The much-awaited Experimental Finance (ExFi) platform by Flare Finance went live on the Songbird Network. The ExFi platform is a playground for developers to build, deploy, and test modules. The ExFi platform has already received huge interest and support from the crypto community. At the time of writing, the TVL on the platform was around $12 million.
It is important to note that this is the response received for the Experimental Finance platform. This trend does indicate that the response to the Flare Finance Platform on the Main Network could be a record-setter in crypto. The well-planned and executed launch of the ExFi could be one of the top reasons for the community’s faith in the project.
The ExFi Launch and Rewards
The ExFi platform by Flare Finance was launched in three phases. The first phase of the launch was a minting phase that allowed users to mint $CAND by collateralizing their $SGB. A minimum of $1800 worth of $SGB was required to mint $CAND. The first phase only lasted for 24 hours and was followed by the liquidity phase. The second phase enabled the holders of $CAND and $SGB to provide liquidity to the FlareX liquidity pools.
The last phase of the ExFi launch was the rollout of the trading phase. It enabled swapping between $CAND and $SGB using FlareX. More trading pairs are expected to be listed upon the launch of various F-Assets. Users who are risk-averse also have the opportunity to add liquidity at Defi Oracles. An Open Beta is expected to be launched in the coming days.
Flare Finance will be rewarding ExFi participants with 1 million $DFLR. Participants who take part in yield farming will get a portion of 650,000 $DLFR. The remaining 350,000 $DLFR has been allocated towards the loan and stable coins participants. The distribution of the rewards will take place over a period of 63 days. Users who receive the $DFLR will have to swap it for $YFLR on the main network.
Flare Finance will roll out the v2 which will support $SGB and $WSGB. Flare Farm will also be introduced with the v2 launch. The users are expected to close their nests and remove their liquidity to join the new ones. Flare Finance has also announced a partnership with FOREVERLANDS. Holders of all the Delorian NFT holders will get exclusive access to pre-sale at a 20 percent discount on the actual price. For the uninitiated, Flare Finance recently concluded the sale of the Delorian NFT for the total amount of $2.1 million. More such announcements and bonuses are expected to be shared in the coming weeks. Users can follow Flare Finance on social media to keep an eye out for more such updates.