Flare Network

Network Applications

The bringers of utility


- Utility of a network matters, and network applications bring utility

- Network Applications utilize smart contracts to interact with components of the network such as Spark (FLR), F-Assets, and the FTSO, to name a few

- There will be many different types of network applications, some examples will be DeFi, Gaming, and Real Estate


Cryptocurrencies, stablecoins, and other tokenized assets were improved greatly with the introduction of smart contracts. Ethereum was the first blockchain to bring smart contracts to users via the Ethereum Virtual Machine (EVM). This software environment gave developers a way to write code on a blockchain and perform logic trustlessly.

Smart contracts are utilized to make applications commonly known as DApps (decentralized applications). The Flare Network is another such blockchain that utilizes smart contracts for its network applications. In fact, the Flare Network uses the same EVM as Ethereum allowing developers to transfer over, or port over, their applications seamlessly from Ethereum to the Flare Network. This will greatly help with the adoption of the Flare Network as there is a very shallow learning curve that a developer must go through to build on the Flare Network.

What are some types of applications that can be built on the Flare Network?

The first wave of applications that will be built on the Flare Network will most certainly include DeFi. Decentralized Finance, or DeFi, is an umbrella term that allows users to participate in a new world of financial services, trustlessly.


    - DEX (Decentralized Exchange): An application allowing for the trade assets with others trustlessly.

    - Liquidity Pools: Users can lock up and aggregate (pool) their tokens with other participants in a liquidity pool so that trade can happen. When a user trades on a DEX they pay a transaction fee to the users who lock up their funds in the liquidity pool.

    - Loans / Credit Issuance: Similar to traditional loans and credit issuance, users can either borrow or lock their assets as collateral for a loan or to provide credit to end users.

    - Insurance: An application where users can lock up their assets in order to provide insurance to others, much like your traditional insurance companies, but controlled by smart contracts.

    - Banks: There are applications now which are gearing up to act as a decentralized bank for people. Is this the end of traditional banking? Probably not, but it will change it drastically.

    - Financial Derivatives: The trading of options, forward, and/or futures contracts.

NFTs, or non-fungible tokens, are tokens that are unique, verifiable, and counterfeit proof. This explanation merely scratches the surface of NFTs and how they shape different industries such as Gaming, digital art, music, and much much more. Imagine games where you own your character, achievements, inventory, or anything else.

Asset Tokenization
Asset tokenization allows for the conversion of real-world assets such as stocks, bonds, real estate, and more to be represented on a blockchain. This truly allows access to more liquid markets without barriers or intermediaries, and without the need for large sums of capital. Because assets are now tokenized they can be divided into small amounts and introduce fractional ownership.