Flare Networks Community Votes 'Yes' to Integrating Cardano (ADA) 14

Flare Networks Community Votes ‘Yes’ to Integrating Cardano (ADA)

In brief:

  • In a Twitter poll, the Flare Networks community has overwhelmingly voted to integrate Cardano (ADA) as an F-Asset
  • F-assets on the Flare Network are a trustless representation of the actual digital asset on another blockchain
  • Cardano joins Litecoin, XRP, XLM and Dogecoin in a list of digital assets to be integrated into the Flare Networks

The digital asset of Cardano (ADA) is on its way towards being integrated as an F-Asset on the Flare Networks (FLR). The decision to integrate Cardano was reached via a Twitter poll that overwhelmingly voted ‘Yes’ towards the idea. Out of 25,402 votes cast on Twitter, 85.3% voted for the idea of integrating Cardano (ADA) as seen in the screenshot below.

Flare Networks Community Votes 'Yes' to Integrating Cardano (ADA) 15

Doge, XLM, XRP, Litecoin and Cardano (ADA) to Become F-Assets on Flare Networks

The conclusion of the Flare Networks community poll to integrate Cardano means that ADA will join other digital assets such as Dogecoin (DOGE), XRP, Litecoin (LTC) and Stellar (XLM) as F-Assets on the Flare Network.

To note is that the integration of Stellar (XLM) was announced by the team at Flare Networks back in late February through the following tweet.

What is an F-Asset on the Flare Network?

An F-Asset on the Flare Networks (FLR) is a trustless representation of a digital asset with a home in another blockchain. What this means is that in the case of Litecoin, Stellar, Dogecoin, XRP and Cardano (ADA), an F-Asset of each will be represented on the Flare Networks using symbols of FLTC, FXLM, FDOGE, FXRP and FADA.

Basically what will happen is that the holders of these digital assets who want to trade with a decentralized derivatives application on Flare, will put down a specific amount as collateral and then receive the corresponding F-Asset on the Flare Network. Once the F-Asset is created, the holder will now have a chance at participating in the various DeFi functions that will be available on the Flare Networks.