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Flare Networks considers integrating Cardano’s ADA token

  • The majority of survey participants by Flare Networks vote in favor of integrating Cardano (ADA) as an F-asset.
  • Integration of ADA could allow decentralized trading of ADA with other cryptocurrencies that have received support as F-assets.

XRP Ledger’s utility fork as Flare Networks is known could add support for another cryptocurrency. Via a Twitter poll, Flare Networks’ team asked its community whether they should integrate Cardano’s ADA as an F-asset. At the time of writing, the poll has received 13,274 votes. 82.9% of the total have voted in favor of the proposal, 17.1% reject it. However, with 5 days remaining, the community still has a chance to cast its opinion.

Benefits of integrating Cardano into Flare Networks

Users of both platforms, Flare and Cardano, could receive many benefits from the integration. Flare Networks’ team envisions several use cases, for example:

One example is to supply ADA liquidity to FlareX so there is a decentralised way to trade ADA pairs against other F-Assets. Also applications on Flare built using EVM that aren’t available on Cardano.

As one user stated, Cardano is close to deploying its smart contract functionality. Therefore, these interoperable use cases serve as incentives to attract more users to Flare Networks.

Cardano’s smart contract platform Plutus is tentatively scheduled to be rolled out in Q2 2021. IOG will deploy this upgrade with the third hard fork combinator called “Alonzo”, after completing extensive stress testing on Plutus.

Cardano’s recent upgrades are reflected in ADA’s price. The cryptocurrency has had one of the best performances in the top 10 cryptocurrencies in recent months. At the time of publication, ADA is trading at $1.27, with a gain of 1.17% in the last 24 hours and 43.0% over the last 30 days.

As reported by CNF, Flare is the first Turing complete Federated Byzantine Agreement (FDA) network. It has been created to offer a new way of scaling a network that allows trading smart contracts without compromising security by binding it to the price of a specific token. Currently, Flare Networks offers support for XRP, Dogecoin (DOGE), Litecoin (LTC). In addition, at the end of February Flare Networks’ team announced that it will provide support for the Stellar Lumens (XLM) token.

About Author

Reynaldo Marquez has closely followed the growth of Bitcoin and blockchain technology since 2016. He has since worked as a columnist on crypto coins covering advances, falls and rises in the market, bifurcations and developments. He believes that crypto coins and blockchain technology will have a great positive impact on people's lives.

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