Experimental Finance Platform On Songbird Network To Be Released Soon

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Flare Network is planning to launch an experimental development network termed Songbird Network. Following in the footsteps of Flare Network, Flare Finance, which is going to be the first DeFi platform on the Flare Network, has also decided to launch an Experimental Finance (ExFi) platform on Songbird Network. The Songbird Network continues its existence even post the launch of Main Flare Network and would be used as a face-paced developers’ playground.

With its Experimental Finance (ExFi) platform, Flare Finance, ensures developers have an opportunity to deploy, build, and test scenarios. Being the first DeFi platform on the Flare Network, Flare Finance takes crucial steps to ensure the platform’s safety. With the ExFi platform in place, only battle-tested products will make it to the Main Network. This will ensure that user funds remain safe and any bugs or exploits are eliminated on the ExFi platform.

The Experimental Finance Launch 

Flare Finance plans to launch the Experimental Finance platform to ensure maximum participation and replicate the final product. FlareLoans, FlareFarm, and FlareX will be ready for launch on the Songbird Network, whereas FlareMutual, FlareWrap, FlareMine, Governance, and APY Cloud will directly be released on the Main Network. 

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$SGB holders will have the opportunity of creating $CAND, which correlates to $YUSD on Mainnet. Moreover, $SGB tokens could be swapped against $CAND using FlareX and used for participation in LPs. On the other hand, FlareFarm will be used for staking and receiving rewards from the $DFLR exclusively assigned for ExFi staking rewards. 

Once the ExFi platform is launched, the fees generated will distribute in three different categories, the Team Fees, APY Cloud Reserves, and Liquidity Provider Fees in a 90:8:2 ratio. The 2% of fees collected for APY Cloud Reserves will be turned into $SGB before being converted into $FLR to preserve the value of reserves. Flare Finance has chalked out a complete plan to ensure rewards and benefits for everyone participating on the ExFi. More details are available on Flare Finance Medium post.

Incentives for Participation 

Moreover, Flare Finance will repurpose 1m $YFLR tokens from the Foundation Reserve Pool of 40m to reward participation in the ExFi. Flare Finance has already set an Initial DAO offering claim pool of 40m $YFLR to which another 1m tokens will be added. 

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Flare Finance will airdrop 40m of the $DFLR tokens to $FLR token holders on a month anniversary of the Main Net launch. 1m $DFLR will be allotted to the ExFi Rewards Pool and given to the participants of the Experimental Finance platform. The yield farming participants will receive rewards from the pool of 650,000 $DFLR, whereas 350,000 $DFLR will go towards stable coin & loan participants of the ExFi platform.

Governance 

ExFi instances will not have a governance model which allows the platform to be tested using only $DFLR, $CAND, and $SGB. Upon the launch of the Mainnet, Flare Finance will launch the entirety of its products, and release the same on ExFi instance simultaneously.

Upon the launch of Flare Finance products on both networks, Flare Finance will first commence the governance model on Mainnet, followed by the ExFi platform. Holders of $FLR will be entitled to 40m $DFLR, and holders of $SGB will receive $SFLR. This means dual opportunities, dual allocations, and dual-use cases as token holders can hold both the tokens to hold both governance tokens. 

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With this dual launch on ExFi and Mainnet, Flare Finance will reduce the chances of hacks or bugs and give the token holders double opportunities for rewards. Could this be a new step for DeFi platforms that come after Flare Finance? Could this be the new benchmark DeFi space needs to ensure better products and higher safety of funds? With the ExFi launch around the corner, we won’t have to wait longer to find out.

Scott Cook

Scott Cook got into crypto world since 2010. He has worked as a news writer for three years in some of the foremost publications. He recently joined our team as a crypto news writer. He regularly contributes latest happenings of crypto industry. In addition to that, he is very good at technical analysis.

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