Below you will find a collection of frequently asked questions directed at the Flare Finance Ecosystem. If any further clarifications are needed, please reach out to us on our of our social networks and we will be sure to add it in.
Flare Finance FAQ
What is Flare Finance?
Flare Finance is the first institutional grade decentralized finance platform being built on the Flare Network. It will deliver 6 industry proven products to the Flare Ecosystem consisting of trading, yield farming, stable currency, loans, insurance, and yield mining. All together, Flare Finance will promote a truly decentralized financial ecosystem with a widely diverse and adaptable DAO governance system that allows holders to maintain true control over the ecosystem and its future.
More information on us can be found at https://flr.finance/about
Is Flare Finance and Flare Networks the same/related in anyway?
Flare Finance is not related to the Flare Networks Team or any of its affiliates. We are an independent development team building on the Flare Networks with some oversight by the Flare Network.
What products will Flare Finance offer?
Flare Finance will deliver 6 products to the market:
More information on our products can be found at https://flr.finance/products
What is YFLR, YFIN, and YMIN?
YieldFlare ($YFLR) is the secondary governance and main exchange fee token for the Flare Finance Ecosystem.
YieldFin ($YFIN) is the primary governance and yield farming token for the Flare Finance Ecosystem.
YieldMine ($YMIN) is a yield mining and burnable rate booster token for the Flare Finance Ecosystem.
More information on our tokens can be found at https://flr.finance/tokens
What is xUSD?
xUSD is the first wrapped stable coin on the Flare Network. It will a way for people to wrap their USDC, USDT, DAI, or TUSD on the Ethereum Network and mint new stable xUSD on the Flare Network. Since it is backed by various audited stable coins, it delivers a hedged means of maintaining its peg against a dollar thanks to varying stable coin values that are maintained in the contract.
How do I get some of these tokens?
On the one month anniversary of the Flare Main Network Launch, Flare Finance will airdrop 40,000,000 DAOFlare ($DFLR) (with no value until swapped) to all holders of Spark ($FLR) at a ratio that is yet to be determined. Once delivered, holders of $DFLR must head over to https://claim.flr.finance/ (Not Live Yet) to begin the swap procedure. Holders will swap their $DFLR for $YFLR after reviewing a few informational videos, agreeing to some basic terms and agreements, and proceeding with the claim. Once your $YFLR is claimed, you will be able to begin yield farming on the FlareFarm platform to earn $YFIN, or use it to trade on FlareX. $YFIN and $YMIN can only be earned through yield farming and yield mining respectively.
Who is behind Flare Finance?
Flare Finance is an independent team of 6 individuals with over 40+ years combined experience in various business (25+ years combined), development (35+ years experience), and cryptocurrency (32+ years combined) related fields. We are in no way affiliated with any current development team including, but not limited to Ripple, XRP Labs, Flare Networks, or any other related affiliates. Flare Finance has no affiliation with any Venture Capitalist Firms, Incubators, Accelerators, Launchpads, or other form of investment entity.
Why are you an anonymous team?
The team is currently anonymous, but is comprised of 6 individuals building the product entirely out of pocket. Our identities are held safe and verified with the Flare Network Team and they provide various levels of oversight into ensuring the project we make is a positive addition to the ecosystem, and not a negative one. We do not mean to take a shadowy approach, but our view is, we are dealing with a heavy playing field. Bankers, C-Level Executives, and individuals who could see DeFi for XRP as a threat to business entirely. We do not wish to have our project not come to light due to a series of unfortunate events. Therefore we are creating the project first, anonymously, and we will be having constant oversight from the Flare Network Team. Come time when we feel it is safe, proper, and needed to present ourselves, we will do so in an appropriate manner.
How can I contribute to Flare Finance?
Flare Finance is a decentralized autonomous organization operating a truly decentralized finance platform. This being said, participation and constant review and constructive criticism are key to building a user controlled empire. Flare Finance can only exist and thrive if the holders themselves want it to thrive. The Flare Finance Team will help guide the ecosystem, but it is ultimately up to the holders themselves to propose ideas for the future direction of Flare Finance. Additionally, Flare Finance issues grants and investments into new developers seeking financial support launching their products in the Flare Ecosystem. These grants are approved by holders and ultimately go to ideas they find beneficial to the overall ecosystem. In summary, participation, engagement, using your voice, and building are how you can contribute to the Flare Finance ecosystem.
What date is your snapshot?
Our snapshot date will be on the one month anniversary of the Flare Main Network Launch. That being said, the exact date is yet to be determined and is reliant on the launch of the main network. We will provide fair advanced notice when the time comes.
What exchanges/wallets are supporting the airdrop?
These will soon be announced on our website at a later date. For now, D’Cent Wallet is our first supported hardware wallet.
How many $DFLR will be issued to $FLR holders?
40,000,000 $DFLR will be issued to $FLR Holders.
What is the ratio?
The ratio is yet to be determined, but let’s dive into an example. Let’s say 23B $FLR is airdropped to $XRP holders and 40,000,000 $DFLR is being airdropped to $FLR holders, that would mean the ratio of $FLR to $DFLR is 575 $FLR to 1 $DFLR. This is just an example, but could be a close number due to recent available statistics.
What if someone buys $FLR after the $FLR airdrop. Will they be getting additional $DFLR for the newly purchased $FLR?
Yes, you are entirely able to purchase more $FLR before our snapshot date to receive a larger distribution of $DFLR. This would be the same as how most people purchased more $XRP to get more $FLR.
When do we get the $DFLR airdrop?
Your $DFLR allocation will arrive in the same wallet you hold your $FLR in (if the wallet/exchange supports our airdrop) without need for you to do anything other than add a contract address to your wallet (if that). It will arrive 7–10 days after the snapshot takes place, at which point you will be able to claim your $YFLR.
Do we only get 15% of the DFLR allocated on the first airdrop by Flare Finance?
You will receive 100% of your $DFLR in relation to your $FLR holdings if the exchange supports the airdrop.
Will users who used an exchange to participate in the Flare Networks airdrop get their 100% DFLR?
Only if the exchange supports the airdrop.