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

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Wed, 01/13/2021 - 18:33
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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
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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.

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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.)

Monero-Bitcoin Atomic Swaps Live in Testnet, MVP on Menu

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Thu, 01/14/2021 - 17:39
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Vladislav Sopov
Atomic swaps are peer-to-peer interactions between two blockchains. With new release by COMIT enthusiasts, BTC/XMR swap is right around the corner
Monero-Bitcoin Atomic Swaps Live in Testnet, MVP on Menu
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COMIT Project tasked with building cross-chain interaction infrastructure, has shared an update of its Bitcoin/Monero experiments. While testnet XMR/BTC swaps are up and running, while minimal viable product (MVP) is coming soon.

Developers polish XMR/BTC swaps

According to the announcement shared by COMIT team in its official subreddit, during last weeks several atomic swaps occurred between Bitcoin (BTC) testnet3 and Monero (XMR) stagenet sandbox environments.

XMR/BTC swaps are live in testnet
Image via Twitter

Meanwhile, the setup of the instrument remains cumbersome, in particular - on Bitcoin (BTC) side: it takes full Bitcoin testnet node and depends on internal wallet used for testing. 

MVP, which is going to be shipped in the next phase of experiments, will initially act as a single-sided tool. Users will be allowed to buy XMR from a fixed market maker that broadcasts XMR/BTC price on a website.

First version of tool will be released in form of a command line interface (CLI).

What does that mean for Bitcoin and for Monero?

The team is sure that single-sided version of a new tool (one direction/one fixed maker) is a good one to start with, in terms of further development. 

Next releases will include decentralized market-making (maker discovery and orderbook) and evolve into peer-to-peer marketplace.

At the same time, another team is working on different solution for BTC/XMR atomic swaps. It is funded by a large-scale Community Crowdfunding System (CCS), Monero community-driven initiative.

Releasing atomic swaps with Monero (XMR) may result in increasing the privacy of Bitcoin (BTC) holders: they will be able to obfuscate transactions with no need to interact with centralized services.

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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.)