Ripple (XRP): Flare Networks first DeFi project announces airdrop

  • Flare Finance will conduct an airdrop for all FLR token holders one month after the launch of the Flare Network on mainnet.
  • Thus, XRP holders will again receive free tokens for the first DeFi project on the Flare Network.

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

The project, with a similar name, Flare Finance, will launch 6 products and build a multi-token ecosystem where users can deploy XRP and other assets in multiple ways. To celebrate the launch of the network, Flare Finance will also conduct an airdrop.

As the project revealed in a Twitter thread yesterday, Flare Finance will carry out this one month after Flare Networks’ mainnet launch. Eligible to participate in the airdrop will be all persons holding the FLR token on the day of the snapshot. Via Twitter Flare Finance made the following announcement:

1 month after the main network launch of the #FlareNetwork, #FlareFinance will snapshot all balances of those who hold $FLR. 7-10 days after our snapshot, you will be proud owners of both $FLR (Spark) and $DFLR (DAOFlare)

DFLR tokens can either be used for governance purposes or exchanged into “YieldFlare” assets. The YieldFlare (YFLR) token will be the official token of the Flare Finance ecosystem, as the project further announced:

But wait, you must go one step further to begin interacting with the Flare Finance ecosystem. The last step is to swap your $DFLR for $YFLR (YieldFlare), the official token of the Flare Finance Ecosystem. Once swapped, endless potential awaits.

YFLR will be the most important token of the ecosystem. Its total supply is 110,000,000 and the initial distribution of YieldFlare (YFLR) will be 40 million. All owners of FLRs, with the exception of the official addresses of the Flare Foundation, will receive a proportional amount of 40 million DFLRs (DAO Flares), which can be exchanged on the platform into YFLRs. The time period for the swap will be only 7 days. On the 7th day all unused YFLRs will be burned or moved to the reserve pool.

In addition, 10 million tokens are reserved for the team, 9 million for token vesting contracts over 12 months, and 1 million tokens are available for the team’s marketing, development and organizational costs. In addition, 10 million is allocated to the “reserve” and 10 million tokens 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 the Flare Network and XRP Ledger. The protocol will implement 6 products with different use cases.

These include a distributed exchange called FlareX, and a governance platform, FlareFarm, which will enable yield farming. There will also be a platform for lending and borrowing (FlareLoans), a stablecoin (FlareUSD), a diversified risk-based investment fund (FlareMutual) and liquidity mining (FlareMine).

About Author

Jake Simmons has been a crypto enthusiast since 2016, and since hearing about Bitcoin and blockchain technology, he's been involved with the subject every day. Beyond cryptocurrencies, Jake studied computer science and worked for 2 years for a startup in the blockchain sector. At CNF he is responsible for technical issues. His goal is to make the world aware of cryptocurrencies in a simple and understandable way.

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