Flare Network, a mainnet looking to connect Offchain and other Layer 1 sources, recently proven that its users can trustlessly buy Ethereum non-fungible tokens (NFTs) using currencies from other networks.
Flare Network Interop Feature Test
In a press release, Flare Network showed that ERC-721 NFTs can be purchased on its network using Dogecoin (DOGE) and XRP, the native token of the XRP Ledger. These coins are not inherently compatible with Ethereum and have not yet been integrated with the Flare Network.
This demo was done on Flare Network’s Songbird. In this testnet environment, developers can deploy dApps before releasing them on the interoperable and scalable mainnet. This purchase was executed through the Flare Network State Connector and Flare Time Series Oracle (FTSO). The State Connector links the Flare Network with smart contracts and offchain sources. At the same time, the FTSO is a decentralized oracle that verifiably offers on-chain smart contracts with reliably proven data sources and prices, including NFTs, from external sources.
Commenting, Hugo Philion, the CEO and co-founder of Flare, said:
“This demo highlights Flare’s ability to provide more secure and decentralized data on-chain to drive new features and potential use cases for the industry. The NFT demo is an example of the web3 utility that Flare can unlock for legacy tokens, allowing them to be used trustlessly in DApps on the network. We are excited to see what other application engineers can develop, taking advantage of the capabilities of Flare’s native interop protocols.”
Illustrating this interop functionality currently in beta, the Flare Network assured the community at large that it is possible to acquire NFTs released on their rails using various tokens and currencies, including DOGE and XRP. These coins are some of the most liquid in the world and are currently in the top 10 by market capitalization.
Expansion of non-EVM coin use cases
Due to interoperability, the Flare Network opens up new use cases for supported tokens. DOGE, for example, can now be used to acquire valuable NFTs, not just for trading or speculative purposes.
Over the years, DOGE has been climbing to new valuations with the backing of Elon Musk, the owner of Twitter and one of the richest people in the world.
Meanwhile, XRP, for example, has retained its value despite the ongoing court case against the United States Securities and Exchange Commission (SEC). XRPL also supports smart trading, a net positive for XRP and the crypto ecosystem.
In January, Flare Network associated with FYEO, a blockchain security specialist. The firm will audit the platform’s code bases and support the development of more secure smart contracts.
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