Flare's First DeFi, Flare Finance, Concludes EXFI Snapshot: Details

Yesterday, on the first anniversary of Flare's snapshot of XRP balances for the FLR airdrop, Flare Finance decentralized finance ecosystem performed the same operation for SGB and WSGB holders.

EXFI snapshot took place on Dec. 12

According to the official announcement shared by the team of Flare Finance DeFi in its Twitter account, the snapshot of SGB and WSGB balances was successfully taken at block 4110872.

The snapshot is now complete!

Block Height: 4110872

Everyone prepare to receive your $EXFI over the next few days. ??

— Flare Finance (@FlareFinance) December 12, 2021

Thus, it took place at 9:00 p.m in the UTC timezone. All holders of Songbird (SGB), a core native token of Flare's "canary network," Songbird, and its wrapped version are eligible for the airdrop of EXFI token.

As explained by the Flare Finance team earlier, EXFI will be a multi-purpose utility token for various elements of its upcoming ecosystem of products.

Namely, EXFI will be used as a fee token, as a basic token for the "yield farming" ecosystem and a collateralization asset for Flare Finance's decentralized loan module.

Songbird (SGB) price tanks 43% in no time

Step by step, the token is projected to evolve into a governance asset: its holders will have a say in FlareGovernance referendums on crucial protocol upgrades.

The team states that EXFI tokens will be distributed between airdrop participants in the coming days.

As the lion's share of SGB holders were interested in the EXFI airdrop, immediately after the snapshot, some of them decided to sell their SGB bags.

In minutes, the SGB price plummeted from $0.52 to $0.3 on all major platforms when Songbird's token is available.