Open Beta Contest Details - starts 10MAR2021 @ noon PST

[JASCoder]

JFYI - The "contest" is tomorrow, there will be a re-start of the starting balances. 
( see the medium post and the Discord for details - link to tweet below )

Also, there is now over 11,000 peeps on the Discord, lots of interested testers

 

 

[brianwalden]

I don't think I'm going to do the contest. I know I won't finish anywhere near the top 250 and I don't think I'll learn anything new by doing it.

[JASCoder]

14 hours ago, brianwalden said:

I don't think I'm going to do the contest. I know I won't finish anywhere near the top 250 and I don't think I'll learn anything new by doing it.

The contest isn't likely worth the extra time it will consume, nor will it yield any further benefit to our knowledge base.

To achieve the top tier of the "winners," will take heroic dedication to manually arbitrating amongst the pools.

I'm planning to participate with minimal effort and expenditure of time, and best effort of strategy in what actions I execute. 

I will post an update or two to this thread during the course and completion of the contest, just for the fun of it, and to capture and record the details for future crypto archeologists  

[JASCoder]

So I was there, in the Discord, for the countdown and kick-off. 
OMFG what a ... ummm ... Interesting view of the Great Unwashed Crypto-Peep Masses I witnessed !! 

There were two minor hitches with the faucets on both test networks, causing a delay of about 40 minutes.

Additionally, the USDT token faucets perfectly simulated the ETH network, in that there was a one to five+ delay in processing the wrap contract step, which delayed a total staking of the one play-token stack. 

The build up at pre-launch was quite entertaining, as the anticipation and excitement induced quite the stream of meme-gifs and torrent of comments from the waiting participants. 

The whining and tears of frustration with the glitches still continue even now, six hours later. 

TBH, it was a sobering and sad display of the worst side of anonymous moonbois one could ever imagine. 
But is also was funny as hell heh, never seen so many meme-gifs in such a short span of time.

I really pity the Mods, you couldn't pay me enuf lmao.

For myself, we're off to a pretty solid start, i'm guessing only a few of the best competitors got a lead on me by slipping under the initial overload of the wrapping of the USDT step. I was all staked and earning the YFIN around 2PM, and already have a good starting stash of YFIN. 

We'll see how the two weeks play out - I'm planning to perform the claim/stake actions maybe twice a day, as it's really pretty quick and routine once you have the hang of it.

I will update here again in a few days.

TO THE MOON, ALICE !! 

Edited March 11, 2021 by JASCoder

[BillyOckham]

16 hours ago, JASCoder said:

So I was there, in the Discord, for the countdown and kick-off. 
OMFG what a ... ummm ... Interesting view of the Great Unwashed Crypto-Peep Masses I witnessed !! 

There were two minor hitches with the faucets on both test networks, causing a delay of about 40 minutes.

Additionally, the USDT token faucets perfectly simulated the ETH network, in that there was a one to five+ delay in processing the wrap contract step, which delayed a total staking of the one play-token stack. 

The build up at pre-launch was quite entertaining, as the anticipation and excitement induced quite the stream of meme-gifs and torrent of comments from the waiting participants. 

The whining and tears of frustration with the glitches still continue even now, six hours later. 

TBH, it was a sobering and sad display of the worst side of anonymous moonbois one could ever imagine. 
But is also was funny as hell heh, never seen so many meme-gifs in such a short span of time.

I really pity the Mods, you couldn't pay me enuf lmao.

For myself, we're off to a pretty solid start, i'm guessing only a few of the best competitors got a lead on me by slipping under the initial overload of the wrapping of the USDT step. I was all staked and earning the YFIN around 2PM, and already have a good starting stash of YFIN. 

We'll see how the two weeks play out - I'm planning to perform the claim/stake actions maybe twice a day, as it's really pretty quick and routine once you have the hang of it.

I will update here again in a few days.

TO THE MOON, ALICE !! 

So Jas this sounds like a rush to get staked because there is a prize for the greatest earner at the end.

But in the real release later this year is there going to be a benefit to being in as soon as possible or is it just a day or three of ‘lost’ interest if you aren’t early?  
 

Are the rewards exponentially greater in the first hours type thing?  Should we rush to get in,  or is there no harm in dawdling our way there over during the first weeks type thing?

[brianwalden]

You're correct that the gold-rush is caused by the two-week contest where the prize is all or nothing.

In real life I think there will be advantages to being early to both Flare and Flare Finance. Whether you're voting on the FTSO or participating in a liquidity pool, you're going to get a bigger slice of the pie when there are fewer other participants.

I don't think you need to drop what you're doing and rush in the moment they start. But once they launch, I would check them out as soon as you have some free time.

[brianwalden]

BTW, I earned 1 YFIN in the two weeks before the contest just by farming. I think that was worth like $1000 by the end. That's an insane rate of return that I'm sure has nothing to do with real life values.

[JASCoder]

20 minutes ago, BillyOckham said:

But in the real release later this year is there going to be a benefit to being in as soon as possible or is it just a day or three of ‘lost’ interest if you aren’t early?  

Are the rewards exponentially greater in the first hours type thing?  Should we rush to get in,  or is there no harm in dawdling our way there over during the first weeks type thing?

G'day Billy-san !

( adding to friend Brian's words above... )

The answer to your question requires too much information not public yet. 
Such as, what will be the daily allocations to the various pools ?

IIRC the 10k of YFIN will be rewarded to three areas, one of which is the Pool rewards. When that runs dry, it will (probably?) be replaced by YFLR rewards. 

Another unknown will be the market's valuation of YFIN as the days roll forward,
and its price trend (one assumes up, but at what velocity?) 

It is my best guess, that at the FF launch, the highest payout for staking your YFLR will be at the very start. In the two Beta runs I've participated in, that was the case. Which intuitively makes sense: As more tokens are staked, the fixed daily allocation of YFIN will be divided by more staked tokens.

At the outset - we'll only have the "gift FLR" and any USDT, XRP, LTC, DOGE we chose to wrap up and stake in the Pools.

The key maximizing gains is compounding the rewards back into Pools, in particular the higher yielding pairs (which include both YFLR/YFIN and say FXRP/XUSD for example). 

At the very minimum, I recommend you ASAP stake your YFLR and start accruing some YFIN, then in a few days, claim it, and re-stake into a paired LP, then rinse, repeat  

[brianwalden]

Here's my question. If YFIN is going to be quickly increasing in price, do you really want it in a liquidity pool? As YFIN goes up, your share of the pool will contain less YFIN and more of whatever the other coin in the pool is in order to keep their values equal.

I mean, you can't really answer this until you know how profitable the pool will be. If the profit from trading fees makes up for the balance changes, it won't matter.

[Hydnum]

The above is why I think I will keep the YFIN.  I don't understand the calculations behind the pools and big swings could cause impermanent loss.

I was using the yfin/xusd pool and when I removed the liquidity I had fewer YFIN...I wasn't tracking close enough to know if the rewards were worth it.  I'm just playing to learn about the system, not really expecting to be in the competition.

Reading about impermanent loss had my eyes glazing...I think I need to stick to the KISS method.

[brianwalden]

5 minutes ago, Hydnum said:

The above is why I think I will keep the YFIN.  I don't understand the calculations behind the pools and big swings could cause impermanent loss.

I was using the yfin/xusd pool and when I removed the liquidity I had fewer YFIN...I wasn't tracking close enough to know if the rewards were worth it.  I'm just playing to learn about the system, not really expecting to be in the competition.

Reading about impermanent loss had my eyes glazing...I think I need to stick to the KISS method.

Yeah. It will be better on the live network. We'll have more information about the rates and stuff instead of just dumping in our coins and seeing what happens.

The simple thing about impermanent loss is that any type of variability between the coins in the pool causes it regardless of whether coin A increases in price vs. coin B, or vice versa. When you add in the exchange fees you earn from participating in the pool it should counteract it, but it's always a risk.

Personally I'm kind of picky about the amount of coins I own. I think I will just stake single coins for now. But liquidity pools are clearly popular in the DeFi world and I'm sure a good option for many people.

[Hydnum]

 

31 minutes ago, brianwalden said:

Yeah. It will be better on the live network. We'll have more information about the rates and stuff instead of just dumping in our coins and seeing what happens.

That's good to know...maybe the APY rates will actually mean something at that point...

Agreed, single coins will prob be my method of choice as well.  Maybe over time I will gain more of an understanding and venture out into the LPs.

And @BillyOckham it wasn't to tough to set up the metamask wallet. I found this link to be helpful: https://coil.com/p/XRPBags/FLARE-FINANCE-BETA/YVmhAOyX2, all the different links in one spot.

There is an iOS app that you could use...I think I remember you saying you typically use and iPad.  It doesn't always show the correct token amounts but you can still preform the transactions. Feel free to ask if you have any questions about setting it up.

[JASCoder]

And... It's gone.

Flare is upgrading Coston, the Flare test network. 
The Flare team took it offline a few hours ago, taking all the Mods and contest participants by surprise. 
The "Coston-Two" test network will be online in two weeks, according to updates reported in Discord.

Personally, I was doing ok, but I had discovered a non optimal approach in my initial strategy; I realized that set-back had doomed my efforts to being in even the slimmest of contention in the competition. So now I'll be getting a fresh start in the next iteration.

There were a number of rough edges in the UI and other minor issues, which now FF will have two weeks of uninterrupted time to get cleaned up for the restart. 

This is what riding the bleeding edge is like  

Edited March 13, 2021 by JASCoder

[Hydnum]

I was just popping in to mention this.

Nice you noticed some ways to improve...now you get a fresh start! I noticed one guy saying he was up 10K already! This is why I do not expect to be in the competition, lol.

Best of luck to you JAS (and others giving it a shot