Hey guys! I want to tell you about an interesting event in the world of blockchains. In recent weeks, the Flare Network blockchain has suddenly found itself in the spotlight. In just two weeks, its total blocked value (TVL) — which is how many assets users have "parked" in decentralized applications within the network — has grown by more than 160%, from $45 million to $120 million. Impressive, isn't it?
What was the reason for such rapid growth? The main driver is the launch of a new stablecoin called USDT0. This is a special multi-blockchain version of USDT, created not by Tether itself, but by Everdawn Labs, but it is fully backed by real USDT in a 1:1 ratio. USDT0 allows users to easily move funds between networks such as Ethereum, Arbitrum, Optimism, Sei and Flare, without bridges and wrappers, thanks to LayerZero technology and the OFT standard.
Flare has become a very successful platform in this context. After all, it has not yet released official stablecoins from Tether and Circle, and USDT0 has closed this niche. Now its volume has already reached $65 million, and in just one day, on April 29, $35 million was released, which indicates high demand. There are already more than 6,300 users.
In addition, the platform is fueling interest through the Flare USDT0 Boost incentive program. People who provide liquidity on decentralized exchanges like SparkDEX and Kinetic can receive up to 30% per annum in rFLR tokens. This is a very generous offer for the DeFi sector.
Flare Network is developing interestingly in general. This is an EVM-compatible first-level blockchain, meaning it can run smart contracts like in Ethereum, but with an emphasis on data and interaction between networks. In recent years, he has raised more than $46 million in investments, including $35 million in 2024 alone.
Another important area is the integration with XRP—backed assets and the future implementation of liquid XRP staking. All this makes Flare an attractive platform for DeFi projects.
Now it's interesting — Flare Network is betting on multichain and liquidity, and so far it's working.
Do you think alternative versions of stablecoins like USDT0 can take a significant place in DeFi?
