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Institutional grade DeFi platform Flare Finance has decided to launch an experimental finance (ExFi) platform on the Songbird network. The playground would enable developers to “build, deploy and test modules and scenarios” for the Flare network.
"Flare Finance will launch first “Experimental Finance” (ExFi) Platform on the Songbird Network"
Read More on our #Medium Blog:https://t.co/Xor0MAZ0nO pic.twitter.com/4OA6RGJ1jP
— Flare Finance (@FlareFinance) July 22, 2021
Flare to Introduce an Experimental Playground on Songbird Network
As per an announcement issued by Flare, three of the company’s core products will be introduced on the ExFi for use with Songbird’s native token $SGB. These include FlareX, the exchange and trading platform to swap currencies and earn passive income, FlareFarm, the yield farming tool, and FlareLoans, the lending and borrowing service.
Owners of $SGB token would be able to create Canary dollar ($CAND) through the FlareLoans platform. In addition to this, they would also have the option of swapping their holdings for $CAND and supplying liquidity to generate yields.
Furthermore, SGB token holders would also get to participate in early rewards staking on FlareFarm to earn a portion of 1,000,000 $DFLR allocated for the ExFi staking benefits.
During the experimental phase, all fees will be split into three distinct categories: 90% of the generated fees will be allocated to liquidity providers, 8% would be reserved for teams and 2% will be earmarked for the APY Cloud Reserves.
Initially, the ExFi instance will be rolled out without a governance protocol, which could be tested using only $SGB, $CAND, and $DFLR. Flare Finance and its related products like FlareMine, FlareMutual, FlareWrap, Governance, and APY Cloud would be launched in their entirety after the main network is operational.
Flare to Incentivize Participation Upcoming ExFi
To draw testers to its upcoming ExFi playground, Flare will repurpose 1 million $YFLR tokens from its reserve pool. These tokens would be allocated to the DAO offering claim pool that will be claimed by owners of $DFLR, which was minted to represent the ownership of the pool. With the main network’s inaugural, some 41 million $DFLR will be made available to claim the DAO Offering Pool.
Flare is a growing blockchain network that recently unveiled its Songbird “canary,” which is similar to Polkadot’s early-stage project Kusama. Songbird will run parallel to the Flare Network and act as a testing ground for cutting-edge projects with a fixed supply of testnet tokens.