Flare recently announced a partnership with Ola Finance, a platform that offers customizable lending networks, to support its growing DeFi ecosystem.
Ola plans to launch a lending network on Flare’s Songbird network, with future deployment planned for the Flare mainnet, according to a press release reviewed by Invezz.
Ola’s lending networks will support all Flare tokens
To support the ecosystem, Ola’s lending networks will accept all tokens issued on Flare, including popular assets such as Dogecoin, XRP, Litecoin, and Algorand. This capability will enable DeFi services for tokens that are not Turing-complete.
The partnership reflects an expanding product suite
The collaboration highlights Flare’s expanding DeFi product offering. Projects built on Flare and Songbird will be able to provide users with lending and borrowing services via Ola’s lending network.
Hugo Philion, co-founder and CEO of Flare, commented:
With TVL on Songbird reaching $120 million in January, we are excited that Ola’s lending-as-a-service solution is ready to attract even more liquidity into the Flare ecosystem. Their differentiator in DeFi lending—enabling anyone to create a branded lending network on Songbird & Flare—should prove very powerful.
David Yakira, co-founder and CEO of Ola Finance, added:
At Ola, we are thrilled to partner with an emerging Layer 1 as promising as Flare. Their F-Asset system, which aims to bring full non-Turing assets into DeFi, aligns with Ola’s goal of expanding the number of tokens that provide DeFi lending services to their communities. We are excited to align these goals to build a strong relationship with the Flare Network while developing its DeFi ecosystem.
Integration of EVM and non-Turing chains
Flare is a distinctive network that brings EVM compatibility to blockchains that are not Turing-complete, integrating a variety of assets into a smart, contract-compatible network. Flare and Songbird are enabling popular cryptocurrencies for DeFi use, with a particular focus on major assets like XRP and Dogecoin.
A unique white-label approach
Ola Finance differentiates itself from other lending protocols through an innovative B2B white-label strategy. Platform partners operate their own lending networks with bespoke user experiences and a high degree of customization.
Ola acts as a dedicated behind-the-scenes partner, providing ongoing maintenance and product development as Flare’s product suite continues to grow.