Flexa network rewards are now live
Kicking off the initial reward distribution of 1 billion FXC and sharing updates to the Flexa Capacity dApp.
As of 3pm ET, the latest version of the Flexa Capacity dApp is live on mainnet. This update features support for Flexa network rewards and FXC withdrawals, and includes minor improvements to the dApp user interface.
We’ve been thoroughly testing this update on Rinkeby, and we couldn’t be prouder to finally hit this milestone in the long-term realization of the Flexa network. Read on for details about these new features and how you can start earning your share of the initial network reward distribution of 1 billion FXC.
Starting the clock on Flexa network rewards
As of today, anyone who supplies their Flexacoin to the Flexa Capacity dApp and allocates it toward an enabled wallet app (i.e., SPEDN) is eligible to earn their portion of the previously announced initial network reward distribution of 1 billion FXC, which is being returned at a rate of approximately 2,500,000 FXC per day on 15-minute intervals through the end of 2020. This distribution is apportioned pro rata across all allocated capacity at each interval, and is designed to recognize the efforts of the earliest Flexa supporters while supporting Flexa’s growth throughout its first full year of operation—and with more than 15% of the circulating Flexacoin supply already staked, we’re delighted to see a community of token holders beginning to form around collateralizing Flexa payments in the early days of the network.
To learn more about how to supply and allocate your Flexacoin in the Flexa Capacity dApp, take a look at our previous walkthrough or ask for support from the unofficial Flexacoin community on Telegram.
Enabling support for Capacity withdrawals
Because deployed FXC serves as collateral for Flexa payments while they confirm, withdrawals from Flexa Capacity are a particularly challenging behind-the-scenes task of synchronizing on-chain balances of FXC with off-chain payments in real-time, so that allocated capacity can be un-deployed without disrupting network activity. The new version of Capacity solves for this complexity with a simple and intuitive interface that guides token holders through the process of withdrawing Flexacoin in three simple steps over the course of a little less than a minute (depending on network congestion).
Starting today, you may withdraw any Flexacoin you have previously supplied, simply by de-allocating capacity and proceeding through the withdrawal process. At this time, however, Flexa Capacity does not support the withdrawal of earned network reward balances. While we work to establish a universal and globally consistent compliance framework for reward withdrawals, any FXC you deploy to Flexa Capacity will continue to earn network rewards commensurate with your allocation, and your rewards will continue to accumulate in the Flexa Capacity smart contract.
Supporting community-driven smart contract security
We’re also proud to share that Flexa has become a risk assessor for Nexus Mutual, a blockchain-based risk-sharing platform that we believe offers an ideal alternative to insurance for smart contract failures.
“We’re really excited to support Flexa by providing cover for their staking network,” shared Hugh Karp, the founder of Nexus Mutual. “What’s more, the Flexa community will be able to buy cover at reduced rates because Flexa is putting their own money behind the security of their smart contracts. This is a real life example of using token networks to align incentives.”
Today, anyone can take out cover for the Flexa Capacity smart contract on Nexus Mutual. Alternatively, to earn commission when others purchase cover on other smart contracts like Compound, dYdX, and Uniswap, you can purchase NXM tokens and become a risk assessor on Nexus Mutual yourself.
Continuing to push cryptocurrency payments forward
We believe that today’s release of Flexa Capacity represents the most full-featured implementation of instant cryptocurrency payments to date, and we can’t wait to share what’s next for Flexa in 2020. Taken together, the recent updates to the Capacity dApp and the addition of Nexus Mutual coverage make Flexa Capacity one of the easiest ways to support and help grow the ecosystem of decentralized finance.
As always, we appreciate all of your support thus far! Don’t forget to follow us on Twitter or join us on Telegram for more updates as we continue building out our vision for instant, fraud-free, cryptocurrency-enabled payments.