ExFi — $SGB Snapshot Update

Flare Finance is pleased to announce that a snapshot of all balances holding $SGB and $WSGB will be taking place on November 5th, 2021 at 7PM CET (Europe)/10AM PST (West Coast USA)/1PM EST (East Coast USA)/12AM CST (China). At this time, all holders of $SGB and $WSGB will receive ExFi Token $EXFI (originally named $SFLR), the secondary governance token and primary fee replacement token used on the ExFi Platform.

$EXFI will have the following allocations and will be distributed directly to holders of $SGB and $WSGB:

Distribution Ratio: 1 $EXFI = 235.275 $SGB

  • Airdrop — 40,000,000 $EXFI
  • Yield Cloud — 40,000,000 $EXFI
  • Foundation Reserves — 20,000,000 $EXFI
  • Team Allocation — 10,000,000 $EXFI

$EXFI will be used in various ways across the ExFi Platform including:

  1. Being used as a fee replacement token on FlareX.
  2. Being used to farm for yield in the form of $SFIN on FlareFarm.
  3. Being used to create $CAND on FlareLoans, which can optionally be used to farm more $SFIN.

Additionally, when the remaining 4 products are released, $EXFI will be used to:

  1. Purchase NFT’s and participate in auctions on FlareDrop.
  2. Provide to coverage pools and purchase coverage on FlareMutual.
  3. Vote on FlareGovernance and enact change across ExFi.

Snapshot and ExFi “Gamma” Timeline

November 5th-8th, 2021 — $EXFI will arrive in all wallet addresses that held $SGB and $WSGB.

November 9th-15th, 2021 — ExFi “Gamma” will begin with FlareFarms v2 and FlareLoans v2 launching to reflect new rewards in the form of $SFIN. It will support $EXFI yield farming and minting $CAND with $EXFI.

November 15th-18th, 2021 — Halborn Audit will be released signaling a secure launch for Flare Network Mainnet Launch. Additionally, internal audits from TrailOfBits and CertiK will be released to reflect change from initial point of development to present day status.

November 18th, 2021 and forward — ExFi will operate on Songbird Network redubbed to “Songbird Finance” as the main point for deploying experimental finance modules in hopes of these new modules being pulled from Songbird Finance into Flare Finance.

Thank you for reading and don’t forget to delegate your votes to the first community sourced, liquidity generating STSO at https://defioracles.net/!

Decentralized Finance Platform on the Flare Network