Flare has announced a recent partnership with Ola Finance, a platform offering customized lending networks, to support its growing DeFi ecosystem.
Ola plans to launch a lending network on Flare’s network Songbird with future plans to deploy on Flare Mainnet, Invezz learned from a press release.
Ola’s lending networks will support all Flare tokens
In line with the goal to support its ecosystem, Ola’s lending networks will support all tokens launched on Flare, including tokens like Dogecoin, XRP, Litecoin, and Algorand. They will thereby provide DeFi services to Turing-incomplete tokens.
Partnership reflects growing product suite
The partnership reflects Flare’s growing DeFi product suite. Projects building on Flare and Songbird will have the capacity to offer users lending and borrowing services through Ola’s lending network.
Hugo Philion, Co-Founder & CEO of Flare, commented:
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.
David Yakira, Co-Founder & CEO of Ola Finance, added:
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.
Integrating EVM and Turing-incomplete chains
Flare is a unique network that integrates EVM with Turing incomplete blockchains, bringing diverse assets together into a smart contract-enabled network. Flare and Songbird upgrade popular cryptos for DeFi with a focus on leading assets like XRP and Dogecoin.
A unique white-labeled approach
Ola Finance is different from other lending protocols through an innovative B2B, white-labeled approach. The platform’s partners own their own lending network with a unique user experience and deep level of customizability.
Ola is a dedicated behind-the-scenes partner providing continuous maintenance and product development as Flare’s product suite expands.
