Flare Finance ExFi Beta V2 Launch

[Flintstone]

https://t.me/FlareFinance/100290 Changelog

We're happy to announce the V2 launch is right around the corner. 

At community request we have prepared an update/changelog to keep users informed of the changes to the platform.

For V2, small UI-related bugs were fixed all across the board, UX was improved in several places, and new functionality was added.

Let's go over what's new.
🦜 SGB Delegation rewards

When SGB is used as collateral (FlareLoans), or staked (FlareX liquidity pools and FlareFarms), it is automatically wrapped, and delegated to DeFiOracles and the other highest earning TSO until governance is activated in a 50:50 ratio. Post governance the other TSO with be chosen by Governance Stakers.

The delegation rewards start accruing 7 days after launch, and the UI allows to claim delegation rewards at any time after that.

🤝 FlareX

Swap

New chart time segment options: It is now possible to choose different time segments for the candlestick chart (1m, 15m, 1d, 1w).
Liquidity

Complete UI revamp: 

Liquidity section now has a cleaner UI and displays your LP tokens in the pool. 

SGB Delegation rewards: 

SGB staked in pools is now automatically wrapped and delegated, making it eligible for accruing delegation rewards.
💳 FlareLoans

WSGB collateral option: 

WSGB can now be used to collateralize a loan.
SGB Delegation rewards: SGB used as collateral is now automatically wrapped and delegated, making it eligible for accruing delegation rewards.

Stability pool gains are withdrawn separately: 

You can now withdraw liquidation gains (SGB) and DFLR rewards independently of each other.

Gas compensation for liquidations increased: To properly incentivize liquidations, the gas compensation has been raised to 100 CAND per liquidation.

👩‍🌾 FlareFarms

UI revamp: Farms got a facelift which makes the presented information clearer.
Intelligent pool ordering: Pools are now ordered by stake, and empty pools are displayed at the bottom of the list.
📄 FlareFinance docs

Docs are live: First version of product documentation was published at http://help.flr.finance.

Transitioning from V1 to V2

If you are currently staking in V1 liquidity pools and want to migrate to V2 liquidity pools, you need to withdraw liquidity from V1, and stake it again in V2.
Loans do not get transferred from V1 to V2.

Closing notes

ExFi is still an experimental product on the Songbird Canary network. You are participating at your own risk.

https://t.co/0KpJMqosuU?amp=1 Countdown Timer

Edited November 20, 2021 by Flintstone

[B088IN]

So this is now live. Is there any idiots guides to what to do as its fairly confusing for my tiny brain lol

 

[jn_r]

41 minutes ago, B088IN said:

So this is now live. Is there any idiots guides to what to do as its fairly confusing for my tiny brain lol

 

It seems you can do the farm thing here. So you stake SGB and CAND and that will earn you some DFLR. The first people to stake and provide liquidity normally make a lot of DFLR and that becomes less as more people are staking (providing liquidity) because they all have to share a fixed amount of DFLR profit.

Since I don't know what CAND is, I cannot determine the risc of impermanent loss and that's also reason for me not to join yet. But might as well be my loss ;-). i.e. if you stake both SGB and CAND (which means you also have to buy CAND) - you would earn some DFLR, but, if CAND would drop in value you would lose on that.

 

Edited November 20, 2021 by jn_r

[B088IN]

Thanks. So how does it work. Do you convert SGB to CAND and then use the CAND to earn DFLR by staking?

 

[B088IN]

It would appear I suck at this lol. So I have SGB and now I have CAND after exchanging some SGB to CAND. So I used FlareX to exchange SGB to CAND but when I go into FlareFarm it shows I have nothing available to Stake?

So what am I doing wrong, I have both SGB and CAND, I guess its CAND that you use for staking?

Appreciate anyones help, oh and I'm using this through the browser in the Bifrost wallet.

[jn_r]

31 minutes ago, B088IN said:

It would appear I suck at this lol. So I have SGB and now I have CAND after exchanging some SGB to CAND. So I used FlareX to exchange SGB to CAND but when I go into FlareFarm it shows I have nothing available to Stake?

So what am I doing wrong, I have both SGB and CAND, I guess its CAND that you use for staking?

Appreciate anyones help, oh and I'm using this through the browser in the Bifrost wallet.

I think you should be able to stake here: https://xfx.flr.finance/pool

But not sure. Maybe here: https://xff.flr.finance/ (under my portfolio).

 

Edit:

ok, so you first go to xfx.flr.finance/pool to provide liquidity

Then with those tokens you can go to xff.flr.finance and stake the liquidity tokens from the first action, now you are farming

Edited November 20, 2021 by jn_r

[Seoulite]

1 hour ago, jn_r said:

Since I don't know what CAND is, I cannot determine the risc of impermanent loss and that's also reason for me not to join yet. But might as well be my loss ;-)

There is a danger of fomoing into things you don’t understand. Yes it’s a new thing and it’s making a splash but I’m like you: not quite ready to jump with two feet. I’ve said elsewhere here that flare and songbird are tier one, I have a lot of faith and have put in capital to reflect that. But stuff like FF is still a step below that, and it remains to be seen what will happen with DFLR. I will happy to receive their airdrops, but I’m not convinced I should be putting in money or changing xrp or SGB to CAND with the hope of getting DFLR. I could be wrong, probably am, but I’m happy to sit and wait a while.

[jn_r]

1 minute ago, Seoulite said:

There is a danger of fomoing into things you don’t understand. Yes it’s a new thing and it’s making a splash but I’m like you: not quite ready to jump with two feet. I’ve said elsewhere here that flare and songbird are tier one, I have a lot of faith and have put in capital to reflect that. But stuff like FF is still a step below that, and it remains to be seen what will happen with DFLR. I will happy to receive their airdrops, but I’m not convinced I should be putting in money or changing xrp or SGB to CAND with the hope of getting DFLR. I could be wrong, probably am, but I’m happy to sit and wait a while.

Yes I agree. Still, it is fun to play with a tiny bit of your SGB stash, just to see how and if it works.

I just tried some and it works as expected the same as the AMM's on Ethereum (And that is probably because it's using EVM - thank you Ethereum ;-) - and more or less clones of the Uniswap/Sushiswap contracts)

[B088IN]

Thanks @jn_r that was the part I was missing, I had CAND and SGB but didn't realise you had to add that into the liquidity pool. 

Now I also didn't realise that you need both SGB and CAND to be able to add into the liquidity pool, which was lucky as I nearly converted all my SGB into CAND, again, this is all new and I realise that would of been a a silly mistake. Fortunately I didn't.

So I have added my SGB and CAND into the liquidity pool and then I was able to stake that into FlareFarm.

All cool, seems to be working. So next question I have is what happens. next? I understand that from my stake in the FlarFarm, DFLR is the reward. Is the intention to keep these for when the FLR goes live and then migrate over to that?

Is there any value in DFLR?

Sorry, I know these seem trivial to those who understand and I may also be wrong on many points, so any direction is appreciated.

[Seoulite]

2 minutes ago, B088IN said:

Is there any value in DFLR?

The million dollar question

[Seoulite]

 

[jn_r]

2 minutes ago, B088IN said:

Thanks @jn_r that was the part I was missing, I had CAND and SGB but didn't realise you had to add that into the liquidity pool. 

Now I also didn't realise that you need both SGB and CAND to be able to add into the liquidity pool, which was lucky as I nearly converted all my SGB into CAND, again, this is all new and I realise that would of been a a silly mistake. Fortunately I didn't.

So I have added my SGB and CAND into the liquidity pool and then I was able to stake that into FlareFarm.

All cool, seems to be working. So next question I have is what happens. next? I understand that from my stake in the FlarFarm, DFLR is the reward. Is the intention to keep these for when the FLR goes live and then migrate over to that?

Is there any value in DFLR?

Sorry, I know these seem trivial to those who understand and I may also be wrong on many points, so any direction is appreciated.

So what happens next? Now you joyfully watch the 'Unclaimed' amount of DFLR growing -- verrrry slowly but surely 

You can claim if you want and then you will really have the DFLR. But mind the tx costs. 

What's next, we don't know what DFLR is worth yet, but I was looking into FlareLoan and apparently you can stake it there if you want, then it probably serves as collateral or something or liquidity such that others can borrow from your stack. You'll learn the fasted by just playing around (with small amounts - thanksfully the tx-fees are low)

Just a reminder, note in the swap-tab that CAND is decreasing in value, so, presumably you exchanged (or swapped as I did) an amount of SGB into CAND, means, you now have less value. Some would call it Impermanent Loss :-) That's a bit of a loaded term, but since we are looking from SGB point of view I am certain there is some loss. And maybe if CAND increases in value that will vanish and you will be double winner ..

[B088IN]

Thanks both, it is a learning curve, and as the SGB was free, I don't really see any value lost as I am practicing on the network. I guess that was the intention of it all along.

And yes, I also noticed that the value of CAND is significantly lower than SGB when converting and looking to swop back into SGB from CAND, oh well. 

The intention is to leave this running and staked until the 11th of December then move it all back into SGB, (not sure if I can covert DFLR into SGB) and then hold for the snapshot of ExFI on the 12th and then move the SGB back into CAND.

Well that the plan for now lol

[jn_r]

I just noticed from the video that CAND is 'Canary Dollars'. The value seems to be close enough to expect it to be a stable coin to USD.

Anybody knows how that value is save guarded? Is it like Maker? It seems that you can mint by placing SGB collateral so that looks somewhat the mechanism of MakerDao.

Edit: yeah that's probably it, it is save guarded by the over collaterization as explained in the video. Nice to see this happening on Songbird

Edited November 20, 2021 by jn_r

[MarioBozikovic]

For getting your part in snapshot on 12.12.2021, where your SGB or WSGB have to be? Can they be in any wallet or must be on Flare Finance or Bifrost Wallet or some other? Which other?

Edited November 22, 2021 by MarioBozikovic