Omnichain liquidity transport protocol Stargate has announced that it has integrated the blockchain for data, Flare. The Flare network is now incorporated into Stargate V2, connecting it to more than 25 chains and enabling liquidity to flow freely.
Stargate V2 provides a vital bridge connecting Flare to 25+ chains, including Ethereum, Arbitrum, Optimism and Base. This will enable Flare to grow TVL and deepen liquidity by making it easier for users to move funds between ecosystems.
Stargate V2’s Hydra feature will allow the seamless flow of USDC, USDT, and ETH to Flare where it can be utilized within dapps and protocols operating on Flare. The underlying assets will remain locked in native asset pools on the source chains, with equivalent Hydra assets minted on Flare. These Hydra assets are then redeemable for native assets at any time through Stargate, maintaining unified liquidity across all connected chains.
Flare Co-Founder and CEO Hugo Philion said: “FLRfiSummer is accelerating. With LayerZero V2, Sparkdex, and now Stargate V2, holders of USDC and USDT across multiple networks have seamless access to the industry-leading yields made available by Flare’s new DeFi emissions program. Our aim is to dramatically deepen stablecoin liquidity on the network to provide a secure foundation for the launch of FAssets and the arrival of Bitcoin DeFi on Flare.”
Angus Lamps, Foundation Lead of Stargate said: “Stargate has dominated the web3 interoperability space over the last 12 months, capturing up to 50% of daily cross-chain transaction volume at peak times. As one of the most reliable and popular bridge protocols, Stargate V2 can help to onboard a significant user base of advanced DeFi users to Flare through unified liquidity.”
Built upon the LayerZero V2 general message passing protocol, Stargate currently has almost $500M in TVL and has facilitated over $1B in bridged assets for the month of June. Bridging from any Stargate chain with native assets to Flare is free, allowing users, applications, and developers to bridge unlimited size without incurring either fees or slippage.
The Stargate V2 integration coincides with the launch of a major DeFi incentives program on Flare designed to increase stablecoin liquidity and provide a strong foundation for the impending FAssets system of DeFi for non-smart contract chains. Industry-leading reward rates are available for Stargate V2 users who bridge their USDC and USDT to Flare and add to select dex pools.
Flare’s integration with Stargate V2 vastly expands its access to cross-chain liquidity and allows it to reach users across the blockchain universe. Combined with the secure, fast and cost-efficient data access offered by Flare’s enshrined data protocols, it grants dapp developers access to an integrated stack for developing powerful omnichain applications.
About Flare
Flare is the blockchain for data: an EVM smart contract platform specifically designed to support data intensive use cases, including Machine Learning/AI, RWA tokenization, gaming and social. With decentralized, enshrined oracles secured at the network layer, Flare is the only smart contract platform optimized for decentralized data acquisition: price & time series data, blockchain event & state data, and web2 API data. By giving developers trustless access to the broadest range of data and data proofs at scale and for minimal cost, Flare expands the utility of blockchain and supports the development of new and improved use cases.
About Stargate
Stargate is the first fully composable native asset bridge and the first dapp built on LayerZero. It makes cross-chain liquidity transfer a seamless, single transaction process, empowering users to explore opportunities on more than 25 blockchains. Stargate’s fully composable liquidity transport protocol lives at the heart of omnichain DeFi. With Stargate, users and dapps can transfer native assets cross-chain while accessing unified liquidity pools with instant guaranteed finality.
Learn more: https://stargate.finance/
This post was last modified on Jul 18, 2024, 15:11 BST 15:11