Flare Finance, the first DeFi platform on the Flare Finance Network has launched an Experimental Finance (ExFi) platform. The ExFi has been released on the Songbird, the Canary Network for Flare. The ExFi platform will serve as a testing ground for developers who would have the option to test their products. This launch is mainly aimed at helping developers eliminate bugs or hacks at the experimental level before making it to the main network. Interestingly, Flare Finance has already clarified that not all products that are launched on the ExFi will make it to the main network.
Experimental Finance (ExFi) Platform
Flare Finance launched the ExFi platform on Songbird in three stages to ensure sufficient time for users to get acquainted and test different strategies. The first phase was the minting phase that enabled users to bootstrap liquidity by collateralizing $SGB to mint $CAND. However, the minimum requirement was $1800 worth of $SGB. The second phase was termed the liquidity phase and it allowed holders of $SGB and $CAND to provide liquidity. Both phases lasted for a period of 24 hours each.
The last phase of the ExFi launch was the trading phase that enabled users to swap $SGB and $CAND using FlareX. More trading pairs are expected to be launched in the coming weeks as F-assets and Y-assets would be added to the platform. FlareFarm will also be released which will incentivize holders to provide liquidity and earn yield in the form of $DFLR. Risk-averse users also have the option to delegate to DeFi Oracles Signal Provider and increase the on-chain liquidity.
Flare Finance has also announced a range of rewards for the ExFi participants to incentivize users to test the platform to the fullest. A 1 million $YFLR reward pool will be available for the ExFi participants. 650,000 $DFLR reward pool will go to yield farming participants who stake in SGB/CAND and SGB farming pools. 350,000 $DFLR have been allocated to stablecoin and loan participants. The rewards will be distributed over a period of 63 days to ensure consistent testing.
Flare Finance has also announced a partnership with ForeverLands NFT game which is expected to benefit the Delorian NFT holders. The Delorian NFT sale by Flare Finance was sold out within days at a whopping total of $2.1 million. The holders of these NFT will get exclusive access to the ForeverLands pre-sale and will also be entitled to a 20% discount. The discounted cost of each explorer token will be 0.128 ETH.
ForeverLands is a dynamic NFT strategy game that also plans to purchase the world's top 1/1 crypto art and airdrop it in a fractionalized form to NFT landholders. Flare Finance's Delorian NFT holders stand to gain huge benefits from this partnership.