FREELIQUID.IO Review – January 11, 2020 – RICH TV LIVE – Freeliquid is a decentralized lending platform that offers funding in USD stablecoins for liquidity providers.
Hi guys this is rich from merch tv live and today i wanted to talk to you about a free liquid it’s in the blockchain space and i saw this on coin gape now i’ve been a blockchain and cryptocurrency and specifically bitcoin fan for quite some long for quite some time i love blockchain technology i love cryptocurrency and how it is changing the world this
Is free liquid protocol it launches a decentralized lending platform for liquidity providers i think this is a great idea and this is a platform that is just getting started i want to go through it with you in detail the free liquid protocol is proud to become a contributor to the ever flourishing decentralized finance space in the industry the platform has
Successfully launched on 21 12 2020 so literally just a few weeks old and is positioned as a novel approach to decentralized landing platforms its main advantage is the ability to use liquidity pools as collateral for borrowing usd stable coins moreover using free liquid does not require third parties users are able to access the platform simply by connecting
Their erc20 compatible wallet to our interface i’m going to show you guys how that’s done it’s really easy i don’t want to really kind of show my accounts but what i’m going to do is i’m going to show you guys how that’s done there are two native tokens of the free liquid protocol the fl token which is their specific token the governance token and the usd
Fl the stable coin that is soft pegged to the us dollar so using their smart contracts liquidity providers are able to lock their liquidity tokens on free liquid borrow and get up to 90 percent of the pool’s total value in usd fl since the price of stable coins has extremely low volatility the liquidation of user collaterals is not possible and completely
Switched off these terms are unprecedented in the space of crypto lending and offer our users high value with almost zero risk the loan is issued instantly and can be closed at any time simply by covering the outstanding amount of usdfl tokens the protocol ensures that users are not set under the time pressure thus there is no due date before the funds must
Be returned loans are issued for an unlimited period of time until users themselves decide to close the loan for the initial period the free liquidis boro will support liquidity pairs consisting of the stable coins usdt usdc usdt dash dai usdc dash dai and usdt dash usdn the team is currently working on adding support for more platforms and stable coin pools
To attract even more funds and users to the platform the entire team at free liquid believes in maintaining the benchmark principles of defy such as peer-to-peer networks decentralization and anonymity and reliance on algorithms rather than human trust the protocol governance is run by the community through the on-chain voting with our governance token every
Single holder of fl tokens is eligible to submit votes on different protocol proposals by locking their tokens via the governance portal once the voting is closed the tokens will be dually returned to the user to ensure a fair and even distribution of the fl governance tokens we have chosen to implement the so-called fair launch model at the launch a total
Of 1 million effort tokens were generated and will be gradually distributed among users that support free liquid most fl rewards will go to the users that add to the liquidity pairs of the native tokens of free liquid fl and usd fl free liquid has been developed with the objective to make liquidity pools work as a source of additional funds for their owners
Another key issue is that liquidity providers keep their passive income from liquidity fees while receiving usd stable coins for their free use if users decide for example to create another liquidity pool from the borrowed funds the original passive income is almost doubled we welcome our new users to take advantage of being early and getting the most of the
Ongoing fl reward programs the first week if fl rewards have proven to be especially profitable to their users averaging around 2 000 to 3 000 apy in fl tokens depending on the program so these are all their links which i’m gonna go through with you guys and this is where i found the company and then what we did is we actually contacted them and i’m gonna
Show you guys how it works i also downloaded their white paper this is the explanation of what they do in the white paper free liquid protocol is an open source platform built on the ethereum blockchain it serves as a decentralized finance protocol that offers borrowing and saving programs to crypto asset holders one of the innovative features of free liquid
Is the ability to receive usd stable coins for providing liquidity pools example from uni swap as collateral pools that are locked on free liquid remain fully functional and continue to earn commission fees on their native platforms borrowed funds can be used for any purposes such as creating more liquidity pools thereby significantly increasing user profits
The usd fl token is free liquids native stablecoin which is soft pegged to the us dollar fl serves as the governance token used in free liquid voting both fl and usd fl tokens operate on the erc20 standard the fair launch model implies a distribution of the initial fl tokens through reward programs free liquid users play a defining part in the development
Of the protocol through community work and proposal voting now there’s a lot more information but i just wanted to bring you the major key elements of what they do this is their website free liquid dot io you can simply go and connect your wallet through metamask tracer and the ledger nano so very simply you can connect your wallets this is a smart version
Of money free liquid gives you the ability to manage your assets at any time in any place convenient for you with a completely decentralized system for managing your funds you can avoid volatility by using stable coins the idea behind usdfl is to create a stable coin backed by crypto wallets crypto assets that are much more stable to price than ether this
Will allow us to reduce the associated risks and avoid fluctuations in the price of our token they are trusted and a transparent rate the usdfl savings rate is governed by fl holders and is set based on the supply and demand of usdfl on exchanges total security free liquid regularly undergoes security audits and checks built by the developers of the free
Liquid protocol and any questions you have you can find right on the website it is free liquid dot io okay and this is what it looks like you can borrow all you need to do is connect your wallet and you can literally borrow from these tokens and you can quickly connect your wallet on metamask here’s my metamask right here i actually have a metamask account
But i didn’t want to show all my holdings so i just set up a new one for this video this is what metamask looks like you can just download it um i downloaded this on my edge my edge platform as opposed to you could download it on your phone you can download it on ios you can download it on iphone you can download it on your android you can download it on so
Many different platforms and i just use metamask here and this is what the metamask download looks like you can use it for chrome firefox brave or edge i’m using it right now for my edge this is free liquid protocol on telegram you can see there are 460 members 192 online i am currently a member on telegram as well and this is them on twitter you can see they
Only have eight people following one of which is me on twitter so this is literally a platform that’s just getting started but i like the idea and this is what it looks like on ether scan so you can see the contract for the free liquid token there’s a max supply of a million tokens 129 holders currently 674 total transfers you can see all their social profiles
Here you can follow them right here on blog their freely could blog you can follow them on github you can follow them on telegram discord and this is their white paper you can follow their website right here you can see their decimals and their contracts so all of this is here on etherscan for you to review and you literally go in here and utilize the usdt
Slash usdc token usdt slash dai token usdc slash d i token usdt slash usdn token usdfl available and you can see your minimum collateral ratio pretty cool so you invest money and you can see your minimum collateral ratio so you know exactly what you’re gonna get before you even make an investment all the questions are here and this looks like a pretty cool
Platform love to know what you guys think and you can even click on audit here and you can take a look at all the smart contracts so pretty cool platform love to know what you guys think this is free liquid one of the cool things you can do here with free liquid.io is you can just hit this play button here and it actually gives you a full tutorial pretty
Cool on how to open a vault so these are the steps to open a vault you can borrow and save borrow usdfl using metamask ledger trezo tracer or wallet connect click connect get started and you can see the collateral type options choosing usd usdc usdt usdc click continue setup confirm set up and confirm and then continue again put in how much usdt usdc you
Would like to lock in your vault and how much usd fl and then hit open vault so you can follow these instructions and also create your own vault and then congratulations you are in your vault and then you can manage your vault with usdt usdc vault number 17. deposit withdrawal generate and pay back options free liquid dot io i thought this was a pretty
Cool concept i wanted to bring it to you first it looks like this free liquid makes it easy to receive usd stable coins without any fees by collateralizing pools in dai usdt and usdc usdn usdfl is a fully decentralized censorship resistant stablecoin available to any liquidity provider usdfl is providing even greater financial freedom a price stable currency
Which is fully under your control get usdfl instantly and on your terms and this is the usdfl contract address here’s the contract address which i’m going to highlight and then if we go back to etherscan you can see another contract address here as well and if i wanted to find this token or find this coin all i have to do is search fl and your token should
Pop up if it doesn’t pop up then what you can do is you can type in sorry you can copy this because this is a new token it might not be as popular and then do a search and it takes you right back here where you can see the contract creator and it takes you right back here where it says token tracker fl and then you can click on that and it takes you right
Back to the token so free liquid token on etherscan you can also connect through metamask you can download it for free and go to their website freeliquid.io where you can take advantage of this platform now free liquid is a fork a fork of maker dao that offers loans to usdfl so they’re a fork of maker dow and it offers loans to us dl a native free liquid
Stable coin soft peg to one us dollar the main advantage of free liquid is the support of uni-swap liquid stable coin pools as collateral for borrowing how does it work users can lock their liquidity provider tokens through the smart contract of the free liquid protocol and borrow up to 90 percent of the initial pool value the usd fl are issued instantly
And transferred to the user’s personal wallet to return the liquidity tokens users simply have to cover a part of the whole of the outstanding usd fl debt what are the advantages well we’re gonna get into it liquidity providers can keep their passive income from uni swap fees and simultaneously receive funding in usd stable coins for free further use and
Future use there is no risk of liquidation since the price of stablecoin remains almost the same the free liquid governance token fl is distributed in a fair and uniform manner through several reward programs the rewards are distributed among users that help the development of free liquid ecosystem for example by providing liquidity to fl and usd fl pairs
The project is constantly growing more liquidity pairs and platforms like for example curve finance or moon swap can be added in the future is free liquid safe as mentioned above free liquid is a fork of maker dao a platform that has been on the market since at least 2017 when i first got into cryptocurrencies which was 2017. so if you want to borrow usdfl
You just click on borrow usdfl get extra assets for trading and it looks like this and if you want to save you click on save and they got more information here so to our knowledge there have been no major breaches of the maker dao with smart contracts being pretty straightforward again since liquidation is turned off there are no consequences of sudden
Market crashes like in march 2020 can it borrow the platform is completely decentralized anonymous and accessible only by a personal ethereum wallet free liquid does not require and does not store any of the user data free liquid has been recently audited by boeing blockchain security one of the leading audited companies on the crypto market free liquid
Successfully passed all audit items and you can find that as well so lots of information about free liquid let me know what you think if you like this video please smash the like button comment down below and share the video everywhere what do you think about the free liquid platform love to know your opinion this is rich from rich to be live if you’re not
Winning you’re not watching we bring in the winners and we bring them to you first what do you think about this platform i think it’s pretty cool and all i have to do is connect my wallets let’s say we connect our metamask hit next connect and boom we’re connected so i just did it live i literally just connected it live so i’m literally learning just to get
Comfortable with this right now and i’m going to continue to get more comfortable with it and as i get more comfortable with this and i learn how this platform works and i get more comfortable transferring funds and receiving rewards i’ll let you know hopefully i’ll be able to do more future videos about this company in the future as i get more comfortable
With this platform but so far i like what i see and as i get more comfortable with it i learn more about it hopefully in the future i’ll be able to do more future videos with this company this is a sponsored video i have contacted the company and um they are sponsoring us for this video hopefully in the future i’ll be able to use it more comfortably and i’ll
Be able to show you more about how this platform works and how i’m feeling more comfortable with it as i evolve and grow with the platform thank you for watching this is rich from rich to be live if you’re not winning you’re not watching we bring in the winners and we bring them to you first what do you think about free liquid dot io another platform that’s
Relatively new in the blockchain space and i think it has a great future let me know what you think this is rich from richard b live i’ll talk to you soon have a nice day you
Transcribed from video
FREELIQUID.IO Review By RICH TV LIVE