Flare Finance SGB snapshot 5th November

[PunishmentOfLuxury]

ExFi — $SGB Snapshot Update 

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Flare Finance is pleased to announce that a snapshot of all balances holding $SGB and $WSGB will be taking place on November 5th, 2021. At this time, all holders of $SGB and $WSGB will receive ExFi Token $EXFI (originally named $SFLR), the secondary governance token and primary fee replacement token used on the ExFi Platform.

$EXFI will have the following allocations and will be distributed directly to holders of $SGB and $WSGB:

Distribution Ratio: 1 $EXFI = 235.275 $SGB

Total Supply: 110,000,000 $EXFI

Airdrop — 40,000,000 $EXFI

Yield Cloud — 40,000,000 $EXFI

Foundation Reserves — 20,000,000 $EXFI

Team Allocation — 10,000,000 $EXFI

$EXFI will be used in various ways across the ExFi Platform including:

1. Being used as a fee replacement token on FlareX.

2. Being used to farm for yield in the form of $SFIN on FlareFarm.

3. Being used to create $CAND on FlareLoans, which can optionally be used to farm more $SFIN.

Additionally, when the remaining 4 products are released, $EXFI will be used to:

1. Purchase NFT’s and participate in auctions on FlareDrop.

2. Provide to coverage pools and purchase coverage on FlareMutual.

3. Vote on FlareGovernance and enact change across ExFi.

5th Nov is Guy Fawkes Night - I wonder if that was intentional?

Edited September 29, 2021 by PunishmentOfLuxury