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Ripple (XRP): Flare Networks announces its first DeFi project, AirDrop

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.

Ripple owners can already look forward to the next airdrop. As soon as Flare Network’s “utility fork” for the Spark (FLR) token goes down in history, the next free token distribution is already scheduled for a month. This was announced yesterday by the first DeFi project on Flare Network.

The project, with a similar name, Flare Finance, 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.

As the project was announced in a Twitter caption Yesterday, Flare Finance will do so a month after flare networks ‘ main network launch. Those eligible to join AirDrop will be anyone who has the FLR token on Snapshot Day. Flare Finance via Twitter 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 $ FLR. 7-10 DAYS AFTER OUR SNAPSHOT, YOU WILL BE PROUD TO OWN BOTH $ FLR (SPARK) AND $ DFLARE (DAOFLARE).”

Dflr tokens can be used for governance purposes or converted to “YieldFlare” assets. The YieldFlare (YFLR) token will be the official token of the Flare Finance ecosystem, as the project also announced:

“BUT WAIT, YOU HAVE TO GO ONE STEP FURTHER TO START INTERACTING WITH THE FLARE FINANCE ECOSYSTEM. THE FINAL STEP IS TO REPLACE YOUR $ DFLR WITH $ YFLR (YILDFLARE), THE OFFICIAL TOKEN OF THE FLARE FINANCE ECOSYSTEM. ONCE REPLACED, ENDLESS POTENTIAL AWAITS.”

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 transported to the reserve pool.

In addition, 10 million tokens were allocated for the team, 9 million tokens were allocated for token entitlement contracts for 12 months, and 1 million tokens are available for the team’s Marketing, Development and organization costs. In addition, 10 million tokens were allocated for the” Reserve ” and 10 million tokens were allocated to the foundation.

What will the Flare Finance ecosystem offer?
As reported by CNF, 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 FlareFarm, a distributed exchange and yield farming management platform called FlareX. There will also be a platform for lending and borrowing (FlareLoans), a stabilcoin (FlareUSD), a diversified risk-based mutual fund (FlareMutual) and liquidity mining (FlareMine).

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