AllianceBlock Partnership With Flare Network
AllianceBlock is delighted to announce a ground breaking partnership with Flare. Flare’s suite of protocols unleashes new paradigms of possibility for the crypto ecosystem. Its technology brings Turing-complete smart contracts to all native layer 1 blockchains, starting with XRP, Dogecoin, Bitcoin, Algorand and Stellar Lumens. Flare is also a data rich decentralized oracle network as well as a truly decentralized non-custodial bridge to all blockchains. This enables the X-chain liquidity protocol to thrive whilst solving the multi-sig issue currently plaguing DeFi and concerning regulators.
“Here at AllianceBlock, we’re set on consistently building relationships with the most prominent blockchains in the industry and offering them solutions that can benefit not only their ecosystems, but the entire industry. This partnership is special for a variety of reasons, but I’m most excited for the deployment of our long-awaited DEX on Songbird, a scalable, low-carbon blockchain focused on growing the DeFi industry in a sustainable, future-focused way.”— Co-Founder and CEO, Rachid Ajaja
AllianceBlock approach for seamlessly bridging capital flows from traditional finance into DeFi is strongly aligned with Flare’s mission. On top of this, they have been considering overlap between their missions to build a more global and participatory economy, connecting the traditional and decentralized worlds.
AllianceBlock starts the partnership by integrating Songbird, into its decentralized interoperability solution, AllianceBlock Bridge. Flare have launched a canary network because it is essential for their three protocols to be tested live within a mainnet environment powered by a utility token with scarce token supply. This phase of the partnership will establish cross-chain interoperability for both projects and networks, as well as lay the foundation for the implementation of its solutions in the near future.
“The Flare ecosystem is being built to “Unlock the Value” inherent in the 65% of blockchains that do not have native smart contracts by bringing, for the first time, true trustless usage of those tokens with scalable smart contracts. Flare’s Canary network, Songbird, has demonstrated phenomenal growth, having only existed for 6 weeks, it has already processed over 1.5M blocks and registered over 200K addresses. Communities that have previously been locked out of the smart contract revolution are now actively contributing to the space. Now with this exciting partnership and the integration by AllianceBlock onto Songbird, the Flare ecosystem gets to help unlock the value in Traditional Finance by enabling it to access Decentralised Finance. AllianceBlock are taking a big leap forward for the entire space and we are delighted that they have chosen to engage with Songbird and the Flare ecosystem and we welcome them to the community.”— Flare’s Co-Founder and CEO, Hugo Philion
Deployment of AllianceBlock DEX on Songbird
AllianceBlock DEX is solving real challenges present in existing decentralized exchanges by vastly reducing the risk of impermanent loss currently present in the industry by leveraging our newly designed automated market maker (AMM). AllianceBlock’s upcoming DEX will have a new, state-of-the-art algorithm for Single-Sided Liquidity Provisioning that will open new opportunities in DeFi and will be the foundation of DeFi 2.0. By integrating with Songbird, AllianceBlock and Flare will support cross-chain swaps and enable liquidity optimization across multiple networks.
ABOUT Flare Network
Flare is a scalable meta-blockchain, decentralized oracle network & global interoperability layer. That shifts the paradigm of what can be built utilising Turing-complete smart contracts without all the heaviness of utilizing incumbent layer 2 scaling solutions. It can connect diverse ecosystems and blockchain communities and is built to leverage the decentralization and security of the underlying networks it is built on. With experts from the worlds of electronic engineering, distributed systems, quantum computing, mathematics, computer science, quantitative finance, and risk management on the team, Flare is bringing about a dramatic change in the way the world approaches decentralization.
ABOUT AllianceBlock
AllianceBlock is bridging the gap between decentralized finance and traditional finance, by remedying issues that exist in both spheres and linking them more closely together. They see the future of finance as an integrated system in which the best of both worlds can work together to increase capital flows and technological innovation.
