Flare Finance will perform an airdrop on the main network for all flr token holders one month after the launch of Flare Network. Thus, XRP holders will again receive free tokens for the first DeFi project on Flare Network.
XRP owners are already looking forward to the next airdrop. As soon as the “utility fork” for Flare Network’s Spark (FLR) token made history, the next free distribution of the tokens was already planned. This was announced yesterday by the first DeFi project on Flare Network. Project Flare Finance, with a similar name, will launch 6 products and create a multi-token ecosystem where users can distribute XRP and other assets in a variety of ways. To celebrate the launch of the network, Flare Finance will also host an airdrop.
Flare Finance will do this one month after the launch of flare networks ‘ main network. Those eligible to join AirDrop will be anyone who has the FLR token on snapshot Day. Flare Finance made the following announcement:
1 month after the main network launch of #flarenetwork, #FlareFinance will take a snapshot of all balances of those who own the flr. 7-10 days after our snapshot, you will be proud to own both FLR (Spark) and dflr (DAOFlare). DFLR tokens can be used for governance purposes or converted to “Yildflare” assets. The YieldFlare (YFLR) token will be the official token of the Flare Finance ecosystem, as the project also announced.”
YFLR will be the most important symbol of the ecosystem. Its total supply will be 110,000,000 and the initial distribution of Yildflare (YFLR) will be 40 million. All flr owners, except for the official addresses of the Flare Foundation, will receive a proportional amount of 40 million dflr (DAO Flares), which can be converted to Yflrs on the platform. The swap time will be only 7 days. 7. all unused yflrs per day will be burned or moved to the reserve pool.
What Will Flare Finance Offer?
Flare Finance aims to provide the fastest and most cost-effective DeFi experience for XRP/FLR users by leveraging the superior architecture of Flare Network and XRP Ledger. The protocol will implement 6 products with different use cases.
These include a distributed exchange called FlareX and flarefarm, a management platform that will provide yield farming. There will also be a platform for lending and borrowing FlareLoans, a stablecoin FlareUSD, a diversified risk-based mutual fund FlareMutual and liquidity mining Flareminine.