Flare, a leading Layer-1 blockchain that integrates Turing incomplete blockchains with the Ethereum Virtual Machine (EVM) today announced a partnership with lending-as-a-service provider Ola Finance to foster its DeFi offering.
Flare Allies with Ola Finance
In a bid to support customized lending networks and foster its rapidly developing DeFi ecosystem, Flare has joined forces with Ola Finance.
Notably, Ola Finance is primed to launch a lending network on Flare’s canary network Songbird and plans to launch a network on Flare mainnet in the future.
The alliance with Ola Finance is a testimony to Flare’s growing suite of innovative and robust DeFi applications. Projects that build on Songbird and the Flare mainnet can seamlessly deploy a lending network via Ola’s protocol, subsequently offering lending and borrowing services to their users.
Developing the Flare Ecosystem
Ola Finance’s partnership with Flare is geared toward developing the Flare ecosystem. Accordingly, Ola’s lending networks will be designed in a way that ensures they support all tokens launched on the Flare mainnet such as all F-Asset tokens like XRP, DOGE, ALGO, and LTC. In this way, the network will be able to offer DeFi services to non-Turing complete tokens.
Commenting, David Yakira, Co-Founder and CEO, Ola Finance, said:
“We at Ola are thrilled to partner with a rising Layer 1 as promising as Flare. Their F-Asset system that aims to incorporate non-Turing complete assets into DeFi aligns with Ola’s goal to increase the number of tokens that offer DeFi Lending services to their communities. We are excited to align these goals to build out a strong relationship with Flare Network while growing their DeFi ecosystem.”
Similar sentiments were echoed by Flare’s Co-Founder and CEO, Hugh Phillion. He said:
“We at Ola are thrilled to partner with a rising Layer 1 as promising as Flare. Their F-Asset system that aims to incorporate non-Turing complete assets into DeFi aligns with Ola’s goal to increase the number of tokens that offer DeFi Lending services to their communities. We are excited to align these goals to build out a strong relationship with Flare Network while growing their DeFi ecosystem.”
Similar sentiments were echoed by Flare’s Co-Founder and CEO, Hugh Phillion. He said:
“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.”
Why Ola Finance?
Flare’s decision to partner with Ola stems from the latter’s unique white-labeled, B2B approach that differs from other lending protocols in the market.
Ola partners benefit from owning their own lending network equipped with a sophisticated level of customizability and an intuitive UI customized per their brand. Ola functions as a dedicated partner helping projects with continuous maintenance and product development while they continue to expand their brand.
