Cofounder of @flarenetworks.
Dubai, United Arab Emirates
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Almost all future usecases of the blockchain (AI, Gaming, Identity, Real World Assets etc) will require some amount of external data attested onto chain. Decentralisation (without it there is no safety), scalability and low latency are key. Flare is the blockchain for data. #connecteverything
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We didn’t build Songbird so you could get a payoff. We built it as a test and governance network for making Flare better. If you are going to be part of our community have some long term vision and contribute, otherwise feel free to show yourself the door.
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For all those asking where their $FLR is. We are upgrading Songbird, before the end of March 2022, with the final 2 protocols required before Flare launch. This will then allow us to proceed to Flare launch. A full roadmap to Flare launch will be release in the coming weeks.
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1/ I made a mistake invoking governance over the distribution. I am cancelling the proposals. The distribution will remain 15% and then 3% per month. If tax creates sell pressure then a governance proposal can be submitted by the community to curtail the distribution.
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I suggest showing kindness to people who express their frustration that Flare has not been launched yet. We are working hard to make sure that what is launched is as secure as possible but it’s completely my fault for suggesting timelines in the first place. Mea culpa.
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Flare is building a system that solves some of the biggest problems in the space and unleashes robust cross chain interoperability. This takes time but we are almost there.
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Markets go up and down. We are building Flare for the duration. Those squealing about some volatility should find a backbone or exit the market.
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Hidden Road is an unbelievably interesting deal. If Ripple pull off a strong integration between HR and the XRPL then honestly I can’t see how XRPL doesn’t eclipse in value almost all other networks. Pretty great position for Flare to be in as we can enable many many additional usecases for XRP adding to its utility.
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I don’t care what some BTC Maxis say, 2025 is the year of XRPFi.
Flare will be a big part of this.
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$134Bn of XRP will soon be able to get yield on Flare through FXRP and also native XRP Staking.
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Congratulations @bgarlinghouse @JoelKatz @chrislarsensf Ripple and all the XRP community. The future is brighter now.
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I want Flare to provide a similar service to XRP that Babylon provides for Bitcoin. I will personally pay a grant of $500k in FLR to a group that builds a fully fledged staking service for XRP on Flare (through FXRP) using Flare’s FDC to slash stake. The purpose would be to allow builders to secure 3rd party services such as oracles, L2’s, DID & compute networks with staked FXRP.
A request for a proposal will be released in the coming weeks.
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Mainnet codebase has now been released to exchanges so that they can start integrating with the network. Next step: Releasing the codebase publicly.
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Hey @brian_armstrong we are getting radio silence from your team and would really like to help @coinbase distribute Flare’s token as agreed. We will dedicate as many people as needed from our side to make it happen.
Coinbase will support @FlareNetworks’ Spark airdrop. Customers in approved jurisdictions who hold XRP in their accounts on the snapshot date of Dec. 12 will qualify to receive Spark tokens. We plan to distribute the airdrop after the Flare network launch. blog.coinbase.com/coinbase-t…
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Wen????
NOW
FXRP IS LAUNCHED ON FLARE
For over a decade, XRP has powered fast and efficient settlement at scale.
FXRP on Flare extends that strength with composability, opening new growth opportunities: XRP as collateral, liquidity, and yield in DeFi.
Mint today:
fassets.au.cc/mint
fasset.oracle-daemon.com/fla…
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Flare now serves many networks making the opportunity very much larger- it didn’t before. Those that come to Flare from outside of XRP must be able to participate on equal terms going forward. If you are receiving the initial distribution you are in a highly privileged position.
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Flare and Songbird are being built to support interoperability for the entire blockchain space. FAssets for non smart contract tokens and LayerCake for smart contract tokens. The case against Ripple does not determine the Flare launch date.
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I’ll write up a blog post next week to cover exactly how we will deal with the $FLR distribution with respect to exchanges. It will be fair but firm.
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This is a momentous moment and both the culmination of work we have been doing since the beginning and also the start of the next phase.
One of many momentous things that will be coming in the next 12 months.
I would really like to thank the whole team at Flare for helping get us to this point.
I’d also like to thank our validators, infra providers, dapps & partners - without whom Flare wouldn’t function.
Lastly I’d like to thank @JoelKatz whom I first spoke to in late 2018 and without that conversation Flare may not be here today.
For over a decade, XRP has powered fast and efficient settlement at scale.
FXRP on Flare extends that strength with composability, opening new growth opportunities: XRP as collateral, liquidity, and yield in DeFi.
Mint today:
fassets.au.cc/mint
fasset.oracle-daemon.com/fla…
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I think many people massively underestimate the potential of XRPFi. I think their minds will do a total 180 when they see the reality.
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Massive WIN for Ripple and the XRPL. Bravo @bgarlinghouse 👏👏👏
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Congratulations @Ripple! A big day!
This is it – the moment we’ve been waiting for. The SEC will drop its appeal – a resounding victory for Ripple, for crypto, every way you look at it.
The future is bright. Let's build.
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I spent much of the last week in the US with the Firelight team.
This product is hugely innovative and has the potential to put BILLIONS if not 10’s of BILLIONS of XRP to work -> on Flare.
🔥 💡
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With regards to exchange distribution of the $FLR token. We have reached out to the largest exchanges to get full definition on what they require in order to distribute the token, so that Flare meets those requirements.
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Flare’s institutional partner is building XRP staking on Flare. When you stake your XRP on Flare, you will be securing networks and services across multiple ecosystems. In return you will be earning tokens from the services you stake to.
Staking is very low risk as validators rarely mess up. This will be a pretty great way both earn yield on your XRP and diversify your holdings across ecosystems.
Flare is bringing #XRPFi to life.
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Western Union’s Solana deal holds no bearing on the XRPL or Ripple. Ripple is clearly going after the extremely lucrative realms of trading and asset management. Flare augments whatever verticals Ripple and the XRPL win, by expanding usecases & making XRP hugely programmable.
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We have all been waiting a very long time for the next bus. It’s on schedule and thankfully it’s a double decker.
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Just a heads up on FXRP on Flare. We are waiting for one audit report and also because we want to launch with a very big bang, for Firelight to be close to launching before we send FXRP live on Flare.
Will keep you updated.
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Happy New Year! 2022 is going to be very exciting for the #Flare Community.
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Part of the solution to growing our industry is building something that is actually useful to a very large number of people. This is what we at Flare are working on by enabling Web2 to Web3 composability through the StateConnector. ☀️ #ConnectEverything
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I understand that people are frustrated about the delay in distribution. I am equally if not more frustrated. There are so many useful things that myself and the team could be doing other than liasing with exchanges at this point. 1/13
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This is huge for both the XRP and Flare ecosystems. Thank you @UpholdInc
🚨 JUST ANNOUNCED!
You asked, we listened.
Uphold is exploring ways to unlock yield on $XRP, including testing XRP staking through @FlareNetworks FAssets.
Welcome to the world of smart contracts and DeFi opportunities, #XRPArmy.
Stay tuned for the beta.
#Ripple #Flare
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2/ People who are concerned about tax will be able to opt out of the 3% monthly distributions. Make sure you are aware of your responsibilities to pay tax in each of your countries.
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If you like XRP, Doge, Bitcoin or low latency decentralized data, you will LOVE Flare.
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To be abundantly clear, Flare will be ready to do TDE next week. We are waiting on coordination with 100+ exchanges so the distribution is orderly, so that everyone that should get their tokens does and so that they all get them at broadly the same time.
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4M FXRP / $12M USD. I’m really proud to say that this is the fastest that any XRP product has grown.
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Thank you @binance @cz_binance this is great news for the Flare ecosystem.
#Binance Will Support the Songbird $SGB Airdrop Program for $XRP Holders
binance.com/en/support/annou…
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Last night was a sizeable stress test. Flare, the FAssets and Flare’s data protocols performed well and as expected.
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We are building Flare because we think users and developers shouldn’t have to rely on a small centralised group of people/entities to: bridge tokens, get data from other blockchains & get data from outside of blockchains. Decentralisation is derisking.
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As stated in multiple places: Flare will launch after testing of the FTSO, State-connector and F-Asset smart contracts on Songbird. Currently the FTSO is deployed on Songbird.
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FXRP V1.1 Update:
The first audit is complete.
V1.1 can now proceed to Songbird launch.
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Some Songbird FTSO statistics:
- 50728 FTSO delegators, delegating 4.35Bn SGB.
- Almost 100 FTSO data providers.
- 353M SGB earned from the FTSO.
These would be huge numbers for any large chain. For a Canary net they are astounding. The community is strong!
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40M XRP ($96M USD) bridged as FXRP makes Flare the largest XRPFi project.
This is only the beginning.
Higher!
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I’m seeing a lot of messages about “the bull run” and people saying “release FAssets now”.
1) We cannot release FAssets until the FTSO has a reliable price for USDX. We are waiting for USDX to be listed. This up to the issuer of USDX and is out of our hands.
2) If you really believe in blockchain then this bull run hasn’t even scratched the surface and we have a long long way to go. Being panicky about what happens over a 2 week timeframe is a sign that you don’t really believe in the future of crypto. As CEO of Flare labs and Chairman of the Flare Foundation I can’t be panicky. I must lead the team to build methodically for the future that is coming.
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The first XRP backed Stablecoin!
Enosys’s friendly fork of Liquity V2 will allow you to mint Stablecoins collateralized by your FXRP.
…And then put those Stablecoins to work to earn yield, make payments, buy NFT’s, use as collateral, lend out, the sky is the limit!
XRP backed stables. Fully decentralized and onchain. On Flare.
🚀 🚀 🚀
We are thrilled to announce the upcoming launch of Enosys Loans, a friendly fork of Liquity V2 by @LiquityProtocol, deployed on the @FlareNetworks. This marks a historic milestone in the DeFi landscape as the first-ever Collateralized Debt Position (CDP) protocol to leverage XRP (FXRP) as collateral to mint a stablecoin.
Initially supporting FXRP and wFLR as collateral - but with plans to expand support to include staked XRP (stXRP from @Firelightfi ), FBTC (Bitcoin bridged to Flare), and other assets - Enosys Loans is poised to unlock unprecedented utility for major cryptocurrencies like XRP and Bitcoin in decentralized finance. By harnessing Flare’s advanced infrastructure, including the Flare Time Series Oracle (FTSO) for decentralized collateral pricing, Enosys Loans is set to redefine how non-smart contract assets participate in DeFi.
Unlocking DeFi for XRP
For the first time, XRP holders can use their assets as collateral in a CDP to mint a new stablecoin, enabling participation in DeFi applications such as lending, borrowing, and yield generation while still maintaining exposure to the underlying FXRP. This is a transformative step for XRP, which, due to the XRP Ledger’s lack of native smart contract functionality, has historically been excluded from the broader DeFi ecosystem. The planned inclusion of FBTC will further extend this capability to Bitcoin, unlocking the potential of two of the most valuable cryptocurrencies-representing trillions in market capitalization-for DeFi use cases.
A Friendly Fork of Liquity V2: Proven and Enhanced
Enosys Loans builds on the robust foundation of Liquity V2, a leading CDP protocol on Ethereum known for its efficiency, low fees, and user controlled interest rates. By forking Liquity V2, Enosys inherits its battle-tested mechanics while tailoring the protocol to Flare’s unique capabilities. This friendly fork enhances Liquity’s model by integrating Flare’s decentralized infrastructure, ensuring Enosys Loans is optimized for scalability, security, and interoperability.
Flare FTSO: Decentralized and Reliable Price Feeds
A cornerstone of Enosys Loans is its use of the Flare Time Series Oracle (FTSO) for decentralized collateral pricing. Unlike traditional oracles that may rely on centralized data sources, FTSO aggregates price feeds from independent signal providers, delivering highly accurate and tamper-resistant data for assets like FXRP and FBTC.
This ensures that Enosys Loans maintains precise collateral-to-debt ratios, protecting users from volatility and enabling trustless, secure borrowing. With the FTSO’s ability to scale to thousands of data feeds (as seen with FTSO V2), Enosys Loans is future-proofed for supporting an expanding range of collateral types.
Delegation Rewards and FlareDrops
In keeping with the Enosys ethos, all wFLR that is used as collateral will be delegated on the owners behalf. This wFLR will receive delegation rewards and FlareDrops which will be claimable by the owner when distributed by the Flare systems.
Expanding Collateral Options
Enosys Loans will initially support FXRP and wFLR as collateral, enabling XRP holders to mint a stablecoin for use in Flare’s DeFi ecosystem. However, the protocol’s roadmap includes support for stXRP, FBTC, and other F-Assets, creating a versatile platform that caters to diverse user needs.
This expansion will position Enosys Loans as a multi-asset CDP, allowing users to leverage a variety of high-value cryptocurrencies while maintaining the protocol’s decentralized and trustless ethos.
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If you are one of those people that puts “wen token” under everyone of our posts - the answer is Jan 9th 2023.
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When a civilisation becomes so degenerate so as to try to rehabilitate someone like @SBF_FTX it has lost any sense of honesty, honour, integrity and shame. Such a civilisation must be consigned to the dustbin of history.
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Holy hell. FXRP reached 100% minted in less than an hour!!!! Join me in 1 minute for our ecosystem call.
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I’ve reached out to Celsius. I will do my best to make sure that Celsius users can get their FLR. I can’t guarantee anything at this point.
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Imagine a defi hub where the liquidity is in XRP, BTC, Doge and all the ETH coins. That’s what we have been building at Flare.
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Chainlink crew are so threatened by XRP and @Ripple. I think XRPFi on Flare might actually make them cry.
.@JoelKatz saying the quiet part outloud - "You can't have things that are controlled by a single-party at the center".
Ding! Ding! Ding! Now do you understand why @bgarlinghouse pivoted from Ripple replacing Swift to maybe someday stealing away some small portion of Swift?
It would probably be better if @Ripple people just stopped talking to be honest.
$xrp #xrp #xrpl
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It is terrible that some teams are losing their runway due to FTX. Flare has no exposure to FTX and no exposure to any exchange, barring a very small amount loaned to market makers. In short, Flare’s runway is intact.
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Shall we get some #XRP memes going on Flare?
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FXRP will enable XRP to come to Flare and also other ecosystems through LayerCake. This let’s dapp developers build dapps that can interact with the multiple crosschain assets that will exist and already exist on Flare. Now if hooks were on the XRPL Flare could also serve its high quality decentralised data to dapps built using hooks.
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$80M bridge hack today. Bridging is arguably one of the hardest engineering tasks in crypto. Flare intends to build a better, safer bridging system but this demonstrates why we released Songbird first. theblockcrypto.com/post/1321…
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Bridges for XRP aren’t new - Wanchain built a fairly good one a while back. The reality is that once you move your XRP to another chain there needs to be sensible ways to put it to work and this is where things have stalled historically. At Flare we have been investing much of our time and effort into making sure there is a full ecosystem ready for the XRPFi wave. This includes:
-Firelight; XRP staking both for AVS’s and more complex institutional financial products.
- Yield markets; because if you have staking you need a market to trade the yield.
- Dex’s; Sparkdex, Enosys, Blazeswap.
- Lending protocols; Kinetic and soon to be neolending.
- Stablecoin liquidity to support all the potential pairs against XRP.
Flare is the cutting edge ecosystem ready for institutional XRP DeFi usage.
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Federated Sidechains can also be connected to LayerCake 🍰. This makes things very interesting.
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Update. Coinbase have emailed to say that they will come back to us in a day or two to finalise next steps. I’ll keep the community updated. Thank you @coinbase @brian_armstrong
Hey @brian_armstrong we are getting radio silence from your team and would really like to help @coinbase distribute Flare’s token as agreed. We will dedicate as many people as needed from our side to make it happen.
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The staking protocol that Flare is collaborating on will allow both native XRP and FXRP to be staked to provide economic security to a service. This could be a new chain, L2, bespoke oracle or even a decentralized AI protocol. The XRP staked to this service secures that protocol, establishing a market for security denominated in XRP and generating yield on XRP.
You will be able to get a liquid staking token on Flare which represents your staked XRP with which you can do further financial operations.
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Flare will power:
XRPFi first.
Then:
- BTC & DOGE Fi
- Advanced Cross-chain finance directly from Flare using Protocol Managed Wallets.
- Decentralized AI
And many more…
Both for individuals and institutions.
This is the utility of building the network for data.
Connect Everything.
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I’m more convinced than ever that building a CNRY NTWRK for people to learn on was strategically the correct step.
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The thing about Flare’s upcoming XRP Smart accounts is not just that you can use the Flare network easily it’s that you will never have to leave the XRPL to make transactions on Flare. That’s right - you will be able to do all your business on Flare just by making transactions on the XRPL.
This is good for Flare and great for XRPL usage and activity.
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Some in the community expressed concern re @FlareFinance. In the last day I have spoken extensively with the Flare Finance team. They have outlined some positive product, brand, transparency and management initiatives which will be communicated by them in the coming weeks.
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This is huge for Flare.
LayerZero V2 integration connects Flare to 50,000 dapps across 75 blockchains.☀️
Build on @FlareNetworks to access vast quantities of new users & sources of liquidity, while maintaining the highest standards of decentralization and security.
Full story: flare.network/layerzero-v2-c…
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Hitting $100M USD of XRP on Flare. This week was a good week.
Big schedule for next week and off to NY for Ripple Swell next weekend.
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Very excited for my talk today on XRP Staking powered by Flare.
Catch @HugoPhilion on stage at @rippleswell - Wednesday, 5:00–5:25 PM in the Olivia Room.
A deep dive on “XRP Staking powered by Flare.”
Rumor has it… there might be alpha 👀
If you’re in Singapore, don’t miss this one.
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I’m glad to work with Wietse. A gentleman and a scholar and more importantly deeply protective of the XRP community.
🤯 One-click-style way to earn $XRP yield directly in @XamanWallet via #Flare / #FAssets?
@WietseWind says through Trustless tech and trusted stack like Flare, he's happy to make that happen!
In fact, implementation has already started! 💪
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This morning no FXRP lots were available for minting on Songbird.
Tonight the supply of FXRP on Songbird has already 3x’ed!
🚀🚀🚀
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One of the things that I find most interesting about crypto is that most of the builders (with a few notable exceptions eg Ripple) don’t understand the rules by which tradfi needs to play. They end up making systems that aren’t sufficient for big players to conduct business. This limits what crypto can currently handle but is a massive opportunity for Flare.
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Since the RLUSD x Chainlink announcement I’ve had a lot of questions as to why Flare isn’t competing in the oracle space by offering its oracles on other networks.
The answer is simple, the external oracle business isn’t a good business.
You can see here the fees generated by Chainlink: defillama.com/fees/chainlink
The fees generated by Chainlink for providing data are minuscule relative to the value of the Chainlink token. Chainlink is by far the market leader but the market seemingly will not pay materially for the data that Chainlink is providing. This broadly applies to other external oracle providers aswell.
Without changing their tokenomics this makes it really hard for Chainlink to build in a staking based security model to their protocol as there is very little fee revenue to pay out. This is why Chainlink relies on a trust based security model and has a relatively low number of data providers.
Now, Flare isn’t an external oracle service, it is a full smart contract chain with enshrined data protocols (FTSO & FDC). Validation and data provision are provided by the same entities, secured through proof of stake. Flare’s oracles already power DeFi, FAssets and will power native staking for XRP, BTC & others. There are many many other usecases on Flare that can & will be powered by Flare’s data protocols.
Security on Flare is derived not from trust but from the symbiotic value created by the unique utility of bringing together a full smart contract platform with its own enshrined data services which are purpose built to serve the ecosystems needs.
Now none of this means that Flare won’t provide its data on other networks it just means that the market opportunity for doing so as a pure service like Chainlink doesn’t really exist. Honestly, let Chainlink have that market as it isn’t much of a market. In order for data provision to other chains to make sense it would need to be part of a product or initiative that generates material growth for Flare. Right now the far bigger priority and market opportunity is in encouraging and spearheading the development of Flare’s native ecosystem based on its enshrined Oracles, brilliant developers, committed data providers and enthusiastic community.
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I completely understand the frustration that FAssets have not been put into production yet. We completely restructured the FAsset model to enable multiple collateral types (stablecoin + FLR/SGB). This took time as the entire codebase had to be rewritten but it makes the FAsset model much more robust. The new model has been tested in beta on Coston and performed excellently.
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A race to make quick money has seen crypto replicate many of the structures it originally sought to replace and enabled the building of cross-chain protocols that sacrifice safety and decentralisation. The market is reaping the effects of this nonsense. #buildbackbetter #flare
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🧵I understand why some people are annoyed with FIP01. It feels like a betrayal. But let me give you a few of the things we are dealing with.
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FAssets will launch on Songbird, provided nothing material changes, within 2024. There they will be tested in the wild. If no major issues are found they will transition to Flare 1-2 months after launch on Songbird.
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Smart contracts on XRPL would make FXRP even better. This would make it even easier for XRP to come and be used with all the other assets on Flare coming from other ecosystems such as FBTC and bridged assets through Stargate. Additionally for usecases that don’t require interoperability through Flare then the Flare Oracles could be used on XRPL in a way that they definitely can’t today. Go @JoelKatz !
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