Flare has teamed up with Ola Finance to provide a broader range of DeFi solutions, including tailored lending networks. On Songbird, Flare’s canary network, Ola intends to create a loan network to deploy it on the mainnet eventually.
One of the company’s offerings is to provide its partners with loans as a service. The network is built using Ola Finance’s protocol; however, its partners become the owners once the network is implemented. Flare’s next-generation consensus, State Connector, and Flare Time Series Oracle enable it to interact with as many blockchains as possible, resulting in a robust cross-chain protocol that is genuinely decentralized, safe, and scalable.
Flare’s DeFi capabilities are expanding as a result of this relationship. Songbird and Flare-based projects will leverage Ola’s protocol to construct a lending network, making lending and borrowing services available to their customers.
Supporting the growth of the Flare ecosystem in mind, Ola Finance has teamed up with Flare. As a result, Ola’s lending networks will be ready to handle any tokens published on Flare, including all F-Asset tokens like XRP, DOGE, ALGO, and LTC, allowing non-Turing complete tokens avail use of DeFi services.
Flare’s Co-Founder and CEO, Hugo Philion, stated:
“With TVL on Songbird reaching $120m in January, we are delighted that Ola’s lending-as-as-service solution is primed to attract even more liquidity into the Flare ecosystem. Their differentiator within DeFi lending which enables anyone to create their own branded lending network on Songbird & Flare should prove to be very powerful.”
Ola Finance’s white-labelled B2B strategy separates it from other lending protocols. Ola works as a loyal partner behind the scenes, providing constant maintenance and product development as projects increase their product offerings. On the other hand, Flare uses the Ethereum Virtual Machine (EVM) to create a smart contract-enabled ecosystem by connecting Turing-incomplete blockchains with EVM.