ExFi – Is it a New Benchmark in the DeFi Space?
Over the past few months, DeFi has significantly increased in popularity. It has managed to be a real-world banking alternative by offering services that are provided by finance institutions. However, even though it has been around for months, there have been multiple hacks on the DeFi platforms. Some believe that the release of the Experimental Finance (ExFi) platform might be the solution to these issues.
The Experimental Finance platform (ExFi) was revealed on the Songbird Network by Flare Finance. This platform will allow the developers to test different scenarios and modules. However, this doesn’t mean that every product that is introduced on the platform will be released on the main network. The ExFi platform was released in three phases. In the first phase, the minting phase, users with $SGB were allowed to mint $CAND. In the second phase, the liquidity phase, holders of $CAND and $SGB were able to provide liquidity to liquidity pools of FlareX. In the last phase, the trading phase, users were able to $CAND and $SGB.
The Canadry Network for flare is the Songbird and will remain after the main network is launched as well. With the ExFi platform, developers will be able to eliminate errors, bugs, and hacks preventing them from being deployed on the main network. It will reduce the risk and help the users navigate through the platform. Flare Finance will be taking this dual-approach as well and will be deploying on MainNet and ExNet. Needless to say, ExFi can help the new crypto users adopt DeFi in a better way