Ola Finance, the lending-as-a-service provider, has partnered with DeFi-centric Layer 1 blockchain, Flare, to support its DeFi ecosystem. The partnership will result in the creation of a lending network, which Ola plans to launch on its Songbird canary network. After that, the network will be launched on the Flare mainnet. Furthermore, the new partnership underlines Flare’s continued expansion into the DeFi space.
The loan networks for XRP, DOGE, ALGO, and LTC, which are non-Turing complete, will be ready to handle all Flare-launched tokens as a result of the partnership. In addition, Songbird and Flare-based projects will leverage Ola’s protocol to construct a lending network. Consequently, this will make lending and borrowing services available to their customers.
Hugo Philion, Co-Founder & CEO of Flare, was confident that support from Ola Finance will attact more projects on Flare’s ecosystem. He added that the growth of Songbird’s TVL to $120 million in January was strong proof of the effectiveness of Ola’s lending-as-a-service solution.
David Yakira, Co-Founder & CEO, Ola Finance, expressed his delight at working with Flare. He stated that by integrating non-Turing assets into DeFi, Flare had aligned itself with Ola’s goal in the DeFi sector. Particularly, he pointed out that Ola was keen on increasing the number of tokens offering DeFi to communities.
We are excited to align these goals to build out a strong relationship with Flare Network while growing their DeFi ecosystem.”
David Yakira, Co-Founder & CEO, Ola Finance
About Ola Finance
Ola Finance is a technology provider that uses its protocol to build lending networks for its partner projects. As a loan-as-a-service provider, it hands over the networks to its partner platforms after deployment. Essentially, Ola facilitates access to the resources needed to set up lending and borrowing networks without owning the networks. So far, Ola has $48 million in TVL and has helped set up Fuse Network, ApeSwap on Binance Smart Chain, and SpiritSwap.
Flare is a Layer 1 blockchain platform that’s uniquely interoperable with other blockchains in the DeFi ecosystem. It achieves this by integrating Ethereum Virtual Machine with non-Turing blockchains. Flare uses its canary network, Songbird, to upgrade non-Turing assets like XRP and Dogecoin for the DeFi market.