What are you doing in the FF Beta?

[brianwalden]

I have to admit I'm a pretty bad beta tester. I'm doing what I intend to do in real life and just parking all my tokens in the farm.

I know there's money to be made in the liquidity pools but in real life I'm afraid of impermanent loss.

[Guest]

3 hours ago, brianwalden said:

I have to admit I'm a pretty bad beta tester. I'm doing what I intend to do in real life and just parking all my tokens in the farm.

I know there's money to be made in the liquidity pools but in real life I'm afraid of impermanent loss.

Focus on learning to use the product. That’s the first goal.

If you’re looking to win, you’ll need to spend a fair amount of time looking for arbitrage opportunities. The FF team and some mods are whales that’ll throw some chances across time zones. 

Joining their discord will help. That NFT is actual money (share in profits), so extra time spent on this will be worth it.

[brianwalden]

Yeah, I'm not trying to win. I don't have the time for that. I get how the stuff works in concept. The problem from a user perspective is my main concern is how the funds will perform financially. And that's not what they're simulating here. They're trying to test out their code functionally.

[Guest]

12 hours ago, brianwalden said:

Yeah, I'm not trying to win. I don't have the time for that. I get how the stuff works in concept. The problem from a user perspective is my main concern is how the funds will perform financially. And that's not what they're simulating here. They're trying to test out their code functionally.

I agree with the sentiment. What people do in Beta tests is hardly what they're going to do in real life. The team's primary motivation is feedback for their software and crowd funded testing. The motivation for most beta testers, frankly, is that NFT. 

Personally, I never had a chance to use DeFi before - largely because I couldn't be bothered by the taxation complexity I needed to deal with. So when there was an opportunity to test Flare Finance, I was motivated to understand how the product (and DeFi) works so I'm not overwhelmed when they launch - not so much win. 

 

[Hydnum]

I've done mostly parking as well. It's kind of fun and definitely a nice way to dip your toes into DeFi. I certainly don't consider myself in the competition. I have over 150 transaction so far and if this were on Ethereum that would equate to over $3,000!!! (estimating $20/trans) How will people not want to switch over?!?!

I have tried using the yFIN/xUSD LP as well but am now concerned about impermanent loss as well.  I'm getting a better yield of yFIN but when I pull that out of the liquidity pool will I have lost the equivalent amount of xUSD due to the fluctuations in yFIN price?  I don't have my head around that.

I have been trying to take values from the site and paste them into and excel document to figure out best yields taking your percentage of the pool into account.  The values are changing constantly so it would take some time to try and stay on top of things.  If I were more tech savvy I would try and link the value displayed on the site to the actual cells in the excel doc to have the sheet updated in real-time.

Alas, a quick google search and I don't have enough background(or motivation) to complete that task.  I was also thinking if someone were able to create and app where you could show real-time price data on the swaps, it could be quite helpful.  

Say, type in 100 yFLR and it outputs the amount of each tokens you could get for that swap.  You could use that info to determine what percentage of a pool it would yield you to figure out if swapping and adding to that pool would be a better bet.  That could just be another output field if developed properly.

That being said, this is still the beta and who knows how much all this will change when it goes live.  I have an app developer friend but he is not much into crypto and I'm sure would much prefer to spend his work time on his real job.

Would be interested to hear of what others are trying as well.  The discord is crazy and hard to follow.  Scrolling back on mobile keeps jumping all over the place when people post so it's hard to track the thread.  I don't even want to think of tax issues...drop in a safe pool and sit will most likely be my strategy when it comes to real life.

That's my $0.02