Experimental Finance (ExFi) Launch
Flare Finance has announced the launch of Experimental Finance (ExFi) on the Songbird Network. With these developments, the entire suite of protocols planned to be released on the Flare Network by Flare Finance will become available on Songbird Network with a soft launch approach. The hopes for the ExFi protocol are that it will enable the building out of and real world testing of composable projects with the Flare Finance ecosystem. This will enable community and open-source developers with a lower barrier to advance DeFi on the Songbird and Flare Networks. Projects deemed successful enough on Songbird can be added to Flare Finance on the MainNet via governance of the YFLR and YFIN holders staked in the Governance Staking Pool. ExFi is not receiving its name for no reason. The Songbird Network will be the first release of the unfinished Flare Network, so hacks and exploitations of the code seem to be more likely. As always, it is important to proceed with caution.
At the launch of the Songbird Network, the ExFi ecosystem will feature three of Flare Finance’s flagship protocols including FlareX, FlareFarm, and FlareLoans. Additionally, users will be able to participate with three different digital assets which will be the Songbird token (SGB), DFLR (DAOFlare), and Canary Dollar (CAND). To incentivize participation in ExFi, Flare Finance has made available 1M additional DFLR tokens to be earned through FlareFarm staking and the depositing of CAND in the FlareLoans stabilization pools. Any accrued DFLR tokens from the ExFi protocol will be able to be brought onto the Flare Network via a swap portal so that users can exchange these tokens for YFLR on the MainNet at the appropriate time.
Experimental Finance will initially launch without any governance to allow the team the ability to make appropriate changes before the flagship launch on the Flare Network. Once Flare Finance goes live on the Flare Network, ExFi will have the additional protocols added to it including FlareMine, FlareMutual, FlareWrap, Governance Staking, and the APY Cloud. On top of this, ExFi will have its own token airdrop and fair distribution. 40M EXFI will be airdropped to SGB holders and SFIN will be available to be earned via FlareFarm, FlareLoans, and FlareMutual. EXFI and SFIN will service as the two governance tokens of the ExFi protocol. For all intents and purposes, ExFi will mirror the launch of the Flare Finance platform; however, over time, there is a high likelihood that it will be more advanced than Flare Finance on MainNet with the focus on innovation.