Flare will distribute a total of 45,827,728,412 Spark tokens to XRP holders in the first half of this year. The token is part of a new smart contract ecosystem designed to bring Ethereum type functionality to XRP Ledger.
Now, Flare Finance, built on the Flare blockchain and designed to power exchange, stablecoin, yield farming, asset-based loans, insurance and yield mining, is planning to offer another airdrop to the same participants. The company says it will airdrop DAOFlare token (DFLR) to users who buy Spark. DFLR holders can then exchange these tokens for YieldFlare, Flare Finance’s official token.
Flare Finance made a statement on Twitter and used the following statements:
“One month after the main network launch of Flare Network, Flare Finance will take a snapshot of all balances of FLR holders. 7-10 days after our snapshot, you will be proud to have both FLR (Spark) and DFLR (DAOFlare). But wait, you have to go one step further to start interacting with the Flare Finance ecosystem. The last step is to replace your DFLR with YFLR (YieldFlare), the official token of the Flare Finance Ecosystem. Once changed, infinite potential will be waiting for you. “
Flare said the network will begin in the second quarter of 2021.
What is YieldFlare Token?
The YieldFlare token works as an exchange fee and management token on the FlareX platform. It can be spent in lieu of the respective producer and buyer fees when you trade on the platform, as during the exchange. It can be used to vote for new projects that want to be listed on FlareX.