Flare (FLR) platform strengthens its presence in multi-chain bridge segment with new grant partnership
Flare (FLR), a new EVM-enabled platform designed to empower non-programmatic blockchains with the power of smart contracts, has reached a new milestone in its collaboration with Algorand (ALGO).
Flare (FLR) receives Algorand Foundation Bridges SupaGrant
According to the joint official announcement shared by Algorand Foundation and Flare Network’s team, the two protocols partnered to advance the cross-blockchain compatibility of Algorand (ALGO).
As part of this partnership, Flare Network is awarded the seven-figure “Bridges Supagrant” by the Algorand Foundation. This grant will fuel the development of a decentralized bridge needed to move value between Algorand (ALGO) and Bitcoin (BTC).
The new bridge will ensure noncustodial interactions between Algorand and the first cryptocurrency. Moreover, Algorand and Bitcoin will join Flare’s ecosystem of assets that includes Dogecoin (DOGE), Stellar Lumens (XLM), Litecoin (LTC) and XRP.
To enable the bridge, Flare will rely on its two core technical mechanisms, namely Flare Time Series Oracle (FTSO) and State Connector.
FTSO will timely update data on Flare (FLR) network while the State Connector will prove off- and on-chain states by Flare’s smart contracts.
Growing ecosystem of interconnected L1s
Sean Rowan, CTO and co-founder of Flare, points out that the mentioned bridge will not use outdated network bridge technologies in order to avoid failures associated with existing bridges:
We have a huge amount of respect for the Algorand team, and are excited to be developing a secure and trustless bridge for the Algorand ecosystem. The simple fact is that existing approaches to bridging have time and again been proven unsatisfactory. Flare’s new approach is an entirely different way, built from the ground up rather than being based on existing bridging technology – and will bring a breakthrough in secure, decentralized interoperability between any and all chains.
Daniel Oon, Head of DeFi at the Algorand Foundation, adds that the integration between Bitcoin (BTC) and Algorand (ALGO) will advance the use of digital gold in the global DeFi ecosystem:
We’re excited to partner with Flare and welcome them to the Algorand ecosystem. Our grant partnership with Flare will develop key DeFi infrastructure with a bridge to Bitcoin, opening up opportunities for further collaboration and innovation. We look forward to our partnership bringing value to our respective communities.
Flare (FLR) engineers also pointed out that the new token bridge can facilitate data exchange between Flare and all other Layer 1 protocols.
