Flare Networks, a new decentralized network backed by Ripple, which has full smart contract utility, is bringing smart contracts functionality to the Stellar ecosystem.
This new development was announced on 25th February 2021, via the official Twitter handle of Flare Networks.
According to the report, Flare will integrate Stellar Lumens (XLM) as an F-Asset, bringing more components of decentralization to Stellar to build a united ecosystem without the influence of maximalists.
Flare Networks tweeted, “Flare will be integrating XLM as an F-Asset, bringing XLM to scalable smart contracts and a trustless gateway to Stellar. Decentralisation is far too important for maximalism. Ecosystems must be united.”
Flare will be integrating $XLM as an F-Asset, bringing XLM to scalable smart contracts and a trustless gateway to #Stellar. Decentralisation is far too important for maximalism. Ecosystems must be united. @stellarorg #UnlockingValue
— Flare (@FlareNetworks) February 25, 2021
Although there is no fixed date for the official launch of Flare Networks, it’s expected to finally go live before the end of the first quarter of 2021.
What Transformation Is Flare Giving Stellar Lumens (XLM)?
Flare Network’s F-Asset protocol transforms any crypto involved into a smart contract digital asset, which will automatically make such an asset join the vastly growing decentralized finance (DeFi) ecosystem.
This will in turn make the emerging DeFi ecosystem more competitive.