Recapitulation of Fire Protocol AMA event held at AMA LOVERS CLUB
Venue: https://t.me/amaloversclub
Date: Monday, 18th January, 2021
Time: 13:00 UTC
The Fire Protocol team was represented by @FireprotocolCEO. He judiciously shared with us detailed knowledge and information about the project.
1st Segment: INTRODUCTION
Q1 : Can you please introduce yourself and your background, also introduce the project Fire Protocol
Ans : I’m Danny, CEO of Fire Protocol.
A MBA graduate from Strathclyde Business School in the UK, and experienced professional in FinTech, eCommerce and Blockchain.
Fire Protocol is the first infrastructure to Huobi (Smart) Eco Chain (HECO), the first batch member of developers invited to test HECO (an Ethereum compatible Public Chain for Blockchain Developers).
Key products are:
⁃ DEX/Swap: Fireswap is fast and secure trading service; Liquidity Mining
⁃ Cross Chain Wrapping solutions to bring non-Huobi Chain assets via into the Huobi Ecosystem from various chains; eg Ethereum, Tron, Polkadot (in future)
⁃ Money Market with Lending and Borrowing solution; fully integrated with our DEX > Liquidity Providers’ token on our DEX serve at the same time as collaterals on borrowing/ lending protocol > this is unlocking capital for ore liquidity overall
Q2 : What critical problems does Fire Protocol solve that existing solutions are not solving and what’s the competitve advantage
Ans : Liquidity Providers’ token on our DEX serve at the same time as collaterals on borrowing/ lending protocol > this is unlocking capital for ore liquidity overall
This is pretty unique
Also cross-chain wrapping is something not every project can show
*we position ourselves as infrastructure on HECO - bringin other project onto HECO and providing prodcuts to other project - eg DEX, lending etc
We also have new stuff coming soon which will add additional value to our product suite.
Q3 : Can you briefly describe the top milestones you have achieved and your target milestones with timelines
Ans : We launched our DEX Fireswap together with Huobi mainnet - then we launched the loan platform and wrapping for Ethereum asstes....
Plus we had a successful public launch.
Now we focus on developing additional products.....
2nd Segment: LIVE Questions
Q1 : How much will APY come out if we supply the Fire Swap with liquidity?On Whitepaper,50% tokens allocated as compensation for the supply of Fireswap liquidity but there is no explain about APY. Is there an appropriate level of APY that Fire team is thinking of?
Ans : 50% of token are allocated for rewards - correct --- individual activities have different apy’s.... eg our staking righ now approx 42%,.... upcoming liquidity mining likely 50+%%
Once we migrate to Fireswap native HECO the LP rewards should go 60%+++
so u see every actvity has different reward structures.
Q2 : As the first infrastructure for Houbi Global, how does your platform bring impact to Houbi?!How does Houbi brings a good influence to Fire Protocol ecosystem? What can we expect as gainful benefits this collab to investors and to the community?
Ans : I think most people out there only know HECO from us lol..... we supported Huobi a lot with marketing their chain via our project.
We leverage from the large ecosystemm Huobi has and will support project to onboard and community to have a great place to DEFI
Q3 : What’s fire protocols most ambitious goal? It should be your greatest Marketing point too
Ans : Good question. We aim too list on a CEX obviously - for the community tho.... for us we want to be the go-to platform for other projetcs to come to and wrap their asset onto HECO eg for Polkadot or Tron etc
Q4 : I see FIRE using 2 Networks (ERC20 & HSC) right? Do both tokens set the same price? And whether in the future we will add other network or other interesting features, can you explain?
Ans : Our products are build on Huobi Chain - out token is just currently ERC20 since investors want to trade.... now that our products are ready we looking forward to start migration soon.
Q5 : What are the most important features Fire Protocol project has and competitors don’t have?
Ans : The DEX component of Fire Protocol - FireSwap provides the cross-chain assets wrapping bridge for HECO and supports the exchange of multiple assets from variable chains. This process is realized by the cross-chain mechanisms, which are the wrapped H-Assets: all series of Huobi Smart Chain assets, for example, HBTC, HUSD, HT
Q6 : I read that Fire Protocol already do partnership with Ferrum Network. Can you explain about what consist of your collaboration with them? What the benefit that both Fire protocol and Ferrum Network will get by this partnership?
Ans : Ferrum and FireProtocol Partnership was for staking - which is important part for the community to ear rewards. We also recently partnered with Unilend, Mahadao, Orion Protocol, Stafi and Elrond!
CONCLUSION
Before leaving, can you share all the important links and how we can trade $FIRE?
Ans : Thank you!!!
Join us, stay safe, and let’s rumble!!!
Telegram:
https://t.me/fireprotocol
https://t.me/fireprotocol_ann
Twitter:
https://twitter.com/FireProtocolOS
Website: https://fireprotocol.io
Coingecko: https://www.coingecko.com/en/coins/fire-protocol
FOLLOW AMA LOVERS CLUB ON:
Twitter: https://twitter.com/amaloversclub
Telegram Group: https://t.me/amaloversclub
Telegram Channel: https://t.me/amaloversclub_channel
Medium: https://amaloversclub.medium.com
Discord: https://discord.gg/tpbyv9x
