Flare, the blockchain for data, and Kinetic, a lending and borrowing platform, backed by Rome Blockchain Labs, have announced a strategic partnership to revolutionize decentralized finance (DeFi). The collaboration will provide Flare users with a platform for participating in DeFi, offering the potential to earn block rewards by utilizing their digital assets.
Kinetic’s lending and borrowing platform operates in an over-collateralized structure, with users enjoying additional perks such as interest rebates and exclusive Discord channel access. Rome Blockchain Labs (RBL) will facilitate the launch, leveraging Flare’s oracles for accurate prices.
The partnership also 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. Furthermore, Kinetic plans to integrate FAssets developed by Flare Labs, enabling traditionally non-smart contract tokens such as Bitcoin, Ripple, and Dogecoin to actively participate in DeFi activities.
Kinetic is committed to user security and technological excellence. The platform seeks to eliminate KYC restrictions while remaining accessible in regions with regulatory uncertainty. Collaborations with 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.