Flare Airdrop Episode 53: Wrapping, Delegating, and Earning Passive Income

hello everyone ah so this is the English version of episode 53 for Flair airdrop or post air drop like how you can wrap

and delegate your tokens and earn futsu rewards or earn passive income through the flat delegation process now in this

English video I've added an additional content to the Tamil version where uh you know the epoch one where the rewards

have ended and I've calculated how much flare that you can earn by doing this process which wasn't very clear during

the beginning of the delegation and wrapping process so now today Epoch one has ended and I have added that

calculation also to this video at the end of the video so um as usual disclaimer and warning I am

not a financial advisor or investment expert all of these videos just to provide Clarity and share the

information that I have learned using my personal experience and again you know I'm active on Twitter at the rate

Senator London is my hand not just me if you are in crypto then you can get all of this information much much quicker

and easier by being in Twitter so it is very easy to create a Twitter content for follow me in fitter so ah flat token

we've talked about it a couple of times in episode 13 in November 2020 almost three years back and episode 49 about

three months back in November 2022 I had posted uh episodes about the free flower token ad drop so I will give you the

links to these videos if you haven't watched it but in premise what it is is that if on December 2020 12th December

2020 anybody who was holding xrp tokens will be getting a free air drop of this flag token which is a new L1 blockchain

basically and even if you had sold your xrp if you have forgotten about it moved it it doesn't matter you will still get

the free air drop but only 15 percent of these tokens are going to be air dropped for the first initial order which has

happened and which happened on the 9th of January 2023 and the rest of the 85 percent there is a voting process that

is going to determine whether or not people will still get that 85 percent or in the same same way that it was

originally intended so anybody who held it at that point of time obviously you know if if they don't perform a certain

action they will not get the remaining 85 percent action 85 percent tokens based on a proposal that uh that flower

team have brought up basically so what that means is that people who will sell their fifteen percent tokens will get

nothing if the proposal passes right so only people ah and people if they are just holding their 15 percent tokens in

central education just like for Xerox and bit true and binance you will still get nothing basically if you do nothing

if you sell or if you do nothing you will not get the remaining 85 percent if you transfer your 15 token to someone

else you will still not get anything so airdrop stops for all of these people so what do you need to do to get the

remaining 85 percent is what we're going to do a demo in this video today so the initial 15 percent like I said where I

dropped with the exchanges on the 9th of January 2023 almost a week pack and the main net is now accessible to transfer

and it is accessible to operate for uh general public right now it is come out of beta all the centralization is a lot

of centralized exchanges have already distributed the tokens to the customers so binance with true uh who obey Cricket

can uphold they have all distributed to the um the customers whatever tokens they've got from the flower team if you

were holding your xrp on a self custody wallet they have also been distributed a few exchanges at the time when I made

this video like wazirex coinbase crypto.com where pending crypto.com have further actually ah distributed the

tokens to the customer so anybody who is holding it in that also got it right now the some of the major exchanges out of

the major exchanges I would say coinbase invers are the ones that are pending so you can check the status in this

flowerpedia.com TDE or you can even uh you know follow the Twitter updates of coinbase and buzzirex for that matter

so I had said that I will make a demo video on how you can move your flr tokens and wrap it so you can get the

remaining 85 percent but more than the 85 percent ad drop uh what is more interesting is that there is a ftso

reward that you can get basically like a passive income it's like a staking process like a passive income that you

can get by doing a very simple process out of your flr token so instead of just keeping it you can move it uh to a

decenter as well so I can get a passive income out of it now

the FIP of 0 1 may or may not happen so it is already in proposal and the Voting is going to start in a couple of days it

may or may not happen but at this point the more likelihood is the people who are going to participate in it are going

to be uh the people who've already done this part connecting your uh you know ex moving your flat tokens to a

decentralized wallet and they are the ones who is going to be voting on it so if you want to vote no for example if

you want to get the remaining tokens whatever even if you want to vote no you need to do this process to be able to

participate in the voting process so we're going to be doing a short demo of connecting your

meta mask with the flower Network we've already talked about if you've been following your videos we've shown how

can we can use metamask to connect to binance Smart chain ethereum Chronos and so on so so we'll also show how we can

move the tokens to the flat Network how we can wrap the flat or wfr and then how you can delegate to an ftso for epocrite

what's all in a matter of couple of minutes basically so flare before we go there I mean we

need to talk about a fundamental difference between flare and the other blockchains so flare is made up of like

two main components ah flash State connector and ftso which is the flower time series Oracle detail documentation

you can actually refer to the links that I've given I put it in the description as well but you know how blockchain

works today in the last you know 10 12 years in the last decade primarily has been like this so you know you got L1

blockchains like ethereum or BNB chain or Avalanche Chronos these blockchains cannot talk to each

other and these blockchains cannot also take time sensitive data like price feed or in external data for that matter

um and as a result they cannot interact outside of the blockchain that's that's the mechanism of a blockchain however

secure they are inside the blockchain however they can communicate even the cosmos ecosystem as an ecosystem

internet of blockchains they can communicate within the cosmos ecosystem but outside of Cosmos you still do not

have a an active mechanism so they rely on a concept called Oracle we've spoken about chain link we've spoken about band

and so many others which are uh called as oracles and these providers provide price feeds to these blockchains and

through that process you know they have their own token and they they monetize this token we've talked about quite in

length and like link and band for example and this is how the blockchains get the

price feed so you know to get the price of the tokens to enable the decentralized exchanges to get the

um you know the the spaps going on that's how they get the price which time sensitive data and also uh if they want

to move funds from one blockchain to another blockchain like you know move from ethereum to Chronos or ethereum to

B and B chain then you have to use an external Bridge like an EO D5 or a multi-chain.xyz for example and then

there are L2 blockchains like polygon optimism which again you know rely on the link between them on the L1

blockchain and they are basically just ah you know an improved version of the L1 blockchain or something that makes it

more faster on a L1 blockchain but fundamentally they still have the same disadvantages of relying on these two ah

point of failures I would say not even point of failures these two points which are outside of the blockchain right now

so although the blockchain stem cells are decentralized price feeds and bridges are still controlled by entities

which are not fully decentralized so you know the Evo D5 or the multi-chain.xyz there are a lot of bridges that we

constantly hear are the biggest exploits in blockchain or biggest exploits in D5 so however the money is safe inside a

blockchain once you try and move it and Bridge is probably the weakest point where the failure is commonly occur or

the attacks or the hacks commonly occur So This Is How They are operating they are reliant on a centralized mechanism

so when we are talking about blockchains and decentralization there's still chunks in the armor I would say

what flare blockchain does is trying to address both these um these these weak points by coming up

with two components called flower State connector and flat time series Oracle so we're going to be talking about flower

time series Oracle but flash rate connector is basically where you can get data from the other blockchains and

internet using a decentralized feed mechanism it is very similar to the ftso but it is not time sensitive so time

sensitive FDA so how it works is what we're going to explain and you will probably understand how flashdate

connector works with the example of the ah the incentivization and the decentralization

so what it means is that you can natively build applications inside flower blockchain which are multi chain

or cross chain enabled you know this is not something that has not been possible so far because of the fact that you are

reliant on external factors or external components within a blockchain to be able to get data from other cross chains

so it wasn't that easy to build a cross chain application I mean the people have built cross chain application but then

they have specifically ported they have to develop separate code and they have to validate it um you know it's not that

you develop one application in it natively works for multiple applications so that's something possible and you can

trade assets with highly accurate price feeds and it is completely decentralized and there is no single point of failure

or a single entity that is controlling it so how does it work is what we are going to talk about the ftso basically

so um the there are lot of ftso providers anybody can become an ftso provider like

you can become an FPS provider or a group of entities or any technical entity can become a FDA supervisor

basically a data provider their job is to Source the pricing data from different exchanges so for example

wazirx binance and other sources so binance and many of the other exchanges they provide you an API where you can

read the pricing data so you get the pricing data of a token from all of these sections based on the order book

based on the liquidity you get the pricing token pricing data and all of this is done programmatically

that you get it every few minutes and the average price of what price is collected so xrp for example if it's one

dollar one point zero two and one point zero four the average price of all of the prices collected is then submitted

to the ftso as an average price and this can happen every X minute which is a variable time and is called as an outing

round and right now every three minutes there is a voting around so every three minutes the new price is collected

gathered averaged and submitted to the ftso buy these ftso providers so like one FTS or provider there could

be multiple ftso providers and all of them send the pricing data the average pricing data to fdso and ftso then

decides based on all these FTS or providers who are sending price to the FDA so itself ftso then decides

something called as a compensate median winner so again it it determines that this price is decompensated is the

median price of all the prices that are submitted by all of these ftso providers now here's where it gets interesting as

to who gets the actual reward so unlike blockchain where only one node gets the reward

um here the the middle fifty percent of all the ftso provides will get the reward so unless you are in the top 25

percent or the bottom 25 percent for every voting round all the middle fifty percent ftso providers will get the

reward or the flr rewards to the uh to to for providing this data providing the median price so it is in the FTS of

providers best interest to get more accurate data to fit into that middle fifth FDA so the permittent to the

middle median reward basically so anybody who's providing 1.0 to 1.10 will not get the reward but anybody who is

getting like 1.04 1.06 even if 1.05 is selected as the compensate median winner the 1.06 and 1.04 dollar providers will

also get a reward that's the good thing about for the rewarding mechanism here so if there are too many ftso providers

the top 100 ftso providers are selected with the delegation of flr tokens so again what is the delegation of flr

token so this is where we come in like you know people like common people like you me and and you know everybody who's

got flr tokens in their decentralized wallet we can delegate our flag tokens to these ftso providers you select an

ftso provider someone based on the metrics that you decide is the reliable FTS or provider who's doing a good job

of collecting accurate data and you delegate your flat tokens to this ftso provider so if the ftso provider is

getting 11 flower tokens for example in the three minute voting ground then what he will do is he'll take like a 10

percent fees for example 10 or 20 percent you know some people are taking 25 percent up to 25 percent but let's

say for example if they're taking 10 percent fees of one flr then remaining 10 flr tokens are then redistributed to

distributed as rewards to the delegators so delegators are getting you know practically the bigger chunk of the

rewards so if again that is depending on the prorator of how much they have delegated to the fds app so if I have

delegated 500 and when I 200 and Chuck the S 300 then again it will be like a ratio of 50 20 percent and thirty

percent so out of the ten I will get 5 flr rewards then I will get 2 instructive will get three so that is

how the the rewards are then redistributed to the uh delegator so that is how the overall decentralization

reward and uh um you know accuracy is maintained by incentivizing accuracy as part of the

the mechanism of feeding data into the ftso so again any flr token holder can quite easily within couple of minutes

you know I will show you the demo and within two minutes you can actually wrap your flr and delegate it to any ftso

provider and you can change it for um a period of cycle so we will explain what the period of cycle is so we are

all called delegators and these people are called the ftso providers so um the when do you get the the uh the

reward so you get the reward in a cycle called as Epoch cycle so Epoch cycle is a common terminology in uh the

blockchain world and in but in in terms of flare three and half days constitutes a Epoch cycle so Monday 7 AM UTC uh to

Thursday 7 PM UTC is the first Epoch and then from Thursday onwards till the next Monday morning 7 AM is the second Epoch

and it just goes on and on and on so every 300 of days is called as an Epoch cycle so the rewards are accumulated

over one Epoch cycle and then distributed um as soon as the epoch ends they are

distributed and you can collect it so you can collect it up to a period of three months if you forget to collect

your rewards after three months they are then you know redistributed or burned or whatever and you you have only three

months to collect your rewards basically after the epoch end so after three and half days you have about three months to

collect it and if you delegate it to one ftso provider for the next Epoch you can delegate it to another ftso provider and

you can keep on delegating into different FTS or providers for every Epoch cycle and once you have delegated

during the second of during the pink half basically randomly during the pink of the snapshot is taken as to who you

have dedicated your Epoch your flat tokens too so randomly during the pink period your FTS or delegation is

snapshotted and after the snapshot if you move your flat tokens you know in the next Epoch for example to another

delegation you are still tied to the previous dedicator even if you actually sell it off during the second Epoch you

still continue to get the rewards for the delegation that you have done in the previous Epoch in the pink period for

the next one basically so that is how the rewarding process works now again so TD uh token distribution

event was on 9th January and Epoch one was on ah 9th January to 12th January epochu was 12 January to 16 January so

Epoch 3 is where the actual rewards will be starting because 16th to January 19th is when people had enough time to move

to the um the decentralized wallets and start the delegation process so since there

were not enough delegators for Epoch one and two rewards for Epoch one and two are Bond and rewards will accrue from

Epoch three onwards so I will show you after the demo how much rewards have accrued for the epoch 3 for my scenario

and I dedicated to three different delegators to see the breakup and to see the APR percentage

so again the snapshot that we've explained like you know which delegator that you have which ftso providers that

you've delegated to snapshotted in the second half of the epoch cycle in the pink cycle that we just spoke about

so what you need to delegate so you need any evm enabled non-custodial wallet currently metamask supports a flower

token flower Network so metamask is quite easy if you're familiar with it a mobile wallets there are a few mobile

wallets it supports the flower network bifrost is an interesting mobile non-custodial wallets like trust wallet

out trust wallet is built for binance machine was originally built for minus Merchant or like

um you know crypto.com D5 wallet um it's by Frost is purpose built for flat tokens purpose bill for the flower

Network which means that it natively supports wrapping delicating collecting rewards everything on the flower Network

so by Frost is a is an interesting choice for the mobile wallet if you're going to create a new wallet for example

again all of this process I'll go through a full demo so um once again you know you need to set

up a non-custodial wallet if you don't have a wallet you can create a new wallet or if you have one you can just

take an existing metamask like wallet or if you want a mobile wallet you can install a mobile application on your

phone adding your flat tokens adding wfr token so this is an important process where wfr token is not by default added

to the metamask wallet like if you have a bifrost like wallet then it gets added but if you have like a metamask like

wallet which is not native to Flat token then you need to add wfo which is a wrapped version of the flag tokens then

you need to wrap it I mean then you need to transfer it from Central exchanges wrap it find the ftso and delegate your

tokens and once you have delegated your tokens you sit back and watch these so we'll start with metamask so if you open

the browser extension of metamask you can click on obviously you can use if you've already done this then you will

see all your existing networks you can always click on ADD Network and manually add the network using RPC URL we have

gone through this in a few examples so instead you can go to portal.fly.network and if you click on metamask

automatically it will add all of the information and it will create the link to the flower Network and you don't need

to type any of this information manually as we do in the other chains for example so once I click on approve then it will

also add the wfr token so you are avoiding two steps manually which you need to do and I would probably

recommend this as an option so once you've done that your address is visible and your metamask is now connected to

the flower token so now you copy the flower token address and you go to centralized exchange like bit true which

is enabled the withdrawal on the flower Network so I have got my ah flat tokens on bit true so I click on withdraw and

put the flat token address and as you can see it is charging me around 40 flare as the exchange fees or it's

selling about 20 flowers The Exchange fee so I've withdrawn my tokens and within a couple of minutes I'm getting

it in my fair Network or in my metamask you can see it and as you can see the wrap options and delegate options are

there in the portal itself but instead I'm going to go to another website which is flatmetrics.io that is recommended by

the flower Network itself but currently the flowermetrics dot IO only has got some song board in it it doesn't have it

has the incentive as Canada chain network but not the flare so instead I go to this app.flare oracle.io which is

what I am using and if you click on connect and connect your meta mask you can see the wrap and delegation options

here I'll explain why I am using this so again if you go to wrap and you don't

you know wrap all your tokens because you need at least you know five percent of the tokens for the gas fees as we

have already explained always explained in D5 videos so I'm wrapping about 200 980 flat tokens

in this process so again the wrapping process all of the blockchain processes takes about like you know 20 to 25

seconds maximum it has taken 20 to 25 seconds sometimes it has happened like less than five seconds also so now it is

showing me that I have already wrapped it now the delegation is showing as 0 and it is also having an Epoch timer

which we explained now here's the important part if you go to the the delegation or if you go to the Matrix

tab it is showing you suggested by and showing you by reward rate and suggested so this is the reward rate of the ftso

providers based on which you can decide and delegate your flat tokens so for example I am selecting FTS or AU

um here in this process in this example and I can delegate but it will tell you which is the most beneficial of your FTS

of providers where you will be getting maximum rewards so that you know it you know that which ones are providing good

data and which ones are providing higher uh Return Of Interest return of flat token Steel so once you click on once

you select the token uh ft is a provider and click on delegate it it gets delegated and again it takes about you

know five to ten seconds and it shows you the now that is wrapped and delegation is also delegated is also

showing your tokens so now all you need to do is sit back and wait for the next ebook to start where it will start

accruing the rewards so you can do this in Mobile using the bifrost wallet you can go to the App

Store and download This by Frost wallet mobile app and once you've downloaded the bifrost wallet mobile app obviously

you can create a new wallet or if you have an existing wallet you can actually import it as well so it will give you

the 12 word phrase that you can memorize and store so once you've created shows you the zero balance and you go to

receive and you select Flair token and it will give you the flare address in this part so you copy the flare address

and as usual go to bit true or any Central list exchange click on withdraw put your withdrawal address here and

pick the withdrawal fees and within about you know one minute roughly you will get the flat tokens on your mobile

wallet so it will reflect and you select the uh you can go to the browser Tab and you can go to

app.flarmatrix.io or any website you can connect to the flower Network and you can do the same process that we did in

metamask using this mobile wallet also it will be exactly the same look and feel that you can use and you can

delegate you can wrap you can do all of the processes that we just did in metamask on the browser using the

browser tab of the mobile app itself just like how we do it in trust wallet or any other mobile app for example for

decentralized finance but here is where the difference comes in so it will also show you from a

delegation perspective using amplifiermetrics.io here also you can see that suggested

fds will provide us based on the reward rate you can see all of those metrics you can select your tokens and you can

delegate your flower tokens to the foot so provider for the epoch and you can also change you can click on edit and

you can change the photo provider for every epoch but the difference comes in terms of the Native support or the

native ability to support the delegation and the wrap process so in the main page itself if you click on flare or if you

click on wrap then you will see three dots here and if you click on the three dots there is a wrap under delegate

option so if you click on wrap by default it will take you to the dropping option so you do not even have to go to

a browser page you can actually just click on the three dots and you can either click on wrap or delegate so if

you go to delegate it will show you the full delegation option so you can basically do it from the futsu or from

the flower balance itself on the page you don't need to go to the browser at all

so we're going to look at the epoch 3 reward cycle the first reward cycle from 1600 2019 January so I'm at 7 pm in the

evening so I'm just looking at the final numbers at 7 pm on 19 January from three different foods providers so I had three

different wallets where I had delegated to three different uh ftso providers and I've collated all of the rewards at the

end of the reward cycle so what it looks like is that uh by Frost Oracle not so and zero one FDA so these are the three

ones that I had delegated to and you can see that it ranges from about 22 percent to 43 percent so ah regardless of the

amount of Delegation I have just calculated the rough APR percentage ah equivalent to the amount that they are

delicated so you can see that it varies widely and one of the main reasons for this by varying range is the voting

percentage which I just realized and I've understood it little bit better it seems that there is a threshold of 2.5

percent and when you exceed the threshold of 2.5 percent of flr tokens that are delegated to this futsu

provider then for every percentage then you are sharing your food so rewards with other people so for example if it

is a five percent delegation it's like almost double which means that only half of the rewards are getting to us so it

is important that you try and delegate it to somebody who's got less than 2.5 percent the more that you delegate after

2.5 percent you're practically losing out by practically sharing with other people the rewards that are getting out

of the foods provider so it is also important to keep that in mind again finally the price of flr is around you

know point zero four to point zero five dollars right now and I am going to hold a back I am going to put it in my one of

my long term Holdings and I believe as a blockchain it has got a great future hope you found this video and the

information useful appreciate if you could leave your feedback and comments for me thank you