First Algorithmic Stablecoin FAI Practical Guide in Starcoin and Move Ecosystem

* By Starcoin community

Recently, a variety of DeFi applications have built in the Starcoin ecosystem, such as Kikoswap, Starswap, etc. As a star project on the Stablecoin track, FAI is the most popular Stablecoin application that attracts everyone’s attention.

In order to facilitate you to have a deeper understanding of FAI, here is a quick guide for FAI for your reference.

The stablecoin FAI is the first algorithmic stablecoin on the Starcoin public chain, designed and developed by BFly studio. FAI is a stablecoin soft-pegged to the US dollar, and it is also the first batch of tokens to be launched on Starswap. Therefore, in addition to resisting market risks, FAI can also be used to mint LP Tokens on Starswap, such as STC/FAI pairs, participate in liquidity mining, and get rich STAR rewards.

Next, through a hands-on approach to introduce the FAI practical guide.

Preparation Stage

In fact, FAI has already been launched on the Starcoin main net, so users who have STC (STC is Starcoin’s native Token) can skip this stage and go directly to FAI’s official website to mint FAI. If you don’t have STC yet or if you are new to StarMask, please check the content to learn how to get STC and how to use the StarMask wallet.

1. Prepare STC

There are currently two ways to get STC, one is mining, please refer to the STC mining guide; The other method is to buy STC on the market, currently there are two exchanges that can directly buy Starcoin (STC), they are:

• CoinEX: https://www.coinexweb.com/register
• Gate.io: https://www.gateio.ch/signup

2. StarMask Wallet

Through the previous methods, we can get a certain amount of STC, and then you need to understand StarMask, the official Chrome browser plug-in wallet provided by Starcoin.

• StarMask download link: https://chrome.google.com/webstore/detail/starmask/mfhbebgoclkghebffdldpobeajmbecfk?hl=en
• Installation tutorial link: https://github.com/starcoinorg/starmask-extension/blob/main/docs/en/how-to-install.md
• Users guide: https://github.com/starcoinorg/starmask-extension/blob/main/docs/zh/how-to-use.md
• Video tutorial: https://www.youtube.com/watch?v=Y0b51VH_bkU

After installing StarMask, please understand the users guide of StarMask, and finally withdraw the STC obtained earlier to StarMask. After completion, the preliminary preparation work is completed.

Mint FAI

STCs have been prepared through previous step(Prepare STC) and stored in the StarMask wallet.Next, we will briefly introduce how to use STC to get FAI.

There are currently two ways to get FAI:

• Mint FAI using STC
• After Starswap being launched,exchange FAI through Swap (you can refer to the official guide of Starswap, and then go to the official website of Starswap to exchange)

Here we mainly introduce the process of mint FAI:

1. Enter the FAI official website: https://fai.bfly.finance/#/
2. Connect to StarMask

3. Create FAI account(Initiate on-chain transaction in StarMask)

4. Deposit STC(Send on-chain transaction in StarMask)

5. Mint FAI(Send on-chain transaction in StarMask)

The above is the general process of using STC to mint FAI on the FAI official website.

FAI and Starswap

FAI can participate in Swap transactions or mining. Starswap will officially be launched on the Starcoin main network at 9:30 on March 5, 2022 (UTC+8), which is 20:30 on March 4, 2022 (EST). FAI has been launched, after Starswap is launched, it means that FAI can perform the following three operations on Starswap:

• Swap transactions, users can exchange FAI, for example, exchange FAI with STC

• Add liquidity for STC/FAI trading pair

• Farming

For more detailed operations, please refer to Starswap’s official documentation and user guide, as well as the latest Starswap dynamic guide sorted out by other users, and then go to Starswap’s official website. FAI and Starswap form a good closed loop, through the three methods provided above, the STC held in the account can be exchanged with FAI, and the STC/FAI trading pair can be constructed and then staked to get high profit.

FAI Community

The above is a brief introduction to FAI. FAI is an algorithmic stablecoin soft-pegged to the US dollar. It is the first stablecoin application in the Starcoin ecosystem and the Move ecosystem. I hope it will be helpful to everyone.

Move focuses on secure DeFi and has incomparable advantages in the DeFi scenarios. As a milestone project of the Move ecosystem, FAI is sure to bring you a different experience.

For more information about FAI, please join the FAI community by:

• Twitter: https://twitter.com/BflyFinance
• Discord: https://discord.com/invite/3cMpv6QpBF