Flare Finance (FLR), First DeFi on XRPL Fork, Launches “Stress Test” Phase of Beta

News
Wed, 01/13/2021 - 18:33
article image
Vladislav Sopov
Flare’s pioneering decentralized financial protocol invites new testers, expands NFT promo campaign
Flare Finance (FLR), First DeFi on XRPL Fork, Launches “Stress Test” Phase of Beta
Cover image via stock.adobe.com
Read U.TODAY on
Google News
Contents

Flare Finance (FLR), the first-ever decentralized financial ecosystem (DeFi) that is under development on “XRPL utility fork” Flare, shares an update on its beta testing process.

FlareX, FlareWrap and FlareFarm are being tested on Coston

According to a recent Twitter thread by Flare Finance, the first three components of its ecosystem, namely FlareX decentralized exchange, FlareWrap tool for creating synthetic assets and FlareFarm instrument for “yield farming” are undergoing tests right now.

Flare Finance stress-tests its DeFi elements
Image via Twitter

Meanwhile, the beta version of the protocol is live on Coston Flare’s testnet environment for 75,000 blocks.

The testing team admits that some bugs have been found in the initial version of code, but all of them were noted and will be fixed by this weekend.

The final stage of the beta experiments will include ‘BETA Competition’. This will be a crucial stress-test since all testers will try to get maximum of Flare Finance (FLR).

New testers are welcome on Flare Finance, NFT battle expands

To simulate maximum pressure on the network, Flare Finance (FLR) invites 30 more testers to join the team of Beta participants. To be added to the club, Flare enthusiasts need to post a comment below the announcement in Twitter.

All testers are eligible for an unusual Samurai airdrop with 1 out of 110 unique non-fungible tokens as a prize.

Flare Finance is going to be the first full-stack DeFi on Flare, a programmatic ‘utility fork’ of XRP Ledger mechanisms. Flare Finance will include six DeFi-specific instruments: DEX, stablecoin environment, ‘yield farming’ tools and so on.

article image
About the author

Blockchain Analyst & Writer with scientific background. 5+ years in IT-analytics, 2+ years in blockchain.

Worked in independent analysis (Crypto Briefing) as well as in start-ups (Swap.online, Monoreto, Attic Lab etc.)

2,500,000 Ethers Locked in Ethereum 2.0 Deposit Contract as ETH Rejected From $1,250

News
Fri, 01/15/2021 - 18:02
article image
Vladislav Sopov
Ethereum 2.0 enthusiasts deposited whopping sum in its contract launched six weeks ago
2,500,000 Ethers Locked in Ethereum 2.0 Deposit Contract as ETH Rejected From $1,250
Cover image via stock.adobe.com
Read U.TODAY on
Google News
Contents

While crypto markets are trying to get out of the most painful correction in this bullish cycle, the Ethereum 2.0 deposit contract accomplishes another crucial milestone.

ETH2 deposit contract surpasses $3,000,000,000 level

According to leading Ethereum network observer Etherscan, the Ethereum 2.0 deposit contract (0x00000000219ab540356cBB839Cbe05303d7705Fa) allocated more than 2.5 million Ethers. New 32-ETH stakes are transferred to it every minute.

ETH2 deposit contract breaks above $3B
Image by Etherscan

As the correction of the Ethereum (ETH) price ended, ETH is changing hands at $1,225: the $1,250 level was too difficult for bulls to conquer. Meanwhile, even at press time, it is worth almost $40,000 to join the club of Ethereum 2.0 stakers.

Therefore, the USD-denominated value of assets locked in the contract surpassed $3 billion for the first time ever and keeps surging.

It should be noted that Ethereum 2.0’s deposit contract went live on Dec. 1, 2020, heralding the start of ETH2 Pase Zero or Beacon Chain, the inaugural stage of Ethereum 2.0.

Ethereum 2.0 “entry tickets” become really expensive

At press time, more than 52,267 addresses transferred money to the deposit contract.

Ironically, Black Thursday in Crypto (March 13, 2020) was the most convenient time to join Ethereum 2.0 staking with Ether at $95. Today, Ethereum (ETH) enthusiasts should pay 13 times more to have a minimum amount of Ethers required for staking.

Ethereum 2.0 is a proof of stake (PoS) iteration of the Ethereum (ETH) protocol. It replaces mining by staking and splits the whole Ethereum (ETH) network into several interconnected sub-chains (shards).

According to Staking Rewards analytical dashboard, annualized rewards for ETH staking are estimated between 10.4 and 10.6 percent.

article image
About the author

Blockchain Analyst & Writer with scientific background. 5+ years in IT-analytics, 2+ years in blockchain.

Worked in independent analysis (Crypto Briefing) as well as in start-ups (Swap.online, Monoreto, Attic Lab etc.)