Flare Finance To Reward ExFi Participants with 1 Million $YFLR
August 04 2021 - 1:49PM
NEWSBTC
Flare Finance, the first DeFi network to be launched on the Flare
Network, recently announced the launch of an Experimental Finance
platform. This first-of-a-kind initiative will be launched on the
Songbird Network. While the final Flare Finance platform will be
launched with six products, the ExFi platform will only include
FlareX, FlareFarm, and FlareLoans. 1 million $YFLR Rewards Flare
Finance has announced that they will reward the participants of the
ExFi platforms with a 1m $YFLR pool. 650,000 $DLFR have been
allocated to the participants who take part in yield farming by
staking in the SGB, SGB/CAND, and DFLR farming pools. 350,000 $DFLR
has been reserved to reward participants who mint Canary Dollar
(stable coin) and stake in the pools on FlareLoans. The
distribution of rewards will take place over 63 days ensuring
consistent testing of all the products. Once the main Network is
launched, participants who have earned $DFLR on the ExFi platform
can migrate their $DFLR to the Flare Network and receive the $YFLR
on the main network. It is important to note that Flare Finance
will be rewarding and later airdropping $DFLR which will have to be
converted into $YFLR. This needs to be done by everyone who has
received $DFLR after the snapshot. The snapshot of Spark token
holders will be taken a month after the Flare Network launch. A
total of 40 million $DFLR will be airdropped to holders of $FLR
tokens and a million $YFLR will be unlocked from the team’s
allocation. With the additional 1 million $YFLR coming from ExFi
rewards, the launch supply of the $YFLR will be 42 million $YFLR.
The Flare Finance website offers further details into tokenomics.
The ExFi Platform Flare Finance has announced the launch of the
Experimental Finance platform to ensure that only battle-tested
products reach the mainnet and all the risks get eliminated on the
ExFi platform. The experimental network called Songbird will be
launched by Flare Network. It will exist even after the mainnet to
enable developers to deploy and test newer products. The utility
token of the platform would be $SGB with a fixed supply and 10%
inflation per year. The first Experimental Finance platform on
Songbird will enable developers to test different scenarios on the
platform. However, not all products created on the ExFi platform
are expected to make it to the main network. The ExFi platform will
have no governance portal allowing it to be tested bare bones using
the $SGB, $CAND, and $DFLR. Once the main network is launched; the
governance is expected to begin together on both the Main and
Experimental Network. What Next? Users have the opportunity to test
the network before its launch and earn $YFLR in the process.
Besides, it will also help them in crafting strategies once the
Main Network is launched. This ExFi platform will also allow users
to gain experience, test the network, and get a feel of things to
come on the main network. The BETA program will also be revised to
fit the new schedule. More information will be revealed in the
coming days by Flare Finance.
Bitcoin (COIN:BTCUSD)
Historical Stock Chart
From Aug 2024 to Sep 2024
Bitcoin (COIN:BTCUSD)
Historical Stock Chart
From Sep 2023 to Sep 2024