Flare and Kinetic partner to expand defi capabilities

Flare, a blockchain optimized for data, is partnering with Kinetic, a lending and borrowing platform, to bolster the development of decentralized finance (defi) applications on the Flare network.

According to an exclusive press release shared with crypto.news, this collaboration aims to introduce lending and borrowing capabilities, deepen liquidity, and help build a robust defi ecosystem on Flare.

Under the partnership, Kinetic, backed by Rome Blockchain Labs, will provide a seamless platform for Flare users to participate in defi activities and earn block rewards using their supplied digital assets. 

The platform will also utilize Flare’s native price oracle, the Flare Time Series Oracle (FTSO), to ensure accurate and decentralized price feeds for lending and borrowing activities. 

Additionally, Kinetic will integrate FAssets, a technology developed by Flare Labs, to enable non-smart contract tokens like Bitcoin (BTC), XRP Ledger (XRPL), and Dogecoin (DOGE) to engage in defi activities.

The Kinetic launch will initially be on Coston2, Flare’s testnet, providing a dynamic and interactive environment for users to engage, provide feedback, and gain insights. This initial rollout will allow for thorough testing and refinement of the platform before its official launch on the mainnet.

Hugo Philion, CEO and co-founder of Flare, said: 

“Rome Blockchain Labs has demonstrated exceptional expertise in developing financial markets across multiple blockchains, and we are thrilled to have them collaborate with Kinetic on Flare. This partnership will showcase the power of FAssets by enabling decentralized lending and borrowing against non-smart contract assets like BTC, XRP, and DOGE.”

Jake Hunsbusher, core contributor at Kinetic, said their users will now put their tokens to use and “spearhead a new era of financial empowerment.”

Kinetic has also partnered with Watchpug and Immunefi, who oversee the platform’s smart contract audits and bug bounty programs.