Flare recently announced the release of their new wallet, Luminite, which is specifically designed to simplify decentralized finance (DeFi). This wallet is designed for both new and experienced users, evergreen and fiat-native. To achieve this, Luminite leverages Turnkey’s embedded wallet technology to deliver a seamlessly integrated experience. It’s the connective tissue that helps from Web2 to Web3 by offering familiar sign-in methods and eliminating headaches associated with cumbersome seed phrases. Flare is thrilled to be turning three years old with this fantastic collaborative project. It’s truly their biggest step yet in their quest to open the DeFi ecosystem to everyone.
Luminite offers customers an easy wallet onboarding experience, through passkeys, biometrics, or email. This is the beauty of the model — it makes seed phrase management painless. It removes a major obstacle that usually scares off first-time users. Another goal of Luminite is to make the onboarding process as easy as possible. This friendly, inclusive approach will widen DeFi’s appeal and draw a fresher, broader audience to the Flare network.
Simplifying DeFi Accessibility
Luminite is a very direct on-ramp to Flare’s growing set of DeFi, or decentralized finance, protocols. It allows users to mint FXRP tokens via FAssets, making it possible to access a tokenized version of XRP itself. The wallet supports easy in-wallet token swaps and asset bridging using the Stargate liquidity transport protocol.
"Luminite was built with one goal in mind: to bridge the gap between Web2 and Web3 users. By removing complex barriers to entry, we’re enabling anyone—from first-time users to seasoned crypto holders—to access the full power of the Flare ecosystem.This is about making DeFi approachable, not just for the crypto-native, but for the next wave of users discovering blockchain through real utility" - Steve Chadwick, Co-founder of Luminite.
Luminite powers liquid staking through Sceptre, Flare’s staking protocol, where users can mint sFLR.
Flare's Third Anniversary and Initial Operations
The release of Luminite marks the third anniversary of Flare, celebrating its release back on June 25, 2022. After its launch, Flare ran in “observation mode” for about two months. During this transition, the Flare Foundation operated all validators until the network became stable and secure.
After some time in observation phase, they held a token generation event (TGE). It airdropped 15% of the total FLR supply—about 12 billion tokens—to the public via the Flare Improvement Proposal process. This distribution was a key move toward further decentralizing the network and putting more power in the hands of its community.
Expanding the Flare Ecosystem
As an EVM-compatible interoperable chain, Flare is purpose-built to enable easy transfer of data and value among all blockchain networks. Luminite will have a big impact on the Flare ecosystem. It gives a simple and intuitive interface that enables users to easily access any DeFi function.
Flare provides a private and user-friendly wallet experience. The tactic works to draw in new users and increase overall activity on its network. With FXRP minting, token swapping, and liquid staking, Luminite wallet’s utility comes to life. These functionalities combine to present it as a crucial piece of the Flare ecosystem.
