Kraken Helps Fuel Flare’s Rapid TVL Jump

Flare’s (FLR) DeFi space is lifting off and much of the action has been spurred by USD₮0, a more efficient form of Tether that debuted on the network in late April.

The influence was instant, with the total value locked in Flare’s protocols going from $64m to $124m in only a few days. It’s now at around $155 million, which is pretty amazing growth.

What made the numbers go up? Kraken jumped in, and it became super easy for people to get Tether on and off Flare.

No more cumbersome bridging or hoops to jump; everyone here is looking for deposit/withdrawal simplicity.

This was just what the big traders were waiting for, and as soon as they could quickly get big money into the system, the whole ecosystem began to hum. Big protocols such as SparkDEX, Kinetic and Sceptre began to really see trading action.

Speaking of SparkDEX, they reached a new all-time high with over $60 million TVL.

And what’s cool about Flare is how they work with price feeds. They have insourced the oracle, instead of relying on outside oracles, and built their own system directly into their network. This makes it so protocol syncs well and saves costs, especially for complex things like liquidations.

And there’s buzz about “ XRPFi” arriving soon, which will make use of wrapped XRP (XRP) on Flare. And all this USD₮0 liquidity could pave the way for that next phase beautifully.

Also See: Skip Setup: Hedera’s One-Click Contract Workshop

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