Songbird platform is the canary network of the Flare network similar to the Polkadot and Kusama networks.
Flare Finance, a decentralized financial ecosystem built on the flare network, has announced that the Experimental Finance (ExFi) platform is now launched on the Songbird network. Notably, the Songbird platform is the canary network of the Flare network similar to the Polkadot and Kusama networks. Basically, developers now have a chance to test their systems on the Songbird before launching on the main network, thereby avoiding bugs and other system errors.
“Users participating on the ExFi platform can look forward to a whole lot of rewards that are being offered by Flare Finance. 1 million $YFLR has been allocated as rewards for the participants. A 650,000 $DFLR reward pool has been set aside for yield farming participants, whereas $350,000 $DFLR will go towards stablecoins and loan participants,” the company noted in a press release.
The incentive program is meant to attract more users to the network, thereby ensuring sustainable development in the future. Moreover, the company added that the distribution rewards will be spread across 63 days to ensure a consistent test period. Nevertheless, the ecosystem’s users will have to swap $DFLR for $YFLR tokens once the network goes live. Notably, the flare network will airdrop $DFLR tokens to flare token holders who will also have to swap them for $YFLR in the next one month.
Notably, the Experimental Finance launched in the Songbird network has been materialized in a phased manner. Consequently, flare network users will have ample time to get acquitted with the new system accordingly.
“In the first phase, users could collateralize their $SGB to mind $CAND. A minimum of $1800 worth of $SGB was required to mint $CAND. In the next stage, users could add liquidity to SGB/CAND pairs. Each phase lasted for 24 hours,” the company noted.
Notably, the last phase of implementation was the trading one where Flare network users could easily swap $CAND and $SGB via the FlareX. Moreover, the F-assets are expected to be unveiled on the Experimental Finance network soon.
In other flare network updates, the Experimental Finance platform is anticipated to be launched in the FlareFarm in the next coming days.
As the crypto industry continues to be globally recognized, more need for a decentralized financial ecosystem arises with time. The trustless nature of the DeFi industry has attracted institutional investors and more retail investors in the past year.
Consequently, the Flare network does not want to remain behind as the entire industry rises to the global market. Mind you, the entire crypto market cap has surpassed $2.6 trillion as of Monday according to CoinGecko.
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