EP046 – Flac Finance Interview

Episode by Peter Bui on July 18th, 2022

Ashish from Flac Finance joins me to discuss the borrowing and lending platform they are working on.

The project team has been working in the Cardano ecosystem since the launch of Shelly Era, when staking on Cardano was possible.

They’ve also worked on some of the code bases for Ledger Live and have their wallet & DApp connector called Typhon.

Ashish describes how the team is working with regulators in India to make DeFi loans possible. Many other Fintech startups are already working under regulation to be able to act ask a bank within India.

Flac Finance will allow users to deposit crypto assets into their accounts and gain a line of credit to spend against their crypto assets without selling them.

The team is currently starting the project build phase and looking to develop things in the future.

In the meantime, you can participate in the ecosystem by delegating ADA to their stake pool and helping finance the project while earning FLAC tokens in exchange.

Flac Finance ISPO Details

Flac Finance currently has two stake pools where you can delegate your ADA wallets to earn the FLAC token.

The FFMXA pool is a 100% margin pool that will absorb all of your ADA rewards in exchange for the FLAC token. The second pool FF50A is a 50% margin fee pool that will absorb 50% of your ADA rewards and give you half the FLAC tokens in exchange.

Tokens will be airdropped to delegates at the end of the ISPO.

You can check your rewards from the Flac Finance ISPO Dashboard.

$FLAC Token Utility

These tokens are a part of the Flac economy as well as a part of the Governance layer for the project.

Using the FLAC token allows for discounted loans. Token holders get an annual percentage rate discount. Users can repay their loans using the FLAC token to receive discounts.

Flac provides a higher rate of interest returns for digital assets when they choose to earn in Flac tokens.

Staking will also be a part of the Flac ecosystem.

Total token supply: 2,000,000,000

Boosted Staking Rewards with the Flac Finance MILO NFT

If you happen to hold one of the Flac Finance Milo NFTs in your wallet while delegating to the stake pools, you will earn bonus staking rewards. Be sure to check their website for details around the bonus staking and what NFTs will allow for the staking boost.

You can find the NFTs for sale on secondary marketplaces such as JPG.Store or at this point in time you can still mint the NFTs from their website.

flac finance mil nft minting page
Mint a Milo NFT to Boost staking rewards

References

Visit the Flac Finance website to find out more about their NFT and ISPO.

Follow them on Twitter.

Join the community on Discord.

Flac Finance Whitepaper.

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