TL;DR
- Flare Network has seen a 160% increase in its total value locked, reaching $120 million since April 28.
- This growth is mainly driven by the launch of USDT0 and the USDT0 Boost incentive program.
- Flare has also gained attention for its stablecoin integration and the increased activity of its FLR token.
In a remarkable growth spurt, Flare Network’s total value locked (TVL) has surged over 160% in the last 10 days, rising from $45 million to $120 million. This change comes after the launch of USDT0, an omnichain version of the USDT stablecoin. The initiative is supported by the “USDT0 Boost” program, which offers up to 30% annual percentage yield (APY) in “rFLR” for users who provide liquidity on decentralized exchanges like SparkDEX and Kinetic. As more users adopt this new version of USDT, Flare’s network has gained popularity as a growing DeFi hub, attracting attention from both retail investors and institutional players alike.
Flare Boosts Its DeFi Ecosystem with the USDT0 Integration
USDT0, built on LayerZero’s Omnichain Fungible Token (OFT) technology, has filled an important gap on Flare’s network, as major issuers like Tether and Circle do not natively issue stablecoins on the platform. The launch of USDT0 has been a key step in incentivizing liquidity within Flare’s DeFi ecosystem, particularly for the XRP-backed asset (FXRP) and upcoming liquid-staked XRP tokens. This integration is a strategic move to attract more users and developers to the ecosystem, improving interoperability with other blockchains and expanding the platform’s reach to a broader audience in the crypto space.
The integration of stablecoins like USDT0 into Flare’s network has been crucial for expanding its DeFi ecosystem. Combined with the high demand for services like staking and lending of XRP, this has generated growing attention toward the project.
This trend has been reflected in the increased demand for FLR token, which saw a 44% price rise in April, going from $0.013 to $0.0188. Additionally, daily trading volume increased by over 400%, rising from $5 million to $23.3 million, signaling a broader interest in Flare’s future potential.
A Stronger DeFi Ecosystem and Flare’s Future
The rise in activity for the FLR token and its integration with stablecoins reflects the growing interest from investors in the Flare platform. This development has been boosted by a positive market environment, marked by recent pauses in trade relations between the U.S. and China, generating renewed optimism in both the financial and crypto sectors.
