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Wednesday

23 June 2021

Flare Raises $11.3M in New Investment Round

Flare Raises $11.3M in New Investment Round


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Some of these assets, such as XRP, XLM, and Litecoin are tokens for systems that are not Turing complete, meaning that they cannot be used to run smart contracts or dApps, basic necessities for participating in DeFi.

Flare opens the door to DeFi for these tokens by allowing users to create F-Assets, for example, XRP becomes FXRP, which can then be used in Flare’s smart contract ecosystem running on the Ethereum Virtual Machine.

Another subset of untapped wealth in crypto is the tokens that help support Proof of Stake consensus models.

While Proof of Stake has many advantages over Proof of Work, this model ensures that a large number of tokens cannot be used for DeFi, as they are used as collateral for validating transactions instead.

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