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Knowing the differences between Flare and Flare Finance (FAQ kinda post)


Seoulite
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Hi all, it seems that a key point about Flare is that many people are confusing Flare and Finance. Below I've made an FAQ format kinda post to help clear things up. As always, if I've made mistakes or omissions please let me know.

 

First, what are Flare and Flare Finance?

Please see our FAQ.

 

OK so Flare and Flare Finance are not the same?

No, they have a similar name but they are not part of the same team, not the same group, not the same company, not the same almost anything. Flare is the network, with the native token FLR. Flare Finance is a set of DeFi applications being built on the Flare network.

 

Key differences?

- Flare is its own blockchain. Flare Finance is a set of applications built on Flare (like Uniswap, etc are built on Ethereum).

- Flare native token is FLR. Flare Finance has several tokens, including DFLR, YFIN, etc.

- Flare is a network designed to give smart contract capability to non-smart contract tokens like XRP. Flare Finance is a set of DeFi applications which will utilise its own tokens, but will also be fully compatible with the Flare network, and tokens such as FLR, FXRP, FLTC, etc. 

- Flare is expected to go live in June. Flare Finance will go live after Flare has gone live.

- The Flare airdrop snapshot has already happened, and the airdrop will be given when the network goes live. The Flare Finance airdrop snapshot will be done after Flare goes live, and the airdrop will be given shortly after the snapshot.

 

What DeFi applications will be available on Flare Finance?

- At the moment, there are applications which are similar to existing applications on Ethereum, like swaps, yield farming, loans, etc.

 

What's this about a beta?

- Flare does not have a beta. Flare Finance has a public beta which is happening right now. 

 

How do I get my Flare Finance airdrop?

- When you receive your Flare airdrop, the snapshot for Flare Finance will happen. More information will be available as that approaches.

 

Do I need to use Flare Finance to use Flare?

- No, they are separate things. You do not need to interact with Flare Finance in any way to get the value from your FLR tokens. 

 

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@Seoulite, are you participating in the Flare Finance public beta?

You've piqued my interest and I want to understand how this all works before it goes live.

I've started here: https://flarefinance.medium.com/flare-finance-the-open-beta-begins-b6061c6b9e71

I've setup a D'Cent wallet on my phone, and followed the guide here: https://medium.com/dcentwallet/how-to-use-dapps-on-flare-network-testnet-with-dcent-wallet-903ccaf423d1

I've got 5 FLRt in my FLR-COSTON testnet account.

Where do I find the next steps? According to the dcent wallet guide I just "type the URL of the DAPP and enjoy!".

And then according to FlareFinance I could be doing the following:

Quote

 

Wrap some USDT to xUSD using FlareWrap.

Farm some currency using xUSD and other tokens you are provided on FlareFarm.

Provide Liquidity and Trade currencies on FlareX to try and build up your bag.

Participate in governance once you have more YFLR and YFIN so we can test user proposals.

Watch out for market swings as us whales will be simulating dumps and pumps in the ecosystem to help modify the overall curve of our AMM appropriately for long term sustainability.

 

Righto. This is like my first day of trying to buy XRP 4 years ago! F'ing clueless!

I've looked on the FlareFinance discord but that's not throwing up anything.

Any clues?

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10 minutes ago, xrp-pat said:

@Seoulite, are you participating in the Flare Finance public beta?

You've piqued my interest and I want to understand how this all works before it goes live.

I've started here: https://flarefinance.medium.com/flare-finance-the-open-beta-begins-b6061c6b9e71

I've setup a D'Cent wallet on my phone, and followed the guide here: https://medium.com/dcentwallet/how-to-use-dapps-on-flare-network-testnet-with-dcent-wallet-903ccaf423d1

I've got 5 FLRt in my FLR-COSTON testnet account.

Where do I find the next steps? According to the dcent wallet guide I just "type the URL of the DAPP and enjoy!".

And then according to FlareFinance I could be doing the following:

Righto. This is like my first day of trying to buy XRP 4 years ago! F'ing clueless!

I've looked on the FlareFinance discord but that's not throwing up anything.

Any clues?

I don't want to post it here because I don't know if they want the details of the coin addresses and faucets public. But go to the announcements section and scroll up to February 25. That should help you out.

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Whilst it may be obvious to most, but I'll plainly state it here...
If anyone has any FLR being held by your exchange after The Gifting, you'll likely need to move it to your own Flare Network account.

In the case of Binance, they are asking their customers to provide your own account number so they can promptly transfer your share of the gifted tokens to your private FN account. I assume this includes the exchanges like Bitrue which are providing their IOUs.

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2 hours ago, JASCoder said:

Whilst it may be obvious to most, but I'll plainly state it here...
If anyone has any FLR being held by your exchange after The Gifting, you'll likely need to move it to your own Flare Network account.

In the case of Binance, they are asking their customers to provide your own account number so they can promptly transfer your share of the gifted tokens to your private FN account. I assume this includes the exchanges like Bitrue which are providing their IOUs.

Curious how that would work for Coinbase - I tried looking and couldn't find anything on Flare besides the airdrop date.

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6 hours ago, xrp-pat said:

@Seoulite, are you participating in the Flare Finance public beta?

You've piqued my interest and I want to understand how this all works before it goes live.

Your questions have already been answered by others which is great. Personally I'm not taking part in the beta. I'm a bit busier these days and also as I've said in a different post I'm not particularly enthusiastic about Flare Finance right now. Of course I will claim the airdrop and will likely do some YFIN farming, but I will figure it out closer to the time. Maybe I just need to learn more about it but at the moment it feels like a lot of sound and fury. Also the youtube vids about it are mostly aimed at those already in the know. I've yet to see anyone online who is specifically aiming to introduce Flare Finance to the masses. 

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1 hour ago, LordAMV said:

Curious how that would work for Coinbase - I tried looking and couldn't find anything on Flare besides the airdrop date.

I would guess they'd provide one of two possible options:

  1. Like Binance, you instruct them where to transfer you FLR allotment.
  2. They provide custodianship (and possibly trade) and you withdraw it to your private FN accnt 
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16 hours ago, Seoulite said:

Your questions have already been answered by others which is great. Personally I'm not taking part in the beta. I'm a bit busier these days and also as I've said in a different post I'm not particularly enthusiastic about Flare Finance right now. Of course I will claim the airdrop and will likely do some YFIN farming, but I will figure it out closer to the time. Maybe I just need to learn more about it but at the moment it feels like a lot of sound and fury. Also the youtube vids about it are mostly aimed at those already in the know. I've yet to see anyone online who is specifically aiming to introduce Flare Finance to the masses. 

Excuse my ignorance here - I see above that Flare Finance is separate from Flare/Spark.  Is Flare Finance going to have its own token that will be airdropped?  

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52 minutes ago, LordAMV said:

Excuse my ignorance here - I see above that Flare Finance is separate from Flare/Spark.  Is Flare Finance going to have its own token that will be airdropped?  

Yes. A month after the Flare Network goes live Flare Finance will take a snapshot of the network and use that to distribute it's own token 7-10 days later.

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Just FYI, the rate distribution is set at 1:172 dFLR/FLR as a token to your flare wallet. dFLR will have no value.

Say you receive 1000 FLR(spark) from Flare Networks...your would receive around 5.8 dFLR from FF.

You will then need to send those(dFLR) back to FF to "claim" the actual token that will be use on the network(yFLR) within a week. There will be a total of 40,000,000 yFLR.

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11 hours ago, brianwalden said:

One month.

Meaning we won't get the airdrop for the full amount of Flare we will eventually receive since it will take 2-3 years to receive all of it from the Flare snapshot...bummer.

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16 minutes ago, LordAMV said:

Meaning we won't get the airdrop for the full amount of Flare we will eventually receive since it will take 2-3 years to receive all of it from the Flare snapshot...bummer.

I think proportionally it works out the same. There's a certain amount of DFLR they're going to distribute - that won't change no matter when they take the snapshot. Hypothetically assume no one buys or sells any FLR. If you own .01% of the all FLR distributed in the initial drop, you would still own .01% when it's all distributed. Either way you would get .01% of the DFLR airdrop.

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On 3/12/2021 at 1:13 AM, brianwalden said:

I think proportionally it works out the same. There's a certain amount of DFLR they're going to distribute - that won't change no matter when they take the snapshot. Hypothetically assume no one buys or sells any FLR. If you own .01% of the all FLR distributed in the initial drop, you would still own .01% when it's all distributed. Either way you would get .01% of the DFLR airdrop.

Yes I think the plan is to distribute as if the 15% FLR we get first is the full number. So we won't be missing out in that sense. 

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