Flare Networks announced a partnership with digital asset custodian Hex Trust Group for the integration of the stablecoin USDX.
Flare’s native token, FLR, is now trading at about $0.02027, slightly up 0.51% over the last 24 hours, with a market cap of $868.68 million.
