Community Update S1E3

We’re now 2 weeks into our planned 4 week hackathon in Greece. Although the majority of our team is used to working remotely, the synergy that hackathons bring to a team is well worth the investment. In the time since the last update, we’ve launched several upgrades to FLRX, FLRFarm and FLRLoans including: an EXFI/SFIN liquidity pool, added EXFI/SFIN and SFIN/EXFI Swaps, a FLRFarm EXFI/SFIN LP token farming pool, finally we replaced DFLR staking with EXFI staking in WSGB Loans.

Updated the EXFI Loans price feed algorithm

This week we updated the algorithm used for the EXFI loans price feed. Previously, the feed was using a weighted average of EXFI prices from Bitrue and MEXC taken every 5 minutes.

We have updated this feed with a variation of an exponential moving average (EMA).

Our EMA functions to smooth out the price volatility and reduce the impact of malicious price attacks, while still adhering closely to real upward and downward price movement. The algorithm functions as follows:

p’_new=a*p+(1-a)*p’_old

p_new=min(p, p’_new)

This means that when the price is moving upward, we take an EMA of prices over time which are weighted toward the most recent prices. When the price is moving downward, we take an EMA over a much shorter block of time. This method protects the loans system from malicious price pumps, while maintaining fidelity to price drops. Below is an example of the algorithm in action:

Example of the new Price Feed in Action

Launched EXFI/SFIN Liquidity Pool, Swap and Farm pool

On April 27, 2022, we opened the new EXFI/SFIN liquidity pool and allowed users to begin providing liquidity. Quickly following was the opening of a new EXFI/SFIN LP Farming pool. The response to the new pools was overwhelming and we were able to open the new pool for swapping within 24 hours.

As of May 2, 2022, the EXFI/SFIN liquidity pool contains over 850,000 EXFI paired with over 54 SFIN. The Farm pool for this pair is currently paying out the top Farm rate of over 140% APY in SFIN rewards!

Replaced DFLR staking with EXFI staking in WSGB Loans

On April 29, 2022 we officially retired the DFLR staking pool in WSGB Loans. With the official conclusion of the DFLR competition, it was time to tuck DFLR away until it comes into its own when FLR Finance launches on the Flare Network.

The DFLR Staking tab has been replaced with the new EXFI Staking tab on WSGB Loans. If you had DFLR staked, you can still withdraw your DFLR by visiting the EXFI Staking tab and scrolling to the bottom.

We understand that this change may frustrate some, but DFLR was never intended to be a long term part of the Songbird FLR Finance ecosystem. As of May 2, 2022, there are nearly 200,000 EXFI staked in the EXFI staking pool on WSGB Loans.

Q2 Outlook

With the audit of our proposed solution to patch FLRLoans completed, we have shifted our focus towards the loans platform. After implementation and testing, a full analysis with the completed audit will be posted.

After a full year in development we’ve streamlined our development process and made some key additions to the team on the dev side as well. We expect to bring both FLRWrap and FLRDrops online Q2-Q3 along with a few other partnerships we’ve been working on as well. These pieces should lay the foundation for our vision of a sustainable and robust crosschain, L2 ecosystem connected by governance through “Kakeibo”, the APY Cloud.

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Decentralized Finance Platform on the Flare Network

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FLR Finance

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Decentralized Finance Platform on the Flare Network

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