I have staked “4555” algo using ultra stake with 4x. In order to test I unstaked then now only “3,447.638613 xALGO” available which is now “3,907.831169 ALGO”. which means in couple of minutes I lost “648” algo. Not sure why? Please somebody suggest.
1 Like
It is because Folks Finance collects APY (Annual Percentage Yield) for the flash loan it issued to you. You can choose between “Variable APY” and “Stable APY”. The APY was probably so high, that it “ate up” all your profit, so the net result was that you paid Folks Finance from your own capital.
There is a classic joke about it:
Old Mr. Kohn goes up to a vending machine, puts in a coin, and nothing happens. So he says:
“Clever!”
There is a “Net APY”’ row. If this decreases when you increase your stake multiplier, then you pay the bank, and not vice versa.
2 Likes
He wrote that he lost it within a few minutes, so I think the situation might be a little different, as not enough time has passed for significant interest charges to apply.
It would be best to copy the transaction ID and seek support on the Folks Finance Discord.
1 Like