Current Ratios:
Flaru circulating supply: 1370
Flaru held by holders: 170
Pooled Flaru: 1200
Pooled Ethereum: $1400
Incoming USD: $80
Proof:
https://gopluslabs.io/token-security/1/0x62b119b19f1CF2A8D8fe18d1fDe5EE46ded210FE
Liquidity Pool
Similar to how USD was previously backed by gold, Flaru Coin is backed by ethereum. This is accomplished by a computer program on the blockchain known as a pool, which can lock assets together and allow for decentralized exchange.
Pool Funding
Income of USD from client donations is passed through the pool pipeline, a series of steps which convert client payments into ethereum, which is then staked to back flaru coin in the pool.
We will wait until the gas fees are low for pool operations, and until a sufficient quantity of ethereum has been accumulated in order to give the best value to our users.
Steps:
1) Payment gateway company
2) Payment processor
3) Bank account
4) Outbound payment processor
5) Currency exchange
6) Into ethereum from USD
7) Ethereum sent to private address
8) Ethereum staked into the pool
Pool Creation
The pool program was written to the blockchain by leasing the global network of ethereum nodes, which cost an amount of ethereum equaling about $500 USD. This was payed for by eth held in trust by the Flaru Foundation.
Expensive! But, worth it. It was a one time up front cost which now enables anyone to choose to stake flaru to eth and also earn transaction fees when transfers of these funds occur using the decentralized finance system. Adding eth and flaru staked together now only costs a small gas fee, as this operation now interacts with the pre-existing pool program. This allows for income to be pumped into the pool, ensuring that our stakeholders have a larger sum of backed assets.
2024-03-01 - We staked it at an initial rate of 200 Flaru to $200 ethereum.
2012-03-08 - We backed 1000 flaru coins with $1200 worth of ethereum.
Distributed Token Holders:
1) Members who have paid for tokens in the store.
2) People who have traded for flaru using the decentralized finance system.
3) Airdrops for people who previously held flaru version alpha and had logged into the site, or appeared to not be an mev bot.
Token Upgrade
Flaru Prime
0x62b119b19f1CF2A8D8fe18d1fDe5EE46ded210FE
The upgraded version of flaru was successfully launched and backed with a liquidity pool. It accomplished the following goals:
1) Increased ease of account management, requiring 10 flaru to gain access, as opposed to an abstract number
2) Divestment of automated AI trading bots. These gained a foothold due to early experiments with the alpha version. While they serve a purpose to help spread a token far and wide as we did hope for, it made the adjustment of overall supply impossible without giving them leverage.
3) Initial pool creation pegged to the USD as backed by ethereum
4) Predictable and manageable scaling of available flaru backed by ethereum, funded by the "pool pipeline"
Retro Version
The alpha version of flaru is still active, released to the wild, freed by an MIT license, and also backed by a liquidity pool. Anyone may back the pool as they choose, however the flaru foundation will pump funds received into the current flaru prime.
The retro version also still allows access to flaru software systems, but at this time remains a purely utility token as opposed to an investment vehicle and mechanism of easy account access. Current holders may continue to use it for logins.
Forward plan
1) Feed client payments into the liquidity pool
2) Upward price, stability, and volume
3) As pool reaches necessary volume, apply for listing on coinbase