Flare and Stargate Join Forces: Improved Liquidity and DeFi

• Flare integrates Stargate Finance, enabling seamless liquidity flow from 25+ blockchains.
• Stargate V2 brings USDC, USDT, and ETH to Flare, enhancing DeFi capabilities.

Flare, a data-driven blockchain, has announcement a Stargate Finance integration, enabling frictionless liquidity movement from over 25 chains including Ethereum, Arbitrum, Optimism, and Base.

Angus Lamps, Head of Stargate Foundation, highlighted the significance of this achievement, saying, “Stargate has dominated the Web3 interoperability space over the past 12 months, capturing up to 50% of daily cross-chain transaction volume at peak times. As one of the most trusted and popular gateway protocols, Stargate V2 can help onboard a significant user base of advanced DeFi users to Flare through unified liquidity.”

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Stargate V2’s Hydra Feature Improves Stablecoin Liquidity and DeFi on Flare

Stargate V2’s Hydra feature will facilitate the seamless transfer of USDC, USDT, and ETH to Flare, allowing them to be used in dapps and protocols. The underlying assets will remain in their original asset pools on the source chain, while Hydra assets will be created on Flare.

This integration coincides with the introduction of Flare major DeFi incentive campaign, which aims to increase stablecoin liquidity and lay the foundation for the upcoming DeFi FAssets system for non-smart contract chains.

Stargate V2 users who bridge their USDC and USDT to Flare and add them to specific dex pools can also enjoy the highest payout rates in the industry. Flare co-founder Hugo Philion said:

“FLRfiSummer is accelerating. With LayerZero V2, SparkDEX, and now Stargate V2, USDC and USDT holders across multiple networks have seamless access to the industry-leading yields made available by Flare’s new DeFi issuance program. Our goal is to significantly deepen stablecoin liquidity on the network to provide a secure foundation for the launch of FAssets and the arrival of Bitcoin DeFi on Flare.”

Stargate currently has nearly $500 million in total value locked (TVL) and helped activate over $1 billion in transition assets in June.

In the meantime, the CNF has already reported Improvements to the Flare Time Series Oracle (FTSO) to reduce data transmission times to 1-2 seconds, improving dapp capabilities on the Flare and Songbird networks.

Additionally, in May, Flare Networks announced a partnership with digital asset custodian Hex Trust Group for the integration of the USDX stablecoin.

Flare’s native token, FLR, is now trading at around $0.02027slightly up 0.51% over the past 24 hours, with a market capitalization of $868.68 million.

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