Flare Finance is a decentralised finance (DeFi) platform for XRP and Flare holders.
In this article I will provide a quick summary of everything you need to know about Flare Finance. Currently, most of the information is about the airdrop, this is a live document as will update as we learn more outside of the airdrop though so be sure to check in!
Flare Finance will be airdropped to holders of Spark Token/Flare Network (Which was airdropped from holding XRP) via a token called dFLR (The DAO token for Flare Finance)
- You will receive dFLR around a month after the first Spark airdrop.
- Your airdrop will be based off your 15% drop of Spark. The remaining allocation will not be considered
- When you receive your dFLR, you will have 7 days to swap this for yFLR in order to begin utilising the DeFi platform (more information on yFLR here). You will be able to swap dFLR for yFLR on a 1:1 ratio via their DEX (FlareX)
- Any yFLR that is not claimed by the dFLR swap within 7 days will either be burnt or added to a reserve pool (depending on governance proposal vote)
- You will be able to purchase Spark tokens from exchanges to add to your current airdropped stack, meaning you will be able to receive more dFLR
- The only wallet or exchange currently supporting the dFLR airdrop is DCent Wallet
- Bitrue and Poloniex are currently selling IOU Spark tokens. The terms of these are down to the exchange and Flare Network has no participation in this
Tokens & Products:
In this section I will provide helpful resources regarding the tokens and products of Flare Finance. As a very quick overview before we delve into the details.
There are six products
- FlareX: Flare's decentralised exchange - like Uniswap
- Flare Wrap: Bring ERC20 tokens onto the Flare Network
- Flare Farm: Stake to earn yFIN and more project tokens
- Flare Mine: Mine FLR through mining Bitcoin and Ethereum, with no extra power requirements
- Flare Loans: Decentralised loans. Provide currencies for people to receive loans. Or, receive loans by providing collateral.
- Flare Mutual: Decentralised insurance. Pool your assets to give people coverage over smart contract hacks/bugs/failures. Or, receive coverage for smart contract failures/bugs/hacks
And four tokens:
- YieldFin (YFIN): One of the main Flare Finance tokens Used for Governance of the whole ecosystem and also, loans, mutual funds and farming
- YieldFlare (YFLR): The secondary governance token, used for FlareX Governance and also, the fee charge for FlareX swaps and liquidity rewards
- FlareUSD (xUSD): The Flare Network stablecoin
- YieldMine (YMIN): A token earnt alongside Flare via mining Bitcoin and Ethereum. Burn this token whilst mining to earn more Flare.
This provides a very helpful overview of the ecosystem.
I have created the linked infographic and have also provided a commentary over this below
There is currently an ongoing private beta. Unfortunately, applications for this have closed, but there are several teasers that have come from the beta. Below are some:
FlareX and Flare Farm walkthrough by Deep Space Flare (IndigoSymphony):