Flare Finance will launch an ExFi platform on Songbird Network
TL;DR -> Flare Finance will be launching an ExFi platform on the Songbird Network. It will include FlareX, FlareFarm, and FlareLoans. It will not include governance until main network launch, at which point, holders of $SGB and $FLR will receive both $SFLR and $DFLR on each respective network. You will be able to participate and earn a bit of $DFLR for using the ExFi platform leading up to launch of the main network platform.
Launch Plan for Songbird
Flare Networks has recently announced the move to launch a full-value experimental development network, called the Songbird Network. SongBird allows for ongoing development and testing of future use cases for the upcoming Flare Network launch. Songbird Network will run in parallel to the Flare Network and act as a bleeding-edge, fast-paced, “anything goes” developer playground. Unlike other test networks you may be familiar with, the test networks utility token, Songbird ($SGB), will be fixed supply at launch with a 10% inflation per annum. This drives experimental value to the SGB token, as it requires some stake in the game to build, deploy, and ultimately use products on the network.
Flare Finance has decided to follow in the footsteps of the main network, and deploy an experimental playground of our own. Flare Finance will launch the first Experimental Finance (or “ExFi”) platform on the Songbird Network, enabling developers to build, deploy, and test modules and scenarios for the ExFi Platform. Not all products created on Songbird will make it to the Flare Network, but it does provide a great opportunity to garner much needed attention and review to modules that do hope to be added to the Flare Finance platform in the future.
Upon launch of the Songbird Network, Flare Finance will launch FlareX, FlareFarm, and FlareLoans ready for use with the $SGB token. Holders of $SGB will be able to create Canary Dollar ($CAND) using the FlareLoans platform, this in relation will be Yield Dollar ($YUSD) on main network launch. Additionally, holders of $SGB will be able to swap it against $CAND on FlareX or participate in liquidity pools to generate yield. Lastly, holders of $SGB and $CAND can participate in early rewards staking on FlareFarm to earn a portion of the 1,000,000 $DFLR allocated for ExFi Staking Rewards. Future products like FlareMutual, FlareWrap, and FlareMine will be available on main network launch. Governance, YFLR Distribution, YFIN Farming, and the APY Cloud will be pushed off until main network launch. This will allow proper time for the network and platform to adjust to any necessary changes before main network launch.
Upon launch, fees generated will be split into three categories: Liquidity Provider Fees, Team Fees, and APY Cloud Reserves. During the experimental phase, all fees generated will be split 90%/8%/2% respectively. Fees generated for the APY Cloud will be converted into $SGB and then into $FLR and transferred to the APY Cloud on the main network when time comes. This is to conserve the value of the APY Cloud Reserves and to distribute it with main network value instead of experimental value. All reserves will be distributed to Governance Stakers once the main network is launched.
$DFLR Rewards and Allocations
To reward participation in the ExFi instance of the Flare Finance Ecosystem, 1m $YFLR will be repurposed from the Foundation Reserve Pool of 20m $YFLR. This 1m $YFLR will be reallocated to the Initial DAO Offering Claim Pool of 40m $YFLR, bringing the total to 41m $YFLR that can be claimed by holders of the 41M $DFLR tokens minted to represent ownership over the DAO Offering Claim Pool. 41M $DFLR will be made available to claim the DAO Offering Pool of 41m $YFLR following Main Network Launch.
The 41m $DFLR will be allocated as follows:
- 40,000,000 $DFLR will be airdropped to holders of $FLR Token on the one month anniversary of the Flare Network Main Network Launch. (Ex; If Flare Network launches September 1st, our snapshot would be October 1st.) The claim ratio is yet to be determined until the final launch supply is announced by the Flare Network.
- 1,000,000 $DFLR will be allocated to the ExFi Rewards Pool to be earned for participating in the first product suite available on Flare Finance ExFi. Participants will swap Songbird $DFLR for Flare $DFLR through our 1-click swap portal upon mainnet release. This includes participating in the Stabilization Pool on FlareLoans and participating in Yield Farming on FlareFarms.
650,000 $DFLR will be allocated to yield farming participants who stake in the SGB, SGB/CAND and DFLR farming pools. Distribution will be rapid over 63 days and will allow for consistent testing of the yield farming protocol during this time.
350,000 $DFLR will be allocated to stablecoin and loan participants who mint Canary Dollar and stake it in the Stabilization Pools on FlareLoans. Distribution will also be rapid over 63 days and will allow for consistent testing of the stablecoin and loans protocol during this time. FlareLoans participants can earn $SGB for liquidating nests that have fallen below acceptable collateralization levels.
Exchanges may choose to trade a $DFLR IOU, but it will have no further use case in the test net ecosystem besides staking rewards until main network launch. Come main network launch, holders of $DFLR on the Songbird Network can migrate their $DFLR to the Flare Network and receive their main network $YFLR tokens along with holders of $DFLR already on the main network. The launch supply will now be 42m $YFLR.
40m $YFLR for the DAO Offering, 1m $YFLR for the ExFi Rewards Pool, and 1m $YFLR unlocked from the Team Allocation.
The BETA Program has been revised to fit into the upcoming release schedule. More information on this will be announced in a later article.
Governance within the Ecosystem
The ExFi instance of Flare Finance will launch without a governance portal to begin. This will allow the platform to be tested in a bare bones instance using only $SGB, $CAND, and $DFLR. The plan for launching Governance will be approached in a backwards fashion. Once Main Network is launched, Flare Finance will be launched in its entirety including FlareMine, FlareMutual, FlareWrap, Governance, and APY Cloud. It is at this point, that these products will also be added to the ExFi instance of Flare Finance on Songbird Network. Governance will begin together on both the Main Network and Experimental Network and one month post-launch of the Flare Network, a dual snapshot will take place. Holders of $FLR will be entitled to their share of 40M $DFLR and holders of $SGB will be entitled to their share of the ExFi Governance Token, $SFLR.
One Month after the launch of the Flare Network, a snapshot of all available balances of $FLR holders will take place. At this time, 40m $YFLR will be available for claim by holders of $DFLR, which will be airdropped in place of $YFLR. Additionally, 40m $SFLR will be airdropped to all holders of $SGB on the Songbird Network. This means dual allocations, dual use-cases, and dual-opportunities. Holding both your $SGB and $FLR means you will receive both $SFLR for Flare Finance ExFi and $DFLR (to claim $YFLR) for Flare Finance Main Network. Holders of $SFLR will be able to begin mining $SFIN from then on fourth on Flare Finance ExFi, and holders of $YFLR can begin to mine $YFIN on Flare Finance Platform.
$SFLR and $SFIN will serve as the secondary and primary governance tokens for the Flare Finance ExFi Ecosystem. It will handle everything that $YFLR and $YFIN can do, except being used on the experimental deployment network SongBird. The primary goal of $SFLR and $SFIN will be to act as the governing body over new modules ready to be added to the ExFi ecosystem. With proper use of Governance, Flare Finance ExFi will expand into a financial suite with endless product potential hand built by your very own community developers and open-source contributors.
Conclusion
The future is bright for supporters of both the Flare Network and Flare Finance. The Flare Network’s upcoming launch of the Songbird Network will enable a developer’s playground for ExFi potential to blossom. With ExFi, comes some risks such as loss of experimental value that a user may or may have traded main network digital assets for, and/or hacks and bugs that may occur on new products in the space. Flare Finance will deploy on both the ExNet and MainNet to offer a dual-platform approach to holders in the ecosystem. This dual-platform approach will enable new products to build and expand while leaving much of the risk to the ExNet and passing the battle tested products onto the MainNet.
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