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Flare Finance Tokens YFLR, YFIN, YMIN Explained by Flare Community

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Thu, 02/11/2021 - 11:02
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Vladislav Sopov
Flare Finance supporters shared details on how first XRPL fork DeFi will use its three tokens for yield farming, lending/borrowing and more
Flare Finance Tokens YFLR, YFIN, YMIN Explained by Flare Community
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The first-ever decentralized financial ecosystem on "XRPL utility fork" Flare, a soon-to-be-released programmatic blockchain, now has its tokens' use cases explained by community enthusiasts.

Introducing YFLR, YFIN, YMIN

An anonymous blockchain expert who goes by @antyFOMO on Twitter has shared an educational video to explain the opportunities available to holders of Flare Finance tokens YFLR, YFIN and YMIN. According to the video, YFLR will be distributed via DAO offering. It can also be earned by participating in Flare Finance mechanisms.

Flare Finance tokens' concepts explained by community
Image via Twitter

A total of 40,000,000 YFLR tokens are allocated to reward YFIN stakers on FlareX, a decentralized exchange and staking environment by Flare Finance. Also, all liquidity providers for pairs with YFLR will receive these tokens for their contribution.

In addition, YFLR is a governance token required for participation in referenda on crucial issues related to Flare Finance progress: listings, commission policy, etc. Finally, it is accepted as a fee on FlareUSD and FlareX and incentivizes YFIN farming on FlareFarm.

YFIN can be earned by providing liquidity on FlareX to any pair with YFIN and by farming on FlareFarm with FLR, YFLR, FXRP and FUSD. Also, YFIN will be distributed between lenders of assets within the framework of FlareLoan pools.

Flare Finance approaches public beta testing while Certik conducts its security audit

The third token of the Flare Finance ecosystem, YMIN, has a net supply of 75,000,000 coins. They can be earned by "mining" FLR on FlareMine and by providing YMIN liquidity.

Additionally, it boosts the mining rate while earning YFLR for YFIN staking.

Meanwhile, Flare Finance teases the upcoming launch of its public beta testing. As covered by U.Today previously, top-notch cybersecurity vendors Certik are assigned as Flare Finance security auditors.

Related
Flare Finance Shares the Name of Its Technical Audit Vendor

Also, centralized cryptocurrency exchange Biki is announced as the first platform to support DAO Flare airdrop of DFLR assets for FLR tokenholders.

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About the author

Blockchain Analyst & Writer with scientific background. 5+ years in IT-analytics, 2+ years in blockchain.

Worked in independent analysis as well as in start-ups (Swap.online, Monoreto, Attic Lab etc.)