Connect with us

Blockchain

Flare and Kinetic join forces to revolutionize DeFi lending and borrowing

Published

on


  • Flare partners with Kinetic, revolutionizing DeFi lending/borrowing on blockchain.
  • Users benefit from liquidity incentives; Kinetic offers over-collateralized borrowing.
  • Rome Blockchain Labs facilitates Kinetic launch, leveraging Flare’s oracles for accurate prices.

Blockchain for data, Flare, and lending platform Kinetic, backed by Rome Blockchain Labs, have announced a strategic partnership set to revolutionize decentralized finance (DeFi).

This collaboration aims to introduce lending and borrowing capabilities to the Flare ecosystem, deepening liquidity and fostering a robust DeFi experience.

Powering DeFi with seamless lending and borrowing

Flare, recognized as the blockchain for data, has entered into a groundbreaking partnership with Kinetic, a lending and borrowing platform supported by Rome Blockchain Labs. The collaboration focuses on providing Flare users with a streamlined platform for participating in DeFi, offering the potential to earn block rewards by utilizing their digital assets.

Flare users contributing assets to the platform stand to benefit from incentivized and natural yield through liquidity provisioning.

Kinetic’s lending and borrowing platform operates in an over-collateralized structure, with borrowers enjoying additional perks such as interest rebates and exclusive Discord channel access. Rome Blockchain Labs (RBL), with its extensive experience in creating custom financial markets on various blockchain networks, will facilitate the launch of Kinetic.

The technical infrastructure and design provided by RBL will be instrumental in realizing the seamless integration of lending and borrowing capabilities within the Flare ecosystem.

Integration with FAssets:

The partnership further entails Kinetic leveraging Flare’s native price oracle, the Flare Time Series Oracle, for decentralized asset prices. This integration ensures highly accurate and frequently updated price feeds, laying the foundation for a secure and responsive DeFi experience on the Flare network.

In addition, Kinetic plans to integrate FAssets developed by Flare Labs, enabling traditionally non-smart contract tokens like bitcoin (BTC), ripple (XRP), and dogecoin (DOGE) to actively participate in DeFi activities. This integration marks a significant step in bridging traditional cryptocurrencies with advanced DeFi functionalities, enriching the lending and borrowing landscape.

Kinetic is committed to user security and technological excellence, demonstrated through strategic partnerships in the DeFi landscape. The platform aims for decentralization, seeking to eliminate KYC restrictions while remaining accessible in regions with regulatory uncertainty. Collaborations with Rome Blockchain Labs, Watchpug, and Immunefi underscore Kinetic’s dedication to robust technological infrastructure, smart contract audits, and bug bounty programs.

The initial launch on Flare’s testnet, Coston2, will provide users with a dynamic environment to engage, provide feedback, and gain insights into the innovative decentralized lending and borrowing platform.



Source link

Blockchain

Trump Administration Push for Blockchain-Powered USAID Overhaul—Here’s What Could Change

Published

on


Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

A newly surfaced proposal concerning blockchain is now circulating within the US State Department hinting at a potential shift in how the United States Agency for International Development (USAID) operates.

Under a set of recommendations backed by Trump administration officials and linked to the Elon Musk-led DOGE government efficiency unit, the agency may begin utilizing blockchain technology to enhance transparency and security in foreign aid disbursement.

Adopting Blockchain in Foreign Aid Reform

According to a draft document obtained by Politico, blockchain integration is being considered as part of a broader effort to modernize and restructure USAID’s procurement processes.

The proposal outlines that all aid distributions could be tracked using blockchain to “ensure accountability,” “reduce inefficiencies,” and allow implementing partners “greater flexibility.”

Although the proposal doesn’t clarify whether a public, private, or hybrid blockchain system would be used, it emphasizes the benefits of “secure and traceable” fund flows for international aid programs.

Meanwhile, USAID, the US agency responsible for administering foreign development assistance, has faced criticism in recent years over perceived inefficiencies and spending priorities.

The proposal aligns with ongoing efforts from the Trump camp to realign foreign aid programs with national strategic interests. It describes current aid structures as too “expansive and disorganized,” urging a shift toward focused initiatives tied to measurable outcomes in regions critical to US interests. The document wrote:

A better approach would be to foster peace and stability in regions critical to U.S. interests, catalyze economic opportunities that support American businesses and consumers, and mitigate global threats such as pandemic diseases.

Potential Restructuring and Strategic Realignment

Alongside blockchain adoption, the document proposes renaming USAID to the “U.S. Agency for International Humanitarian Assistance (IHA)” and moving the agency under the direct control of the State Department.

Areas of focus would include global health, food security, and disaster response, with an emphasis on reducing politically oriented programs and streamlining operations.

The recommendations follow past efforts by the Trump administration to limit USAID funding and staff, moves that were met with legal pushback and public criticism.

While the document reflects a serious policy proposal, it does not yet represent formal government action. The proposal acknowledges that some aspects would require congressional approval and legislative changes.

It is also unclear whether Secretary of State Marco Rubio or other senior officials within the current administration have reviewed or approved the recommendations.

Still, the introduction of blockchain as a transparency mechanism signals a growing interest in applying emerging technologies to government operations—an area of focus that may continue regardless of future political leadership.

The global crypto market cap value on the TradingView amid US potential blockchain powered USAID
The global digital currency market cap value on the 1-day chart. Source: TradingView.com

Featured image created with DALL-E, Chart from TradingView

Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.



Source link

Continue Reading

Blockchain

Ethena Labs and Securitize to launch Converge, a new blockchain for DeFi

Published

on


  • Ethena Labs and Securitize are joining forces to launch Converge, a new blockchain for decentralized finance and tokenized assets.
  • Converge will be Ethereum Virtual Machine-compatible and serve both retail and institutional DeFi.
  • ENA price rose 5% to change hands above $0.38 following the announcement

Ethena Labs and Securitize are teaming up on a venture that will see the crypto projects unveil Converge, a new blockchain built for tokenized assets and decentralized finance.

Announced on Mar. 17, Converge will be a custom-built, Ethereum-compatible blockchain. The developers envision a platform that will cater to both everyday investors and deep-pocketed institutional players.

Per a blog post introducing the new blockchain, the anticipated launch date is Q2 2025.

Ethena, Securitize unveil Converge

According to Ethena Labs, Converge is a blockchain platform designed to bridge the gap between traditional finance and DeFi.

The technology behind the EVM-compatible chain will allow users to leverage user-friendly decentralized applications for retail investors. Converge will also offer a suite of top tools aimed at institutional investors.

Both Ethena Labs and Securitize plan to tap into the new blockchain to advance the DeFi and asset tokenization ecosystem. In this case, the partnership will see Ethena bring its burgeoning DeFi to Converge.

Securitize will also revamp its traction in the real-world asset (RWA) tokenization space. With nearly $2 billion minted, Securitize stands out as one of the top platforms championing the growth of tokenized assets.

Converge’s unveiling will bring an EVM-compatible settlement layer, driving new adoption for stablecoins and tokenized assets.

“We’re developing Converge to fill a clear gap in the market as the go-to settlement layer for institutional-grade DeFi and tokenized assets,” Guy Young, founder of Ethena Labs, said in a statement.

According to Young, “storage and settlement of stablecoins and tokenized assets” is set to be a massive opportunity in the coming years.

Stablecoins, blockchains and exchanges are a “holy trinity of crypto protocols” the Ethena Labs founder posted on X.

Further comments came from Carlos Domingo, the co-founder and CEO of Securitize. He noted:

“By combining Ethena’s innovation in DeFi with Securitize’s leadership in tokenizing real-world assets, Converge sets a new standard for how institutions can confidently engage with on-chain financial markets.”

Converge’s initial launch partners

The two firms will look to advance Converge via key industry collaborations. Helping the cause are initial launch partners, including Pendle, Aave Labs (via its Horizon project), Morpho, Ethereal and Maple Finance.

Converge’s RWA traction will also benefit from custodial support from Anchorage, Copper, Fireblocks and Zodia among other institutional-grade custody providers.

Also key will be interoperability partners LayerZero and Wormhole. Meanwhile, Converge will tap into oracle support from Pyth Network and RedStone.

Furthermore, Converge will use Ethena’s native governance token ENA for staking and security. The latter will tap into a permissioned validator set. The USDe and USTb stablecoins will power network transactions as gas tokens.

The news saw the ENA token jump more than 5% to trade above $0.38.





Source link

Continue Reading

Blockchain

Reddit’s Cofounder Ohanian Makes Bid For TikTok, Intends To Bring It Onchain

Published

on


Reddit’s cofounder Alexis Ohanian is keen on acquiring Chinese social media platform TikTok with plans to bring it on-chain. While details of his plan are sparse, Ohanian seeks to use Web 3 to change the concept of social media ownership.

Bringing TikTok Onchain Will Change The Landscape For Creators, Says Reddit Co-founder

Ohanian has formally thrown his hat in the ring to acquire TikTok, joining a laundry list of individuals angling to purchase the social media platform. The Reddit cofounder joins Frank McCourt’s bid for TikTok, serving as a strategic adviser for Project Liberty.

“I’m officially now one of the people trying to buy TikTok US – and bring it on-chain,” wrote the Reddit cofounder.

Ohanian confirmed his interest via X (formerly Twitter) that he is keen on bringing TikTok on-chain after the purchase. For the serial entrepreneur, integrating Web 3 offerings into the app will change the concept of ownership on the embattled platform.

Without disclosing details, it appears that the users of the Ohanian-led TikTok will own their data while creators will own their audience

“We’re setting a new standard for what’s possible in digital communities,” said Ohanian. “A TikTok for the people, by the people. Let’s see if we can pull this off.”

How Will An On-chain TikTok Look Like?

Apart from changing the landscape for ownership, Ohanian’s post did not offer key details about TikTok’s future. However, pundits say the platform could feature on-chain monetization via micropayments in cryptocurrencies. Particularly, one of the assets tapped for the Crypto Strategic Reserve is expected to fill the role.

Another potential perk includes the integration of non-fungible tokens (NFTs) akin to Reddit’s experimentation with digital collectibles.

It is unclear which blockchain Ohanian will lean on in the push to bring TikTok on-chain. There are whispers of centralized Layer 2 blockchains but Reddit’s botched attempt could see a preference for Layer 1 chains.

However, Ohanian and Project Liberty members will have to achieve regulatory compliance in the quest to bring TikTok on-chain. Although the SEC is dismissing crypto lawsuits against exchanges, Ohanian has to proceed with caution.

✓ Share:

Aliyu Pokima

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





Source link

Continue Reading

Trending

Copyright © 2024 coin2049.io