SGP-14 – Accept Ownership Transfer of Flare Contracts to Spectra DAO
This proposal seeks to transfer ownership of Spectra’s deployed contracts on Flare from Perspective SAS to Spectra DAO. This marks the protocol’s formal expansion to Flare, aligned with Spectra’s multi-chain expansion strategy.
Flare is rapidly positioning itself as a major gateway for broader institutional participation in DeFi. Flare enables cross-chain deposits for non-EVM blockchains, opening a new liquidity channel between established non-EVM crypto assets and EVM-based ecosystems via the F-Asset design.
The F-Asset framework extends DeFi access to major non-EVM assets such as XRP, BTC, and DOGE, creating new flows of on-chain liquidity that can be deployed across protocols on Flare. This expansion is supported by Flare’s partnerships with institutional players such as VivoPower and Sentora, who are helping to bridge traditional capital into DeFi.
For context, XRP currently sits at a ~178B USD valuation and the F-Asset FXRP reached over $30M in circulation within 4 days of launch across ~2,000 wallets and over 62,000 transactions in that time frame, signaling strong interest from XRP holders to use it in DeFi.
New projects are emerging to capitalize on this opportunity - for example "Project Firelight" is designed as a liquid (re)staking layer for XRP, where users can use their L1 XRP tokens, to receive stXRP, that can then be used in Flares DeFi-ecosystem, that currently has around 112,000 active wallets that hold some amount of wFLR, the wrapped version of the native gas token.
We expect an inflow of users from both the trader side, as well as the liquidity provider side. Additionally, the Flare Ecosystem agreed to incentivize the deployment by supporting the Spectra LPs with public incentives, aimed to incentivize Spectra users.
By deploying early, Spectra positions itself within an ecosystem actively bridging the non-EVM/EVM divide. The expansion ensures Spectra gains exposure to assets that are natively non-EVM-based reinforcing the protocol’s multi-chain growth strategy.
Spectra’s early deployment on Hemi demonstrated the success of this approach, achieving strong TVL growth and trading volumes, which led to inclusion in a Binance campaign and a good airdrop for users. Flare represents another promising opportunity, with an existing user base, committed capital, and no established yield protocol currently on the network.
As an EVM-compatible Layer 1, deploying on Flare is technically straightforward and not resource-intensive, allowing Spectra to efficiently expand while gearing up for MetaVaults.
Perspective SAS proposes deploying Spectra’s core contracts on Flare, replicating the configuration used on Ethereum Mainnet. This deployment will enable Spectra users to tokenize, trade, and fix interest rates for interest-bearing tokens within the Flare ecosystem.
https://docs.google.com/document/d/1O4Li4ARJ3Y2HD4vcPqkfYWXhNqFyIitT8Nj8Q7D3KBE/edit?tab=t.0
Perspective SAS will submit the vote on Snapshot, if there are no constructive objections.
If Spectra DAO members approve the proposal, Perspective SAS will proceed with deployment on Flare and transfer contract ownership to the Spectra DAO wallet on Flare.
Transfer Ownership of the contracts from Perspective SAS to Spectra DAO?