OLA Finance Brings Customized Lending Network to Flare Blockchain

The Flare blockchain expands its DeFi ecosystem to meet rising consumer demand using Ola Finance's lending-as-a-service.

Bishal Kumar Chanda2 min read
OLA Finance Brings Customized Lending Network to Flare Blockchain

The digital asset industry has grown exponentially to become worth $3 trillion in recent years. We witnessed innovative breakthroughs in cryptocurrencies and non-fungible tokens during the last decade. The decentralized finance space is one of the fastest-growing areas in the cryptocurrency realm. Due to the growing demand, the Flare blockchain is expanding its DeFi ecosystem in partnership with Ola Finance. The latter is set to launch a customized lending network on Flare blockchain's canary network, Songbird. It will support all F-asset tokens such as DOGE, XRP, LTC, ALGO, and many more, becoming one of the first to add non-turing tokens to the DeFi ecosystem.

According to the co-founder and CEO of Flare, Hugo Philon, "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."

The Flare blockchain is a network that enables including turing-incomplete assets in a smart contract-enables ecosystem by combining them with the EVM (Ethereum Virtual Machine). Flare is the first Layer-1 blockchain that offers trustless and safe interoperability with any blockchain without any modification. With the help of Flare's Time Series Oracle and next-generation consensus, State-Connector, Flare can interface with any number of blockchains. The genuinely decentralized blockchain is also very fast, cost-efficient, and minimal carbon footprint.

Flare's DeFi partner Ola Finance is a technology platform that provides companies and individuals with lending-as-a-service. The protocol creates a loan network, and once implemented, the partners become the owners of the network. Ola Finance has a history of successful partnerships where it created loan networks for now-famous DeFi platforms. These partnerships include Ape Swap on Binance Smart Chain, SpiritSwap on Fantom, and Fused Network with $48 million of locked value. Thanks to Ola Finance, these communities now have their own lending and borrowing networks without investing their resources.

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