Grand Master Jedi
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This is the longer video but its extremely informative:
Don’t rule yourself out because of that. Aim to watch 30 minutes a day to learn this ecosystem or whenever you can. Ive committed a few days already Im starting to get familiar with it. You have until 2Q before Flare Network is launched. Thats ample time to start slowing digesting this. Commit your mind to digesting a little bit at a time. That one video I shared was for informative and very helpful in understanding the ecosystem. Im watching this one right about EXFI. Its only 13 min (
Yes, within the Flare ecosystem you can use your XRP as a originator to get FXRP through an agent, which allows one to earn YFIN and even to get more FXRP in FlareFarm, FlareLoans and FlareMutual. At anytime one can trade back their FXRP for XRP which is a 1 to 1 equivalent. Im still learning all of this but much can be earned through the 6 products thats being launched when the network goes live with FlareX, FlareWrap, FlareFarm, FlareLoans, FlareMutual and FlareMine. Im ruling out FlareMine from the get go as I don’t mine BTC or ETH but want to get aquatinted with the other 5. Also, one thats not mentioned is the Flare Time Series Oracle (FTSO) which is wrapping and delegating Spark tokens like we do with Songbird. That can earn one more Spark tokens that can either be liquidated or compounded in FlareFarm to earn more YFIN. Its much to digest, but like anything once you learn it, you know it, and committing to staying the course know this DeFi platform once it goes live. https://prismic-io.s3.amazonaws.com/flare-website/0a397b8d-63fc-41e2-8c26-ff7cbe5bd232_FF+Ecosystem+Map.pdf
Oh I see, they allow one to tier up to get a higher rate with buying and holding Nexo. This is something to look further into as I don’t think Ill be utilizing all my XRP with the Flare Network. Thank u for the feedback.
Perhaps locking up 50k XRP for an annual 4-5% is not to shabby.
Thats not to attractive but thanks for the quick reply. These firms and exchanges giving these incentives is pretty wild. I would like to start checking my options more. I saw a commercial for iTrust captial that offers a Roth IRA for crypto which would get around taxes but I haven’t researched the details of it. I know these Roth IRA’s have specific requirements but it shows how this market is maturing.
Is that 1% daily, weekly or monthly?
Whats apr rate that Nexo gives for XRP? Let say its 100k XRP? Does it matter the size of the bag? Like if its 500k or even over a 1M XRP?
This video is gold….its an in-depth breakdown of the Flare Ecosystem and strategy for passive income. He explains four of the six FlareFinance products for strategy. One thats not listed is the Flare Time Series Oracle (FTSO) which is wrapping and delegate ones Spark tokens just like on Songbird, which he does mention. All six products will be launched simultaneously when the Flare Network goes live, which are FlareX, FlareWrap, FlareFarm, FlareMine, FlareLoans and FlareMutual. He has a video about using Nexo which he mentioned at the end of the video that sounded like something Id like to watch but for now Im staying focused on Songbird and Flare.
Agreed, as it takes resolve to digest and understand this new info and then most importantly…apply it. For the average investor especially the millennial I don’t see it. Not a chance. Just talking to somebody about buying crypto is a challenge let alone trying to explain to them the importance of using a Nano Ledger and how to do so. Fat chance that they’ll learn to use crypto for decentralized finance. Yes, we certainly jumped through the hoops to buy XRDOGE, which many wouldn’t know how to do.
Phew is right! I was going to jump in and start learning this process to earn some extra DFLR as that can be exchanged for YFLR when the Flare Network goes live. I believe there will be a 30-40 day window when one can claim their DFLR for YFLR. Whoever is getting Spark will have the ability to get their DFLR but the window to exchange it for YFLR is limited (30-40 days). Whatever DFLR that is not exchanged for YFLR will get burned up so when this happens one will need to be paying attention. Minting CAND is a loop hole to get some extra DFLR for when that window opens to exchange it. Time to keep learning as Im still a novice with all of this.
Basic Breakdown of XRP Ledger & Flare Networks. As the saying goes, how does one eat an elephant? One bite at a time. Learn, apply, earn.
Same problem here. Ive changed my schedule with this new year to start learning this because of the passive income opportunities. Nothings learned over night but with conviction and resolve anything can be learned. If I can get a hang of this (Flare Farm, Flare Loans, Flare Mutual) before Spark is distributed 2Q this year Ill be content. Navigating through the Songbird Network will be a big help as well. Learning how to delegate with providers to earn Songbird was quite simple but I feel the other aspects such as collateralizing loans, earning and working in the liquidity pool will be a little more challenging. Regardless, this is so wild in being part of an ecosystem for Decentralized Finance (DeFi).
Tax Opinion. According to this we’ll owe nothing for the initial 15% but thereafter whatever the price is when we receive our 2% monthly Spark will be considered as income. “Spark ($FLR) US Tax Treatment” https://flare.xyz/spark-flr-tax-treatment/
Flare Community Passive Income Strategy (Live Streaming Now)
FLARE FINANCE ECOSYSTEM OVERVIEW: https://prismic-io.s3.amazonaws.com/flare-website/0a397b8d-63fc-41e2-8c26-ff7cbe5bd232_FF+Ecosystem+Map.pdf
ExFi overview, price discovery and other points. Ill be staying tuned to this channel as Im eager to learn and navigate through this ecosystem for all passive income points. Not stopping until its as easy as driving a car. Lets roll! “Flare Finance EXFI - What is Next? (Gamma Phase)”
:)!
Im sure after the initial drop where everyone get 15% of their bag the price will pull back for the opportunity to load. The good thing with Songbird is that it will continue to be used after the Flare Network launch. Not only was it a treat to get set up to receive Spark, which at the time was not easy to do as many were concerned including myself that they could lose their XRP, but get Songbird in the interim as the test network. No complaints from Yoda.
The Songbird and Flare network is what DeFi (Decentralized Finance) is all about. Learning to fully use the Songbird Network for Passive Income will make using the Flare Network as easy as 123. When we get our Spark tokens delegating them to Flare Providers will be simple because were already doing it with Songbird. Using Songbird for collateral in the liquidity pools and learning to use Finance ExFi token is what Im going to start learning next. The info to learn it all is available one has just gotta make time do so.
Im stoked as well! :)
Let it launch and start being utilized as it will have use cases. Its going to end up being much higher then that as EXFI will be the Finance Token of Songbird Network. What EXFI (Experimental Finance) is to Songbird is what Yield Flare (YFLR) is to the Flare Network.
This video explains the new ratio and the burn: “Flare Finance EXFI Airdrop Update + 100% Flare Foundation Burn!”
I got almost 500, which I thought I was going to get more as well. Theres a Flare Community video explaining why which I believe it’s because Flare is getting EXFI which thinned the herd. They came out the other day and said they’re burning all of what they’re receiving which will increase the value.
I came across this video on my Youtube feed and it was such a clear overview of how wicked this ecosystem is. Being an agent or offering your Spark as collateral can yield you 10% a year? Not sure if that includes the rewards that Spark can produce also thru delegating. So it may be more then 10%, but not sure, as Im just starting to pay more attention to these passive income details. Either way 10% is still significant especially for those who loaded XRP heavy in the 20’s and got large Spark positions. Anyways, I came back to the boards to see what video you shared as I saw the link earlier but didn’t click on it. When I did it sent me to the same exact video I just got done watching. (Flare Community Passive Income Spark Deep Dive.) These videos are gold for the opportunity here to make passive income. What a riot.
Yippee-Ki-Yay!
Just scooped up another 30k shares which significantly dropped my average. We go lower I may average down again. Don’t let me down Zion.
After what happened with XRDOGE I haven’t used them since. Highway robbery. Only way I would use them again is if there was no other option.
I use Bitrue and Uphold but lean more towards Uphold: “Uphold: Buy BTC, ETH, XRP by Uphold Inc” https://apps.apple.com/us/app/uphold-buy-btc-eth-xrp/id1101145849
If you’ve ever wondered why they did a test net, just watch this. Were sitting on a volcano and when it erupts its good night Irene: “The Flare Network - What is it?”
WATCH: “Flare Finance EXFI Airdrop Update + 100% Flare Foundation Burn!”
I enjoyed that video. Im itching to buy another 30k shares now, hgmmmmm!
Perhaps we’ll see EXFI in our wallets tomorrow as the airdrop should be finished by then. “ExFi Airdrop should be airdropped today Jan 1, 2022. NOT VISIBLE YET in Bifrostwallet/MM. IT WILL SHOW UP AFTER AIRDROP....”
🔥ExFi Airdrop should be airdropped today
— XRP_Cro 🔥 AI / Gaming / DePIN (@stedas) January 1, 2022
🗓️Jan 1, 2022
➡️Not visible yet in Bifrostwallet/MM. It will show up after the airdrop
➡️Ratio: 1 ExFi = ~235 SGB (subject to change)@FlareFinance @BitrueOfficial @CryptoFrenchBD @UpholdInc @cex_io #fintech
*Uphold didn't confirm yet pic.twitter.com/uPLX96uyZ7
I assumed u were asking about SOLO and didn’t check the post u were responding to. SGB is trading a little over .19 now and I do believe the bottom was in at .1750. Buying at these levels is good prices IMO.
Right now SOLO is sitting at $1.09 and although its a good price I would say the most opportune time to buy would be a day or two after the airdrop. Although they’re incentivizing holders with CORE it still will drop some but that gives all the more reason that it will move back up. Vagabond had no liquidity so the comparison isn’t fair as SOLO has been trading for years and is more established but nonetheless its still a comparison of what can happen to the price post airdrop. Vagabond dropped to under .20 and then recovered back to .95 and now sits around .72 so if I were buying I would wait till after the drop and see what happens. Buying after the airdrop and holding for the price to recover some has the potential of being a good play. https://www.livecoinwatch.com/price/Sologenic-SOLO
I know you could’ve done it this way as well but Im not familiar with the Sologenic wallet. If you had your XRP in the Solo wallet and set up the trustline up per whatever the instructions were before the snapshot on 12/24 then you’ll get them. If you didn’t do it per the instructions then it’s nothing to lose sleep over as the ratio was changed because of how many people participated. It went from 5 to 1 ratio to .013 so for 25k XRP would give you 325 SOLO. Based on the initial ratio you would’ve got 5000 SOLO but because so many more joined positions were reduced as there was only 200M allocated for XRP holders.
The snapshot for SOLO was on 1/24 and you did need a trustline set up thru the xrptoolkit or xumm. If you missed the snapshot then you won’t be eligible for the drop. What do u mean all your XRP is on SOLO?
Scooped up 1706 in SGB rewards this morning. About 200 more then last week. Look forward when were back over .50 so the value of these rewards are more significant.
EXFI should be sometime today and SOLO is on 1/20.
This is wild. These providers like Best FTSO allowing you to buy NFT’s with rewards? This rabbit hole keeps getting deeper. Soon Im going to start committing some work days to learning more about this stuff because digesting this at night time makes my brain feel like its going to explode: “Triple Rewards with One Delegation! - Introducing $NFTp”