Flare launches gamified virtual fair to boost DeFi ecosystem

Flare, the layer-1 blockchain for non-smart contract decentralized finance, has introduced Flare Fair, a campaign initiative aimed at expanding its DeFi ecosystem.

The official launch of Flare Fair comes as the broader market looks to regain momentum after a lackluster week. The native token of the Flare (FLR) network also saw an uptick following the announcement.

According to details shared on Feb. 7, Flare Fair’s gamified experience is designed to advance the L1 data platform’s DeFi ecosystem.

The team has outlined a suite of activities across DeFi aimed at incentivizing usage. Flare Fair brings together leading DeFi protocols on the L1, including Stargate Finance, SparkDEX, Kinetic Markets, Enosys, and Clearpool, among others, under a single hub.

Users can explore various activities and interact with decentralized applications to earn rewards, including Reward Flare (rFLR) and Flaredrops. These rewards will be distributed across Flare Fair’s multi-phased campaign, which features a digital theme park with various fun zones.

Participants can complete tasks such as token swaps on the SparkDEX decentralized exchange or lending on Flare-based lending protocol Kinetic. Supported assets for lending include the crypto-collateralized stablecoin USDX, Flare’s native token FLR, and Ethereum (ETH).

Tasks allow participants to claim rFLR emissions, with additional FlareDrops available when users claim their earned rFLR monthly. Flare Fair offers rFLR rewards from a 510 million FLR pool and ongoing FlareDrops. New dApps, tasks, and rewards will continue to launch throughout the year.