Flare Finance (DLFR) shared its plans to roll out the “ExFi” protocol on Songbird. Some of its primary elements such as FlareX, FlareFarm and FlareLoan will be the first to launch on the ExFi.
Flare Finance’s technical team will release the Experimental Finance (or ExFi) environment on Songbird, a novel “canary network” of Flare, according to an official announcement released in a blog post.
“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 Finance’s primary elements—the FlareX exchange, FlareFarm yield farming tool, and FlareLoans lending/borrowing instruments—will be the first to launch on Songbird’s ExFi platform.
Songbird’s native utility and governance asset, SGB, will be welcomed to use the FlareLoans platform to issue Canary Dollars (CAND). In Flare Finance’s mainnet, CAND will behave similarly to YUSD.
SGB holders will be able to take part in “early bird” staking on FlareFarm to receive a piece of the 1,000,000 DFLR set aside for the ExFi staking effort.
During the early stages of testing, 90 percent of produced fees will be split among liquidity providers, with the remaining 8% going to teams and 2% going to reserves.
A batch of YFLR tokens will be unlocked for DAO Offering Claim Pool members to offer a risk-free experience for all testers.
Other Flare Finance products—FlareMine, FlareMutual, FlareWrap, Governance, and APY Cloud—will be added to Songbird’s stack of applications after the mainnet launch of Flare Network.
