New functionality has been launched on Flare that enables automatic claiming of Flare tokens without user input.
Automatic claiming, also known as “autoclaiming”, enables the appointment of an executor to claim FTSO Delegation Rewards and the FlareDrop Distributions as soon as they become available. The executor charges a small fee for providing the service.
There are currently two active executors available on Flare. They have been developed by Bifrost Wallet and Flare Oracle. Both charge a 0.4 FLR fee every time they make a claim on behalf of a wallet. The autoclaiming functionality can be managed natively in their respective dapps or by using the Flare Portal. We also expect more executors to be available in the near future.
Autoclaiming is currently only available on Flare. Technical detail is available in the Flare Technical Documentation.
Why use autoclaiming?
Assigning an executor to automatically claim tokens has several benefits:
- Set and forget.
- Save time.
- Maximize compounding.
- Avoid unnecessary cold wallet exposure.
FTSO Delegation Rewards on Flare accrue every 3.5 days when users have delegated wrapped Flare tokens (WFLR) to FTSO data providers, and expire after 90 days. The FlareDrop Distributions are available to claim every 30 days and must be claimed within 67 days (which is 90 days after the earliest possible block used to calculate WFLR holdings).
Automatic claiming is secure because the executor can only claim to the user’s address. It is trustless because it is managed by a smart contract, not the executor.
For executors, automatic claiming is an opportunity to earn a fee for performing claiming as a service to users.
Setting up autoclaiming
The easiest way to set up autoclaiming is to use the native functionality in the Bifrost Wallet or Flare Oracle dapp. You can also use Flare Portal, but will need to retrieve the executor addresses using the Flare Block Explorer. Detailed instructions for this process are available in the Flare User Guide.