In an expected turn of events, Flare Finance has yet again delivered on their commitments as they have on multiple occasions over the past few weeks. Flare Finance has released the Experimental Finance (ExFi) platform on the Songbird Network. Flare Finance, which is the first DeFi platform on the Flare Network, has delivered the ExFi platform as a fast-paced development playground for the developers. Developers can build, test and deploy various modules and scenarios on the platform.
While Flare Finance has clarified that not all products created on Songbird will make it to the main network, the ExFi platform should offer a great opportunity to eliminate bugs, loopholes, hacks, etc. before reaching the main network. The ExFi platform will exist even after the launch of the main network and a dual approach would be taken to ensure maximum benefits for the community.
The ExFi Launch
The Experimental Finance platform was launched in a phase-wise manner to enable users to adapt to the platform and make the most of it. The first phase was the minting phase wherein users could mint $CAND with the minimum requirement of at least $1,800 worth of $SGB. This was followed by a liquidity phase that allowed users with $CAND and $SGB to provide liquidity. The last phase was the trading phase which marked the arrival of FlareX. Users can freely swap $SGB and $CAND using FlareX. Other F-assets are expected to make their way to FlareX soon.
Flare Finance has been always thinking "community first" over the past year and the same can be reflected in the ExFi launch. The participants of the ExFi platform will be eligible for rewards from a pool of $1 million YFLR. $650,000 of this will go to the yield farming participants who stake in the SGB/CAND and SGB farming pools. $350,000 will be allocated to the loan and stablecoin participants. All the rewards will be distributed over a period of 63 days. It is important to note that FlareLoan participants will also be able to earn $SGB for nests that get liquidated upon below acceptable collateralization levels.
Flare Finance has been making huge waves in the NFT space over the past few weeks. The first-ever Flare Finance NFT called the Delorian NFT successfully completed a sale of $2.1 million. Flare Finance had stated that holders of the Delorian NFTs will get several airdrops and bonuses in the future. Within a couple of weeks, the first benefit for the holders has already arrived. Flare Finance has announced a partnership will Foreverlands. ForeverLands is a dynamic NFT collectible/strategy game that allows users to become explorers and discover new lands and hidden treasures.
All the holders of Flare Finance Delorian NFT will get early access to the pre-sale. 25% of the total issuance will be sold to the Flare Finance Delorian NFT holders and that too at a discount of 20%. With this partnership, Flare Finance NFT holders are already in for huge benefits. With Public Beta, Flare Farm, and more updates around the corner, it looks like good times are ahead for the Flare Finance community. You can stay updated by following the Flare Finance social media and take part in the upcoming events.