Happy Birthday to both Bitcoin and ExFi Token!
Flare Finance would like to welcome our fellow holders to the next phase in our development:
ExFi Gamma Phase!
Information on Airdrop Delays
Due to community uproar in regards to the ratio and airdrop completion time, we felt it was necessary to provide a post-mortem on the misfire to make things as clear and transparent as possible.
The pre-announced airdrop ratio was expressly stated as an estimate.
At the time we were undecided on airdropping to the Flare Foundation and also planning to burn all of the tokens from exchanges who didn’t participate. Since that time we have spoken with many exchanges which changed our perspective.
We found exchanges weren’t against distributing the airdrop to their rightful owners due to a number of understandable factors. With listing a new asset comes the need for a proper review to be conducted including looking into security, regulatory factors, and scheduling issues that come with managing new project 100’s-1,000’s of requests per day + live support and bug fixes. CEFI systems aren’t malicious actors looking to steal from their customers but have an enormous amount of responsibility as custodians to safely manage their customers funds meaning due diligence is not something they will rush. As the community continues rapidly to scale we are learning some of these lessons first hand.
For these reasons burning the exchanges $EXFI tokens and thus taking the exchange’s choice to wait see away we would likely be burning bridges to future support which did not seem to be in the communities best interest. This being said, the only exchange that was removed entirely from the snapshot was BitStamp, and their 195,000,000~ SGB will not be included in distribution.
Besides this, the Flare Foundation was added to the snapshot to enable the Foundation the opportunity to burn or distribute the $EXFI as STSO rewards. This increased the amount of “circulating” SGB from 9.5B to 15.7B SGB, thus increasing the amount of needed $SGB to receive 1 EXFI. This resulted in the Foundation receiving close to 16M~ EXFI. The Foundation may elect to do whatever with this supply that they please. In a recent tweet, the Foundation made clear what this action will be:
ExFi will now switch gears into supporting its primary and secondary governance tokens, $EXFI and $SFIN. The ratio that $EXFI has been airdropped to $SGB holders is:
392.9776857232 $SGB per 1 $EXFI
This ratio includes the entire circulating supply, wrapped SGB supply, Flare Networks LTD, and Flare Foundation supplies. The Flare Foundation, and Flare Network Limited, will decide what to do with their portion of the $EXFI distributed to them. We appreciate there awesome continued support during our time building on the network!
Experimental Finance Token Remint
In addition to the distribution changes, we have also taken the time to remint the token to ensure the initial distribution did not cause any ratio variances. The new token should now be visible in your wallet, if not, please add the following contract address to your MetaMask wallet:
Token Contract: 0xC348F894d0E939FE72c467156E6d7DcbD6f16e21
Token Ticker: EXFI
DAO Offering — 40,000,000 EXFI
Yield Cloud — 40,000,000 EXFI
Foundation Reserves — 20,000,000 EXFI
Team Allocation — 10,000,000 EXFI
FlareFarm — 8,000 SFIN
FlareLoans — 1,000 SFIN
FlareMutual — 1,000 SFIN
Reserves — 1,000 SFIN
By the time you are reading this article, you should have received your $EXFI to your $SGB wallets. To check if you have successfully received your $EXFI, please refer to the infographic below created by your very own, XRP_Cro.
$EXFI Gamma opens the doors to the launch of the upcoming FlareGovernance system. Enabling the holders of $EXFI and $SFIN to participate in molding the future of the Flare Finance, and Experimental Finance, modularized finance platforms.
EXFI Gamma Launch Procedure:
The following will take place leading up to the launch of FlareGovernance:
- $EXFI will be distributed to all holders of $WSGB and $SGB.
- FlareX Liquidity Pools will open for all pairs against $EXFI.
- FlareFarm Farming Pools will open for all LP Token pairs from FlareX.
- 24 hours after farming and the liquidity pools are opened, trading on FlareX will begin.
- After trading begins, FlareWrap will be deployed to bridge over ERC20 Tokens. (USDT, USDC, and ETH)
- 30 days after launch of $EXFI, $EXFI Loans will become available on FlareLoans to create $CAND using your $EXFI.
- FlareGovernance will launch after successful deployment of $CAND minting using $EXFI.
- FlareDrop will follow the launch of the Governance Module.
- FlareMutual and FlareMine will follow the successful launch of the FlareDrop and Governance Modules.
Website — https://flr.finance/
Twitter — https://twitter.com/flarefinance
Discord — https://discord.gg/flarefinance
Telegram — https://t.me/flarefinance
Documentation — https://help.flr.finance/
FlareX — https://xfx.flr.finance/
FlareFarm — https://xff.flr.finance/
FlareLoans — https://xfL.flr.finance/
Songbird Explorer — https://songbird-explorer.flare.network/
ExFi Token — https://songbird-explorer.flare.network/token/0xC348F894d0E939FE72c467156E6d7DcbD6f16e21/token-transfers
FlareMetrics — https://flaremetrics.io/