Easy MATIC FLI Issuance on the Polygon Network
The major advantage of launching MATIC2x-FLI on Polygon is the much lower cost to transact on the network.
February 14, 2022
Low Cost Transactions
In many cases transactions will cost less than a single cent in gas fees. This cost saving will allow all customers to benefit from the ability to mint their own FLI tokens directly on the TokenSets website. In many situations this can lead to a better customer experience, as minting directly on TokenSets bypasses the risk of slippage.
Slippage is the difference between a cryptocurrencies quote price and the price paid in the transaction. It can have an impact on the value that the customer gets for their purchase based on the size of the trade and the amount of available liquidity.
Disclaimer: the following procedures require interacting with multiple DeFi protocols, so users who are not experienced with DeFi should proceed with caution
Getting Aave WMATIC Tokens
In order to mint MATIC2x-FLI-P you will need some Aave WMATIC tokens (AMWMATIC). These are created by depositing WMATIC as collateral to Aave’s Polygon Network Market.
Minting On TokenSets
Now you are ready to mint your own FLI tokens through the TokenSets UI. You will need a web3 wallet (such as MetaMask) and your AMWMATIC to mint your own FLI tokens. Start by choosing the Polygon Network on the TokenSets UI.
Click on the tile with three vertical dots on the top right of the UI and select “Issue”.
You will need to approve the use of the underlying token AMWMATIC.
Once you have supplied AMWMATIC and approved the Set smart contract, you will be able to issue FLI tokens.
Inverse MATIC & Inverse ETH issuance
In this situation we have used MATIC to mint MATIC2x-FLI-P. The exact same process can be used to mint the newly launched inverse tokens iETH-FLI-P and iMATIC-FLI-P. The key difference is that AMUSDC must be used as the collateral asset on Token Sets. You receive AMUSDC by depositing USDC on the AAVE Polygon market and can mint your tokens using these links for iETH-FLI-P and iMATIC-FLI-P.
Disclaimer: This content is for informational purposes only and should not be construed as legal, tax, investment, financial, or other advice.
Disclaimer: This content is for informational purposes only and is not legal, tax, investment, financial, or other advice. You should not take, or refrain from taking, any action based on any information contained herein, or any other information that we make available at any time, including blog posts, data, articles, links to third-party content, discord content, news feeds, tutorials, tweets, and videos. Before you make any financial, legal, technical, or other decisions, you should seek independent professional advice from a licensed and qualified individual in the area for which such advice would be appropriate. This information is not intended to be comprehensive or address all aspects of Index or its products. There is additional documentation on Index’s website about the functioning of Index Coop, and its ecosystem and community.
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