3 weeks ago
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The data-centric blockchain has introduced flrETH, its native liquid staking token, offering Ethereum holders interested in liquidity and staking a lucrative alternative.
Flare To Introduce FlrETH: A Native Liquid Staking Token For High-Yield ETH Staking – Flare, the data-centric blockchain network, is launching flrETH, a Flare-native liquid staking solution for Ethereum, marking the first ETH liquid staking option on the Flare platform. …
The move brings the first ETH liquid staking solution on the Flare network, promoting decentralized finance (DeFi) advancements while enabling users to retain ownership of Ethereum tokens.
Created in alliance with Dinero, flrETH enables individuals to earn Ethereum staking yields within Flare while maintaining liquidity and partaking in the platform’s DeFi marketplaces for more rewards.
Transforming Ethereum staking on Flare
FlrETH allows individuals to bridge their Ethereum assets to the Flare ecosystem hassle-free, earning them 7% APR.
Further, they can easily swap flrETH for wrapped Ethereum (WETH) on SparkDEX.
The flrETH introduction matched Flare’s dedication to expanding its DeFi ecosystem. For instance, the project voted for the Flare Emissions program in July.
We’re thrilled to announce the launch of the FLR Protocol Emissions program. It officially kicks off #FLRfiSummer ☀️ Here’s everything you need to know 🧵
That saw it releasing 60M reward FLR (rFLR), of the approved 510 million, increasing Flare’s DeFi TVL by 50%.
Meanwhile, the latest launch targets enhanced yield-earning opportunities while boosting the blockchain’s liquidity for improved user experience.
FlrETH leverages Dinero’s high-yield liquid staking solution pxETH, which adopts a dual-token design to offer staking yields up to 3 times more than other options, making it attractive to support flrETH.
Furthermore, users can utilize a dedicated decentralized application to stake pre-bridged Ethereum into flrETH.
Bolstering Flare’s DeFi ecosystem
The flrETH launch will attract new decentralized finance products on the Flare blockchain.
For instance, the project will onboard SparkDEX – which will build Flare Emission Program-incentivized flrETH liquidity pools.
Moreover, the FLR network will likely incorporate flrETH into its FAsset collateral composition.
Meanwhile, liquid staking remains the top DeFi sector by TVL, boosting liquidity for L1 and L2 blockchains.
That has introduced new utility, such as re-staking while backing DeFi networks that use LSTs (liquid staking tokens) to generate more yields.
The flrETH launch will introduce Ethereum liquid staking to the Flare platform, further enriching its decentralized finance products and yield capabilities.
FLR price outlook
Flare’s altcoin is yet to react to the highlighted ecosystem developments.
FLR trades at $0.0138 after dropping 1.30% in the past day.
Source: CoinmarketcapHowever, the improved staking market within the platform will potentially catalyze significant recoveries as FLR cements its status in the cryptocurrency market.
In summary, Flare’s venture into ETH liquid staking displays its objective to launch high-end DeFi capabilities, heralding future ecosystem growth and innovations.
With the growing Flare DeFi TVL, flrETH debut remains instrumental in revolutionizing FLR’s network.
As the new liquid staking token attains more integrations, Flare will enjoy a transformed decentralized finance marketplace.
SparkDEX and advanced decentralized applications (dApps) will introduce new money-making opportunities and enriched engagements within the platform.
Such narratives positioned Flare’s native token FLR for a massive recovery.
The altcoin has struggled with bearishness lately, down 5% and 12% over the past week and month.
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