What's up with FLR Finance

[brianwalden]

I was in there claiming some rewards and rebalancing some stuff and the experience is just awful (on a PC with a Ledger). I had to reload the site multiple times and submit transactions multiple times.

Plus their prices are all off. I can't tell if CAND is off peg or if the SGB price is just inflated in their swap pools.

[Seoulite]

Yes it is very hit and miss, multiple reloads and failed transactions virtually every time I use it. This is from MetaMask. Sometimes it seems there is a problem connecting to the songbird network but I don’t know whose fault this is.

As for CAND yes the peg is off. At one point I think almost 50% off but now it seems to be moving back towards a proper peg.

[brianwalden]

6 hours ago, Seoulite said:

Yes it is very hit and miss, multiple reloads and failed transactions virtually every time I use it. This is from MetaMask. Sometimes it seems there is a problem connecting to the songbird network but I don’t know whose fault this is.

As for CAND yes the peg is off. At one point I think almost 50% off but now it seems to be moving back towards a proper peg.

The Songbird network seems to be chugging along fine and I don't have any problems on FTSO AU, for example. I don't see why they haven't improved their site in the months they've been out. Either they're going to get their act together when the state connector system is fully up and running and they can release their full products or I have a bad feeling about this thing.

[RambeauTeasebox]

I'm still playing the game twice a week -- at this point, for pocket change -- and I've continued to have similar problems with FLR Finance using Metamask and Firefox. (I haven't tried other wallets or browsers for FLR Finance.) Sometimes it seems to work alright, and other times fails again and again. Even when it works, I almost always have to reload the page. I've had barely an issue with the other Songbird dapps I've tried.

8 hours ago, Seoulite said:

As for CAND yes the peg is off. At one point I think almost 50% off but now it seems to be moving back towards a proper peg.

9 hours ago, brianwalden said:

Plus their prices are all off. I can't tell if CAND is off peg or if the SGB price is just inflated in their swap pools.

Yeah, I believe that FLR Finance is pricing all tokens in-dapp relative to CAND, which is assumed to be worth $1. So the stated FLR Finance in-dapp asset prices are all off by about whatever amount CAND is off from dollar parity.

[brianwalden]

2 hours ago, RambeauTeasebox said:

I'm still playing the game twice a week -- at this point, for pocket change -- and I've continued to have similar problems with FLR Finance using Metamask and Firefox. (I haven't tried other wallets or browsers for FLR Finance.) Sometimes it seems to work alright, and other times fails again and again. Even when it works, I almost always have to reload the page. I've had barely an issue with the other Songbird dapps I've tried.

Yeah, I believe that FLR Finance is pricing all tokens in-dapp relative to CAND, which is assumed to be worth $1. So the stated FLR Finance in-dapp asset prices are all off by about whatever amount CAND is off from dollar parity.

Yeah, stablecoins need arbitrage to maintain peg. I'm surprised they launched without the state connector and the ability to wrap coins from other networks. When they finally introduce wrapped stablecoins from Ethereum, it will be an interesting bet to buy CAND on the hope that it returns to peg. If it doesn't, it might take all of FLR Finance with it.

[Seoulite]

On 4/6/2022 at 8:08 PM, brianwalden said:

Either they're going to get their act together when the state connector system is fully up and running and they can release their full products or I have a bad feeling about this thing.

I give them credit that the thing is more or less working considering how many things they launched at once and having to deal with the Flare loans fiasco and the fallout from the founder nonsense. I think there is still plenty of opportunity to turn it around. My bet is that if flare is successful then Flare Finance will get some of that money just from a trickle down effect.

[RambeauTeasebox]

Update from the project:

https://flrfinance.medium.com/community-update-s1e1-71d6de275cb3

[Seoulite]

8 hours ago, JohnyyStraw said:

I used to trust this platform more, but now it fails me too much, and I want to switch to something more stable. Is there anything you can suggest to me?

Afraid there's nothing available yet, but we could hope and expect that more platforms will appear over time.