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WFLR (Wrapped FLR) "Detachable" Vote Explained


FTSO_AU
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10 minutes ago, FTSO_AU said:

Here's the blog post we released tonight.

Thanks a lot for this. I've asked a question on the Flare discord. I am assuming from what you guys have written that we won't be able to collateralise F-assets and delegate to the FTSO simultaneously with the same token. Is that correct? 

 

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10 minutes ago, FTSO_AU said:

~ If you want the best of both worlds, no problemo except that you must be willing to let go of the control you have over how your WFLR vote is used.

That’s excellent info and clarifies the situation,  thanks very much for researching and presenting that info.

The thing that strikes me about all this is that there is so much talk about “trustless” but in the actual usage it turns out we will be trusting various entities to do the right thing by us….   we will be handing our WrappedFlare to them and hoping they don’t run away with it.

But for those of us (like me) who don’t like trusting others that I don’t know….   we can just hold our own Flare and select a FTSO provider we like to delegate our vote to.  (I will remember who was helpful to me….  :) )

Thanks again.

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6 minutes ago, brianwalden said:

The only place I've seen it is here.

So I'm currently having multiple conversations with people on discord and telegram. I feel like I'm the kid in the Emperor's New Clothes, pointing out something that no one wants to talk about. At the same time I'm f-king frustrated because it seems like this should be a simple enough yes/no question to answer but no one has the answer. 

I've had a little back and forth with Tim Rowley, the FTSO_AU guy, and he doesn't know for sure but it sounds to me from these conversations that NO, it will not be possible to use your FLR for F-asset collateral AND FTSO-vote delegation at the same time.

edit: one of the mods on Discord also seems to believe the answer is no. Someone should let our intellectually hard-working friend know so he stops saying the wrong thing on his youtube videos.

Edited by Seoulite
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16 minutes ago, BillyOckham said:

That’s excellent info and clarifies the situation,  thanks very much for researching and presenting that info.

The thing that strikes me about all this is that there is so much talk about “trustless” but in the actual usage it turns out we will be trusting various entities to do the right thing by us….   we will be handing our WrappedFlare to them and hoping they don’t run away with it.

But for those of us (like me) who don’t like trusting others that I don’t know….   we can just hold our own Flare and select a FTSO provider we like to delegate our vote to.  (I will remember who was helpful to me….  :) )

Thanks again.

The dream of DeFi is an immutable (it can't be changed) smart contact running on a distributed ledger where you've personally audited and tested every line of code.

The reality is a bit different. But if you don't trust Flare Finance to pay you the rewards they earned from your funds, you shouldn't trust them with your funds in the first place. Not getting your principle back is a much bigger deal than the rewards.

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23 minutes ago, BillyOckham said:

The thing that strikes me about all this is that there is so much talk about “trustless” but in the actual usage it turns out we will be trusting various entities to do the right thing by us….   we will be handing our WrappedFlare to them and hoping they don’t run away with it.

But for those of us (like me) who don’t like trusting others that I don’t know….   we can just hold our own Flare and select a FTSO provider we like to delegate our vote to.  (I will remember who was helpful to me….  :) )

Yes this is not quite what people were imagining when they said 'multiple reward streams'. Personally I'm not bothered, I think it's pretty great to even be getting one yield from a token. But we need to know for sure how this is going to work, because it sounds like almost no one is aware that this is the case, and it's gonna be a rude awakening for some who are thinking that from their wallet they will be delegating votes and using collateral and all that jazz with the same token. 

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4 minutes ago, brianwalden said:

F-ING? The next F-asset?

You know I believe there was actually a f**k coin launched like 3 years ago. A meme coin if there ever was one.

Also so it occurs to me that if there are services acting as an agent for collateral, and you can give your FLR to them and get a cut of the rewards, then presumably they will be set up to do the FTSO voting as well using WFLR, in the same way as the Flare Finance yield farming pools described in the blog above. What remains to be seen is how much of a cut of the voting rewards will be taken from you.

Oh and also a guy on discord told me that Probity will also be set up in the same way as described above. Apparently all SDAs will have this functionality. So it will be possible to put your FLR in Probity and get the voting rewards at the same time. 

Edit: I also get the sense that they aren't intending for Joe Six-Pack to be an F-asset agent.

Edited by Seoulite
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45 minutes ago, Seoulite said:

Also I continue to be f-ing astounded that I seem to be the only person on the Flare discord who has heard of WFLR. Why aren't people discussing this???

I actually found out myself when you pointed to it in some new documentation. Didn’t even know there was new documentation 😆

Edited by Ripley
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27 minutes ago, Seoulite said:

I've had a little back and forth with Tim Rowley, the FTSO_AU guy, and he doesn't know for sure but it sounds to me from these conversations that NO, it will not be possible to use your FLR for F-asset collateral AND FTSO-vote delegation at the same time.

edit: one of the mods on Discord also seems to believe the answer is no. Someone should let our intellectually hard-working friend know so he stops saying the wrong thing on his youtube videos.

Perhaps this changed over time. I definitely remember getting confirmation that FTSO vote delegation is something you can do *in addition to* other things. At the time, the thinking was that the Agent you put up the collateral with would give you your share of the FTSO rewards.

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Just now, Ripley said:

Perhaps this changed over time. I definitely remember getting confirmation that FTSO vote delegation is something you can do *in addition to* other things. At the time, the thinking was that the Agent you put up the collateral with would give you your share of the FTSO rewards.

Yes I think this may be possible, but if you were looking to be an agent yourself (in the way Brian has described) then it seems that it won't be possible. 

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