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Flare Finance Announces Partnership with XinFin Network

Flare Finance Announces Partnership with XinFin Network

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Flare Finance has announced a partnership with XinFin Network which could be one of the most significant events of crypto space in 2021. While a lot has been spoken about interoperability and bridging communities, Flare Finance is on the way to becoming the epicentre of communities. With this partnership, Flare Finance and XinFin Network would have a bi-directional bridge allowing assets from either chain to be wrapped and utilized onto the other chain. So, essentially XDC would be wrapped and bridged from XinFin Network to Flare Network. Similarly, Flare Network tokens could be minted to XinFin Network bringing F-Assets to XinFin Network.

The True Interoperability

Flare Finance has also announced that it will support XinFin Network’s native token, XDC across all the products. This would mean that XDC holders could mine YFIN by participating in the Flare Farm or XDC holders could use their XDC as collateral via FlareLoans to take out loans or borrow stable coins by staking XDC while earning a variable APY in YFIN on borrowing as well as lending. Flare Finance has a total of 6 products which can be studied in detail from the Flare Finance website. It is important to note that Flare Finance is the first DeFi network to be built on Flare Network. However, even before its release, many are already anticipating Flare Finance to become the best DeFi Network.

It is essential to understand that Flare Finance is a separate entity from the Flare Network and is a platform built on it. The Flare Network is a distributed network running the Avalanche consensus protocol adapted to the Federated Byzantine Agreement and leveraging the Ethereum Virtual Machine. It aims at unlocking the value of locked assets on chains that do not have native smart contracts. This will enable additional utility for these tokens while the network’s native token will function as collateral for the trustless issuance of assets. XRP, XLM, Doge, and LTC will be the F-assets at the launch of the network. Once the network is live, other assets could be added based on voting. Algorand and XDC are a few tokens that are anticipated to apply for integration with Flare.

XinFin Network

On the other hand, XinFin Network is an enterprise-ready hybrid blockchain for trade and finance. It is widely considered as an alternative to Ethereum courtesy of its capacity of 2000 TPS with low fees. The average time to complete a transaction on XinFin Network’s protocol, XDPoS, is only 2 seconds. XinFin Network is also counted among the most energy-efficient networks as it consumes only around 0.0000074 TWh as per data available on XinFin website. XinFin Network is also believed to be working with governments to reduce the gap in global infrastructure. Private chain generation, EVM parallelization, and hardware integration are expected to arrive on the XinFin Network in the future.

The Future of DeFi

Flare Finance has already announced that a range of assets including FLR, XRP, LTC, XLM, DOGE, ALGO, ADA, SHIB, SANSHU, TEL, CEL, BNB, CAKE, and now XDC would be utilized in the Flare Finance ecosystem. More assets are expected to be added by voting once the network goes live. With such a well-rounded ecosystem comprising assets from across chains, Flare Finance is not only linking these chains but communities and ecosystems as well.

For DeFi to ever become a viable alternative to banks for the general public, such wider integrations would be vital. It appears Flare Finance has already taken the first step in the right direction and positioned itself to be a leader of DeFi space. The race to be the top DeFi platform has only intensified with the advancements made by Flare Finance. The game is only beginning, so HODL your bags and be prepared to become part of cutting-edge DeFi platforms.

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EarnX Is Changing the Game with NFTs

EarnX Is Changing the Game with NFTs

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It’s not often that NFT platforms come into the picture that offers the value of tangible utility that can be put to use quickly. Enter EarnX, a subsidiary of Yearn Classic Finance that is looking at NFTs in an entirely new way. EarnX is taking RFID technology and intertwining blockchain tech to revolutionize NFTs. They have launched the EarnX NFT Gallery, and are working to stock up the gallery with a community-driven approach.

RFID integration will allow for physical products to be integrated with NFTs throughout the gallery. Since EarnX is a community-based token, there is the integration of the community’s ability to vote for products, and engage with auctions.

The EarnX Token

One major benefit of the EarnX token is that it’s deflationary – allowing you to earn more as your tokens sit. The token carries voting rights, influencing and impacting which products and artists join EarnX, and emphasizes scarcity, stability, and utility.

In order to combat price manipulation, the token also has a 10% tax on all transactions. 5% goes towards a liquidity pool, locked for four years. The other 5% goes back as a weighted distribution to token holders and the burn address. Built on BSC, EarnX also carries low gas fees and continuous burning, allowing for price stability and use-case advantages, while still incentivizing long-term holders to continue to hold. The protocol’s liquidity is especially secure, courtesy of a partnership with DxSale.

The team has also published a forward-looking roadmap, with a big focus on NFTs looking towards the months to come. In another announcement this week, the EarnX team shared that NFAXE will be a Q3 project; NFAXE is a physical axe and paired NFT that are sent to the NFT’s winning bidder. Another project, NFCarpet, has been shared by Earn’s team as well.

Fresh Off The News

EarnX is hot off the press with a partnership announcement with Bella Protocol earlier this month as well. The partnership looks to explore three primary buckets: providing premium NFTs backed by physical art within the sphere of DeFi, community collaboration, and exploring innovation around NFT mining, dynamic NFTs, and NFT airdrops. In a statement regarding the partnership, EarnX co-founder Marcus King also noted that there will be a “dedicated Bella Protocol physical NFT collection” in the future.

The EarnX token also was added as a supported token on Bitrue to kick off the month. Bitrue users can now trade the EARNX token with USDT and XRP. EarnX is also a pillar in the Binance Smart Chain’s DeFi and NFT landscape. With continued partnerships and exposure coming to life, EarnX is looking to continue to be aggressive with the growing DeFi and NFT landscape.

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An Interview with ZKSwap’s Lead Dev Alex Lee

An Interview with ZKSwap’s Lead Dev Alex Lee

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ZKSwap has recently announced a major development in the form of the V2 launch. As the noise around the platform’s latest move continues to increase, we decided to reach out to its lead developer and ask him a few questions about it.

NewsBTC (NB): Can you tell us more about the ZKSwap V2?

Alex Lee (AL): ZKSwap is one of the first few ZKrollup based layer2 DEXes using the AMM model. This layer2 DEX has the full functionality like Uniswap, only it happens on Layer2, which means zero gas fee for layer2 transactions and instantaneous confirmation.

ZKSwap has been live on Ethereum since Feb 2021 and will soon be implemented on the Binance Smart Chain, HECO, and OKEX Chain when V2 comes live by the end of June.

NB: How is it different from other L2 solutions and what does it mean to the ETH ecosystem?

AL: Among the layer2 solutions, the two major ones are ZK-Rollup and Optimistic Rollup.

We choose ZK-Rollup because it provides the same security as the underlying layer1, and it uses validity proof whereas optimistic rollup relies on fraud-proof. That’s why the withdrawal time for optimistic-based dex from layer2 to layer1 is as long as 7 days and ZKSwap only takes 40 mins.

The finality feature is very critical for dexes. That’s why even Vitalik mentioned in his “An Incomplete Guide to Rollupshttps://vitalik.ca/general/2021/01/05/rollup.html as follows:

“In general, my own view is that in the short term, optimistic rollups are likely to win out for general-purpose EVM computation and ZK rollups are likely to win out for simple payments, exchange, and other application-specific use cases, but in the medium, to long term ZK rollups will win out in all use cases as ZK-SNARK technology improves.”

NB: What are the improvements featured by V2 over its predecessor?

AL: ZKSwap V1 has supported full swapping, adding/removing liquidity, and transfer functionalities on layer 2. V2 has optimized the circuits to make transactions faster and at even less cost. Another major update is that V2 will enable unlimited token listing.

NB: What are the fees associated with listing and trading the tokens on Zkswap V2?

AL: We charge no fees for the Unlimited Token Listing service, allowing users to list any ERC-20 tokens or token pairs on ZKSwap for free. In the future, we will also make this service open to all types of tokens besides the ERC-20 ones.

On ZKSwap, the first 50 transactions on layer2, eg swapping, transferring, adding/removing liquidity, are free, but we do charge a 0.3% transaction fee after the first 50 transactions.

NB: Can you tell us more about the adoption rate of Zkswap among the crypto community?

AL: I think we’ve got pretty good results so far. It has been four months after the ZKSwap mainnet launch. Our peak TVL reached over $ 1 billion, around 70% of the total TVL on Layer 2, and the average TVL is around $200 m this week.

Besides, our total trading volume on layer 2 has exceeded $11.5 billion, and the total swap volume more than $2.2 billion. More than 3,000 visitors in the past 7 days were active on our mobile APP.

At present, we have around 87k users and more than 42k community members across various media platforms all over the world. The figure is still growing fast, and the community has indeed contributed a lot to what ZKSwap is today. Many users joined our Product Test Program, giving valuable suggestions and feedback on the product experience. The same program with even bigger rewards comes along with the V2 launch, and we expect more participants this time.

NB: What kind of impact do you expect ZkSwap V2 to have on the current DeFi ecosystem?

AL: Gas fees and network congestion are two main problems hindering DeFi adoption and development, which is especially true with Ethereum. As we are deploying V2 across Ethereum, BSC, HECO, and OKChain, we’re creating a more expansive DeFi ecosystem that allows users to list and swap thousands of new tokens with ease and at a low cost. With ZKSwap V2, we aim to make the current DeFi ecosystem more accessible with improved scalability and usability.

NB: What are the future plans for ZkSwap?

AL: We have a very exciting roadmap lined up. Shortly after our V2 launch will be the “layer2 for all”, aka implementing ZKSwap on BSC, HECO, and OKEX Chain, and probably around the same time we will enable layer2 NFT swapping on ZKSwap, which means zero gas fee for NFT transaction and transfer.

Also, our 1998 NFT art on BSC is in production and will be introduced to the community soon. We will also be working on bridging layer2 and centralized exchanges. Another major milestone will be to enable the general-purpose EVM on ZKSwap by Q4 2021.

In general, our goal is to build a layer2 infrastructure with a robust ecosystem.

 Learn more about ZKSwap at – https://zks.org/

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