Bifrost Wallet supports wrapping, unwrapping, and delegating Flare. This article is for new users unfamiliar with these concepts. It explains why and how you want to wrap and delegate your Flare to support the network and its participants.
The Flare network has a built-in system called the Flare Time Series Oracle (FTSO). It's a system that sources externally provided price data for trade pairs such as FLR/USD, XRP/USD, and DOGE/USD in a decentralized manner. The price estimates are made available on-chain for smart contracts and services built on the Flare network.
Many independent data providers, also known as FTSO signal providers, submit price data at regular intervals to the Flare network and are rewarded if their estimates meet specific quality criteria. Each signal provider's price estimate is weighted according to how much vote power they have and combined to a single price.
Your delegated Flare tokens count towards a signal provider's total vote power. If the signal provider you delegate your Flare to provides good price data, you are rewarded with Flare tokens that are claimable twice per week and forfeited if left unclaimed for three months. These time constraints are governed by the Flare network and not determined by Bifrost Wallet.
Flare (FLR) cannot be delegated directly; instead, you need to wrap your FLR to the utility token Wrapped Flare (WFLR). You can wrap FLR to WFLR at any time, and you can unwrap WFLR to FLR at any time. You only pay the network fee to wrap or unwrap.
If you want to delegate your FLR, click on the Flare asset row in the asset overview. This action will open a detailed view, where you can see your latest Flare transactions. You will also find three buttons. Tap the rightmost button, the one with three dots. This action opens a context menu. Tap the Delegate option.
In the top section of the delegate view, you will see a message asking you to wrap some Flare to gain vote power. In order to wrap your FLR, press the Wrap button.
IMPORTANT: Do not wrap all of your Flare (FLR), you need to save some FLR to pay for network fees. Enter the amount of FLR that you'd like to wrap, make sure to leave a few FLR, and click Continue.
Back on the delegate screen in the Balances section, you'll see the amount of Wrapped Flare (WFLR) you hold. This amount corresponds to the vote power you have listed under the Delegations section. In the example below, all vote power is currently unallocated. Delegating your WFLR tokens doesn't send them anywhere; instead, your vote power transfers to a signal provider. Whenever you feel ready to delegate your WFLR, proceed by pressing the Edit button.
You will now see the Delegations screen. Here you can see which delegations are active, there are two slots and the first time you visit this screen, both will be empty.
Press Add Delegation on one of the slots and you will see a list of FTSO signal providers to choose from. They are all run by different teams and entities spread across the globe. The Bifrost Wallet team runs a signal provider named Bifrost Oracle.
You should pick signal providers that you trust will provide the FTSO system with reasonable price estimates. If the signal provider you delegate to provides incorrect price estimates or fails to provide price estimates during some periods, you will get lower rewards. FTSO performance can be viewed at flaremetrics.io/.
Press the signal provider that you'd like to delegate to and enter an amount. Delegating WFLR is done by percentage and will automatically update as your balance of WFLR changes. If you wrap additional FLR or unwrap some WFLR, your delegated amount will update automatically.
In this example, we delegate 50% to Bifrost Oracle and 50% to AlphaOracle. We encourage you to delegate a portion of your WFLR to two different signal providers. By delegating to multiple signal providers, you contribute towards a healthier and more decentralized ecosystem. The number of providers you can delegate to is a parameter governed by the Flare Network and not determined by Bifrost Wallet.
When you are happy with your selection, press Continue. On Flare Network, delegations are done in a batch, with all your selections saved at once.
Carefully review all details; if all details are correct, tap Confirm. Back on the delegate screen you'll now see your selected providers. Your selection will become active in the next price epoch.
Congratulations! You have now wrapped and delegated your Flare. Visit the delegate screen regularly to claim any rewards you receive.