Flare Blockchain’s DeFi Presence Consolidates, TVL Surpasses $15 Million

Flare blockchain’s presence in decentralized finance (DeFi) is consolidating. Last week, the total value locked (TVL) on the network surpassed the $15 million milestone.

output: A layer 1 blockchain known for its interoperability, Flare is quickly expanding its presence in decentralized finance (DeFi). Last week, the total value locked (TVL) on the network crossed the $15 million milestone for the first time.

At the time of writing, data from DefiLlama shows a record $16.3 million in TVL, up 100% since the beginning of August. Meanwhile, the weekly transaction count nearly hit the 2 million mark last week.

Here's a closer look at the state of DeFi on Flare.

Launched in August 2023, Flare is a layer 1 blockchain that is compatible with the Ethereum Virtual Machine (EVM). This allows for the creation and deployment of smart contracts on XRP, the fifth-largest blockchain by market cap.

After launching with a focus on interoperability, Flare's presence in DeFi became noticeable at the end of 2023. Today, seven dapps on the network have over $1 million in TVL.

The largest dapp is Clearpool, a lending platform that is aimed at institutional investors. While it has over $16 million in TVL, this is not counted by DefiLlama to avoid double counting. Clearpool supports nine chains in total, with Flare accounting for over 85% of its TVL.

Next up is Sceptre Liquid, a liquid staking protocol for Flare's native coin, FLR. Its $13 million worth of deposits are also not counted by DefiLlama.

Among the dapps that are included in DefiLlama's tracking, the largest contribution to Flare's DeFi expansion in the last month came from Kinetic, a native lending dapp.

Launched in August, the platform's TVL has surged from zero to over $6 million in a month's time. The most deposited token on Kinetic is SFLR, a token that represents the FLR coin staked through Sceptre.

Other major contributors include two rapidly growing decentralized exchanges (DEXs): SparkDEX and BlazeSwap.

After launching its V3 version at the end of July, SparkDEX's TVL soared over 150% in the past month to a record $3.26 million on September 12. Of this, 99% is in the V3 version of the DEX.

The most deposited tokens on the DEX are SFLR, WFLR, JOULE, USDC.E, and USDT. Notably, JOULE is Kinetic’s native token.

Meanwhile, BlazeSwap's TVL crossed the $2.5 million mark on September 16, following an 80% monthly gain. The DEX also supports Songbird, Flare's test network.