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Ripple's recent partnership with Chainlink to enhance the RLUSD stablecoin's DeFi capabilities on Ethereum has sparked discontent among some in the XRP community, who feel Flare should have been the chosen partner. Flare Labs CEO Hugo Philion clarified that Flare currently does not provide oracles to other networks, focusing instead on staking and DeFi incentives for bridged assets. This has raised questions about Flare's future prospects in the competitive DeFi landscape.
USDX, the first native stablecoin on the Flare Network, is designed to support the growth of the DeFi ecosystem by being fully backed by cash and cash equivalents, including short-term Treasury bills. Co-founder Alessio Quaglini emphasizes its dual role as a stablecoin and gas token, aiming to integrate within various DeFi applications while offering yield generation opportunities through Clearpool's T-pool. Despite its potential, USDX may face competition from established stablecoins and regulatory challenges across different jurisdictions.
Flare's FAsset minting on the Songbird network is intentionally limited to mitigate collateral risks, capping coverage at $300,000 during the testing phase. Co-founder Hugo Philion emphasized that while agents can provide more collateral, they are hesitant due to the lack of coverage beyond this limit. This cautious approach aims to ensure security and trust before transitioning to Flare's main network.
As DeFi expands, the demand for oracles is rising, intensifying competition among providers like Chainlink and newcomers such as RedStone. Co-founder Marcin Kaźmierczak highlights the need for oracles to adapt to multichain ecosystems and emphasizes the importance of independent, innovative designs over embedded solutions. With a 1,250% year-over-year growth in total value secured, RedStone aims to deliver value amid a rapidly evolving landscape.
Hugo Philion
People
The information provided herein is generated by experimental artificial intelligence and is for informational purposes only.
Ripple partners with Chainlink for RLUSD amid Flare community backlash
10:59 08.01.2025
USDX launched as cornerstone stablecoin for decentralized finance on Flare Network
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09:00 23.12.2024
decentralized finance growth drives competition in the oracle market
14:52 11.12.2024
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