We are excited to announce the child of our synergy with UMAProtocol — fCASH. It has been around since late May 2021 and until now we’ve been working tirelessly on UX tools for regular users to be able to fully interact with it.
In this article, we are going to explain what fCASH is for and how to get it.
It’s a synthetic yield dollar anyone can mint by putting their $iFARM as collateral. In other words, fCash puts your iFARM to work.
Official fCASH address: 0x531261a091f31bfd93dd393a6ca447ed6fb2043c
For whom is fCASH?
fCASH is an excellent asset for $iFARM holders who would like to get some extra cash on their $iFARM holdings without having to sell any of it. What’s more, when minting $fCASH you not only get extra funds to do anything you want with it, but also your locked $iFARM keeps earning you interest.
Benefits of fCASH
- Increasing Yield (by using borrowed fCASH to buy more of the assets you love to farm)
- A simple need of cash without the need of selling $iFARM
How to mint fCASH?
1. First, you will need $iFARM tokens to be able to mint $fCASH on our dedicated page:
Hit the get started button and connect your Metamask wallet.
Once successfully connected, you will be presented with a bunch of general info on the synthetic asset.
On top, you can see live stats on the total number of minted fCASH and locked iFARM as collateral in the top two boxes.
The most important information for you to know in the boxes below are:
- Expiry date: The contract will expire at 30/09/2021
- At expiration, you can redeem your fCash for the iFarm
At expiration, the price identifier is used to determine the price of iFarm and every fCash token will be worth $1 of iFarm
- The value of the synthetic during the contracts lifecycle is determined by the liquidity pools $fCASH is traded on
2. Minting fCASH
Head over to the Manage Position page
If you can see your iFARM balance in the top left corner, you are good to move to the next section where we will be minting fCash:
Make sure the Mint new fCash tokens option is selected.
Put your desired number of fCASH tokens (min. amount is 100) and then hit MIN in the Collateral(FARM) input field and let the math do the job calculating the required amount of iFARM tokens for your desired fCASH.
You will be presented with the liquidation price at which your iFARM will get liquidated to cover your outstanding fCASH. If the math checks out, the Create button will get available. Hit it once you are ready to proceed.
Your metamask will ask for confirmation of the transaction. Once your transaction gets approved, you will see your fCASH in this box:
From here, you’ll find these links useful:
3) Put your fCASH to work at Harvest.Finance
More tutorials on withdrawing and redeeming your funds coming soon.
What is the UMA Protocol?
UMA is an open-source infrastructure for deploying and enforcing synthetic assets on Ethereum. UMA enables developers to quickly and easily build synthetic tokens that track the price of anything.
Harvest is an asset management platform that maximizes yield for assets deposited by users. Harvest reduces gas costs, develops cutting-edge strategies as it aims to become the stop-shop of yield farming in DeFi.
This article is for informational purposes only. It should not be considered Financial or Legal Advice. Not all information may be accurate. Consult a financial professional before making any major financial decisions.