Flare Finance ExFi Beta V2 Launch

[Seoulite]

6 minutes ago, PM2 said:

I was watching the videos put up by patty XRP and Mickey B Fresh and I noticed that their browser version seemed to have much more functionality than mine (not that I could not do everything I wanted). Does anyone know why this is? Perhaps Android / iOS? I tried switching browser from Brave to Chrome but it made no difference. 

Can’t say I noticed that. Maybe they are using a different wallet? 

[PM2]

I'm using Bifrost as in the video. 

Edited November 22, 2021 by PM2
Typo

[brianwalden]

26 minutes ago, PM2 said:

I'm using Bifrost as in the video. 

I think they were on a desktop browser.

[brianwalden]

On the whole I'm very frustrated with Flare Finance. There's no way to track if you're making profits. There's no solid information anywhere. The discord is full of people who have no idea what they're doing (which is not their fault, but Flare Finance's).

This current line of products should be on Coston with fake money.

The problem of information could be easily fixed. There are a few UI tweaks that could also make a big difference. Those are easy. But there's a fundamental flaw in the economy of this whole thing. I understand that this is in beta and it's incredibly risky. Normally the rewards are high to compensate those risks. Here, they're not.

From what I hear in the discord people in the stability pool are losing money because the demand for CAND in inflating its price. I haven't seen any noticable profits from the liquidity pool, if I go to withdraw my LP token amount, the amount of CAND and SGB I get back is within pennies of what I put in. The dFLR earned from farming is low and is literally worth nothing as there's no market for it. I can stake that dFLR in Flare Loans to get a little bit of CAND and SGB from it, but I dunno. I need to make up for the borrowing fees and the loss of delegating income. Right now I don't see that happening for a long time.

At the very least, they should have SGB/dFLR and CAND/dFLR pools to allow for triangle arbitrage to help keep the SGB/CAND prices in line. They probably would have been better keeping this whole thing on Coston at least until the state connector system was up, allowing them to use several currencies.

Has anyone figured out a way to make good money in ExFi v2?

[PM2]

I'm not so worried about functionality at this stage, I consider V2 to be beta software. It's great that you can earn real dFLR but I do agree about the lack of information. I would appreciate more information when I'm trading. For example, I would like to see both sides of the price when I come to swap CAND with SGB. 

[jn_r]

I'm trying out Stability pool, but notice quite some liquidations. Maybe because it's not that much of a problem to get liquidated you would think, otherwise people would make sure they do not get liquidated in the first place or I would make more money as stability provider :-) It's almost as if there is no penalty for getting liquidated.

I have to wait now for SGB to go up in price and then swap SGB->CAND so I can repay my debt without loss (preferably making profit). I guess that's somewhat how the game should be played.

Edited November 22, 2021 by jn_r

[JASCoder]

JFYI - regarding FTSO delegation of your staked value on FlareX : 

A mod in the Discord chat reported that commit your SGB/wSGB on their platform, it will be delegated on your behalf 50/50 split to DeFiOracles and the current highest rewarding FTSO oracle. 

This seems a reasonable compromise to somewhat compensate for the opportunity loss of delegation rewards given their current lower reward rates in the ongoing FTSO "competition."

[Seoulite]

11 hours ago, brianwalden said:

There's no solid information anywhere.

This is a big issue. I actually didn't realise until after it went up, but having a site like Flare metrics is essential in these complex DeFi ecosystems. There needs to be an authoritative place where you can go to get updated information reliably. If someone like Brian, the earliest of the early adopters, can't figure something out, then something is wrong. 

In any case, you have confirmed my intuition that it was too soon to jump into ExFi. I'm happy to get their airdrop, will be happy to use them in the future, but I'm also happy to wait until things are cleared up a bit.

[Guest]

19 hours ago, brianwalden said:

Has anyone figured out a way to make good money in ExFi v2?

My frank opinion based on my experience. There is no good way to make money on v2 if you are starting today (or even day 1, minute 0 of v2) because there is no market for DFLR, so you don’t know what your rewards are worth, and no good liquidity for SGB/CAND.

If you ignore LPs, which I did not participate in and so don’t have an opinion, there was only one shot at being safely profitable in Loans and that was within the first few hours of v1, when there was a lot of DFLR available to be distributed in loans. The most profitable way to make money on v2 is to stake the DFLR one already has from the first few hours of v1, without participating in any v2 products.

I made 15% in net profits during v1, and currently at ~1.5% net profit in v2; both because I was able to get in early during v1.  I expect profits in v2 to stagnate at 2-2.5% by end of this week. If I didn’t participate in loans at all during v2, and just staked my DFLR, I’d have had 3.5-4% net profits.

FWIW, I gave feedback to both Frenchie and Delvin around need for tools and arbitrage to sustain interest. They may have additional challenges with having a market for DFLR (it is intended for Flare and is not expected to have any value, to be swapped for YFLR).

Edited November 23, 2021 by Ripley

[Guest]

On 11/22/2021 at 8:50 AM, brianwalden said:

On the whole I'm very frustrated with Flare Finance. There's no way to track if you're making profits. There's no solid information anywhere. The discord is full of people who have no idea what they're doing (which is not their fault, but Flare Finance's).

This current line of products should be on Coston with fake money.

The problem of information could be easily fixed. There are a few UI tweaks that could also make a big difference. Those are easy. But there's a fundamental flaw in the economy of this whole thing. I understand that this is in beta and it's incredibly risky. Normally the rewards are high to compensate those risks. Here, they're not.

From what I hear in the discord people in the stability pool are losing money because the demand for CAND in inflating its price. I haven't seen any noticable profits from the liquidity pool, if I go to withdraw my LP token amount, the amount of CAND and SGB I get back is within pennies of what I put in. The dFLR earned from farming is low and is literally worth nothing as there's no market for it. I can stake that dFLR in Flare Loans to get a little bit of CAND and SGB from it, but I dunno. I need to make up for the borrowing fees and the loss of delegating income. Right now I don't see that happening for a long time.

At the very least, they should have SGB/dFLR and CAND/dFLR pools to allow for triangle arbitrage to help keep the SGB/CAND prices in line. They probably would have been better keeping this whole thing on Coston at least until the state connector system was up, allowing them to use several currencies.

Has anyone figured out a way to make good money in ExFi v2?

Update: CAND/DFLR and CAND/yUSDT pools are in the works. This should help a lot.

[djdhrubs]

Er, where can I see my rewards for Staking in the SGB/CAND pool? Am either being stupid or the site is a bit murky to use.

Edit: found it via their pinned tweet.

Edited November 23, 2021 by djdhrubs

[brianwalden]

45 minutes ago, djdhrubs said:

Er, where can I see my rewards for Staking in the SGB/CAND pool? Am either being stupid or the site is a bit murky to use.

Edit: found it via their pinned tweet.

What are the current rates?

[brianwalden]

I'm seeing profits from providing liquidity now. I think I'm gonna make it. If this keeps up, I'm happy with my strategy.

If you want to practice this stuff, maybe go to BSC, Solana, Terra, Avalanche, etc. and learn about farming and staking and borrowing and claiming rewards there using apps that are more finished. Flare Finance isn't ready for people who don't know what they're doing yet.

I like DeFi. It's my jam. But it's hard and unforgiving and it's not for everyone. I think Flare Finance is gonna be fine, maybe even amazing. But for right now when they say they're in beta, they're really in beta.

[djdhrubs]

10 hours ago, brianwalden said:

What are the current rates?

No idea where you check that. And I'm not gonna be able to check til tonight when I hook up my desktop. I think I made just over one DFLR lol. That was in a few days. Didn't put much into the farm.

[lizshadehdg]

Well I don't know what I am doing in flare finance if I will ever do anything there.  But I saw you guys saying you couldn’t see the “rates” and I once saw this screenshot in one of my telegram group.