Introducing Luminite Wallet by Flare, Expansion into Decentralized Finance (DeFi) Market
The Flare Network has introduced a new tool to its arsenal: the Luminite wallet. This seedless, non-custodial wallet is designed to simplify DeFi access for XRP holders and other Flare users.
Simplified Onboarding and Improved Security
The Luminite wallet's seedless design eliminates the need for users to manage or back up a traditional seed phrase, reducing common user errors and enhancing security. The wallet's non-custodial control ensures that users maintain full ownership of their assets without relying on third-party custody.
User-Friendly Interface and DeFi Functionalities
The wallet boasts a user-friendly interface, making it easier to store, send, and receive cryptocurrencies while interacting seamlessly with decentralized applications (dApps) on the Flare blockchain. It supports DeFi functionalities enabled by Flare’s EVM-compatible layer-one blockchain, allowing users to participate in activities like wrapping FLR tokens, voting on governance, delegating to time series oracles, and staking for network security.
Bridging the Gap Between Web2 and Web3 Users
Luminite aims to bridge the gap between Web2 and Web3 users, making DeFi more approachable for a wider audience. It enables XRP holders to tap into DeFi opportunities, including earning staking rewards and accessing yield-generating protocols within the Flare ecosystem.
Additional Features
The wallet also offers liquid staking by minting sFLR on Sceptre, asset bridging through the liquidity transport protocol Stargate, and a built-in fiat on-ramp for adding funds, including Topper. Users can also delegate the native token, FLR, to FTSO (Flare Time Series Oracle) data providers and swap tokens within the Luminite wallet interface using sign-in methods like passkeys, biometrics, or email.
Luminite was created using Turnkey's embedded wallet technology. The wallet's launch comes as Flare celebrates its 3rd anniversary on June 25, 2022, and marks a significant step forward in the platform's mission to make blockchain utility accessible to a broader user base.
Recently, the FLR token has marked considerable gains during July 2022, and the Flare blockchain has locked in over $150 million in DeFi volume, indicating a growing interest and adoption of the platform. Steve Chadwick, Co-founder of Luminite, stated that the goal is to enable anyone, from first-time users to seasoned crypto holders, to access the full power of the Flare ecosystem.
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