Flare blockchain’s presence in decentralized finance (DeFi) is consolidating. Last week, the total value locked (TVL) on the network surpassed the $15 million milestone. DefiLlama shows a record $16.3 million in TVL as of this writing, up 100% since the beginning of August.
Meanwhile, the weekly transaction count nearly hit the 2 million mark last week.
Flare is a layer 1 blockchain focusing on interoperability. It is compatible with the Ethereum Virtual Machine (EVM) and enables the use of smart contracts on Ripple (XRP), the fifth-largest blockchain by market cap.
The network’s presence in DeFi became noticeable at the end of 2023. Today, it hosts seven dapps with over $1 million in TVL.
The largest dapp is Clearpool, a lending platform aimed at institutional investors. It has over $16 million in TVL, which DefiLlama excludes to avoid double counting. Clearpool supports nine chains, with Flare accounting for over 85% of its TVL.
The second-largest dapp is Sceptre Liquid, a liquid staking protocol for Flare’s native coin, FLR. Its $13 million worth of deposits are also not counted by DefiLlama.
The largest contributor to Flare’s DeFi expansion in the last month is Kinetic, a native lending dapp. The platform’s TVL has surged from zero to over $6 million within a month.
The most deposited token on Kinetic is SFLR, a token representing the FLR coin staked through Sceptre.
Other major contributors include two rapidly growing decentralized exchanges (DEXs): SparkDEX and BlazeSwap.
SparkDEX’s TVL has soared over 150% in the past month to a record $3.26 million reached on September 12. The DEX launched its V3 version at the end of July, accounting for 99% of the TVL. The most deposited tokens are SFLR, WFLR, JOULE, USDC.E, and USDT. JOULE is Kinetic’s native token.
BlazeSwap’s TVL surpassed the $2.5 million mark on September 16, following an 80% monthly gain. The DEX also supports Songbird, Flare’s test network.
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