Beta Testing - Flare Finance
The Flare Finance Beta Test is a two week program where about 200 participants are trying to generate the greatest return on their holdings. I’m a person with no experience in DeFi, here’s what I’m finding. No guarantees that I’m getting this right – DYOR
Beta. Three Options
After the first couple days of people getting onboard, tokens were loaded onto our MetaMask wallet, and we began to play. The image above shows the home page menu where we click between our options – Flare X, Flare Wrap, and Flare Farm. So far, after a week, we are not playing with the other three utilities, Flare Mine, Flare Loan, and Flare Mutual.
- SWAP – enter one token and convert it to another token
- POOL – add tokens to each side of a pool and create a “liquidity pool – LP” token.
Enter one of the Flare Finance tokens you hold and convert it for another token on the network.
Add your tokens to both sides of a liquidity pool and generate an LP (liquidity pool) token for that pair. Add your LP token to Flare Farm to yield farm.
+ Withdraw and Deposit
This is where you move nonxrp related assets onto the Flare Finance Network and where you move Flare Finance tokens off network to outside wallets.
+ Liquidity Pools
This is the exciting page, where you add your assets to various pools and earn APY and the reward token YFIN.
FlareWRap - Deposit
Start out by onboarding some value to Flare Finance, for instance the USDT token pictured below. No need to use an exchange to add tokens from different chains.
Flare WRAP - Withdrawal
After you’ve been using Flare Finance awhile, maybe you want to WITHDRAW some value and put it on your wallet. You WITHDRAW it with the Flare Finance Stable Coin – XUSD . (Maybe more choices later??? This is what shows for now.)
Flare x - Swap
Once you have value on Flare Finance you may want to distribute that value between the various tokens on the network. As you can see to the right, Spark (FLR) and FXRP from the Flare Network can be used on Flare Finance. Also, the native tokens to Flare Finance can be used, YFLR, YFIN, and XUSD.
And finally, the FARM. Once you’ve swapped for tokens or created liquidity pairs, you can stake them to earn in two ways, both an APY (Annual Percentage Yield) and the Flare Finance Reward Token, YFIN.
The FARM has two types of pools to stake into. The first type is a single asset pool, like FXRP. You add your FXRP to the pool so others can borrow it. You earn APY, which you receive as a YFIN reward.
The second type of pool is a two-sided Liquidity Pool that has its own LP token representing the two assets that make up the pool. You use the SWAP page, and create your pool asset there, then you come here to FARM and stake it.
In the XUSD/YFIN LP Pool below you can see pool values, plus the amount you’ve staked, and your YFIN rewards. Your control buttons below each pool allow you to STAKE and UNSTAKE value as well as claim your YFIN rewards, which then adjust your account balances for your tokens.
How It Works
Here’s some documentation on the tokens and their functionality on Flare Finance
Flare finance beta presentation pdf
What I’m Doing Next
Sooo…I’ve been trusting those folks who tell us that Flare Networks and Flare Finance are going to be a huge opportunity. I’d already spent some days diving into the white papers. Now with Beta Testing, I’m starting to get a physical feel for what the white papers describe. Next steps.
It takes awhile to get a feel for the tokens, the language, the aim of Flare and Flare Finance. Reading the white papers really helped me once I got to play with the Beta. I will reread them again now, with new eyes.
Learn about De-Fi
I’ve been focused on HOD’ling XRP. Now I’m turning my attention to learning about all the DeFi work that’s been developing related to the Ethereum ecosystem. We’re going to be using those terms a lot. Click for A DEFI ENCYCLOPEDIA
Learn about Traditional Finance
A couple of the Beta players have traditional finance backgrounds. They are WAY AHEAD of the rest of us in terms of finding the most profitable actions on the Flare Finance Network. We are going to be LIQUIDITY PROVIDERS soon with our incoming Spark and YFlare tokens. Worthwhile -literally WORTHWHILE – prepping for this future.
- It was a gift to become aware of XRP so very very early.
- It’s an incoming gift to be receving SPARK tokens soon for the Flare Network.
- Another gift coming to be receving YFLR for Flare Finance.
- THANKFUL? Yes