Flare Finance, the first decentralized finance platform on the Flare Network, has successfully completed the airdrop of EXFI tokens. The EXFI tokens were airdropped to all the holders of Songbird (SGB) and Wrapped Songbird (wSGB) across supported exchanges and wallets. 40 million EXFI was successfully airdropped to all the holders.
The experimental finance FlareX platform was released on the Songbird Network, the canary network for Flare. FlareX received a huge response from the community and achieved over $40 million in total value locked within 30 days of launch. In a short span of a few weeks, FlareX has already seen 170,000 unique users on the platform.
EXFI airdrop and trading
The snapshot for EXFI tokens was completed on Dec. 12, 2021, at 1 pm EST. The total supply of the token is 110 million, 40 million of which was airdropped. The EXFI token will have multiple use cases on the platform. It will be used as a fee-replacement token on FlareX. Users can also use it to farm SFIN on FlareFarm and create CAND to farm even higher amounts of SFIN. EXFI will be available on FlareLoans in early February.
Flare Finance has so far only released just three of seven products to be launched on FlareX. Once the other four products are launched, even more utility will be available. Users will be able to use EXFI for purchasing nonfungible tokens on the FlareDrop platform. EXFI holders will also have the opportunity to vote on Flare Governance and be in a unique position to impact changes on the platform.
EXFI trading is expected to begin across various exchanges from Jan. 6. Some of the exchanges that have announced support for airdrop and exchange listing include Bitrue, CoinTiger, EXMO, Coinone and CEX.io. More exchange listings are expected to be announced in the coming days.
Users will be able to trade EXFI using FlareX in the coming days. Users can also store their EXFI on D’Cent Wallet and Bifrost Wallet since both companies have already announced support for EXFI. Flare Finance will also release a Halborn Audit in the next few days along with internal audits from Trail of Bits and CertiK.
About Flare Finance
Flare Finance is institutional-grade decentralized finance harnessing the true potential of the Flare Network. Flare Finance will launch seven products — FlareX, FlareWrap, FlareFarm, FlareMine, FlareLoans, FlareMutual and FlareDrop — on the mainnet platform.
Flare Finance has already announced support for XRP, Stellar (XLM), Litecoin (LTC) and Dogecoin (DOGE), as S-Assets and XDC, LGCY, CSC, and PAC as X-Assets on the Experimental Finance platform. Flare Finance has a strong community with nearly 100,000 followers on Twitter alone. As more projects get added to the platform, the number of unique users is expected to multiply exponentially.
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