Recapitulation of TOKENFLY PROJECT AMA event held at AMA LOVERS CLUB.
Date: Monday, 26th April, 2021
Time: 14:00 UTC
The TOKENFLY PROJECT team was represented by @Vdemin137 who judiciously shared with us detailed knowledge and information about TOKENFLY PROJECT.
1st Segment: INTRODUCTION
Q1: Can you please introduce yourself and your background, also introduce the team working on TokenFly?
ANS: I am Vladimir, I am from Russia and I have got a big and long experience working with finance and IT. As long as most of my work was to find innovative ways of solving problems of traditional business I just could not miss this unique opportunity of crypto.
Thus, we created VRM - a high-frequency trading company. VRM idea is totally based on developing sophisticated, AI-algorithms to execute thousands transactions per sec. So we started in 2018 with just pocket money on trading account and now we run the business of around 20 bn. USDT a day. Now we extended the operations onto the larger society of traders.
We have got fully international and very experienced team. Our CTO has 25+ years of experience working on development of matching engines on Wall Street.
Research team has 5 PhDs of leading world Universities. Marketing team is managed by formed BD executives of leading crypto exchanges (Huobi, OKex).
Other key people has got robust experience in innovations and venture business. You can find detailed BIOs of all key members of our team on the website of Black Ocean – bo.market. http://bo.market
Looks like this is it in brief.
Q2: Can you introduce TokenFly, what critical problems does it solve that existing solutions are not solving and what's the competitive advantage?
ANS: Let me first present Black Ocean venue as this is important to understand FLy eco-system. The idea of Black Ocean is a proper dark pool which supplements all matured financial markets. Any matured market simply cannot operate without certain financial tools so a dark pool is definitely one of this. Black Ocean is to build a bridge between the traditional world of finance and crypto. Last year we have noticed a big and growing demand from banks, funds and just corporations to invest in crypto. This type of customers work with large amounts of money so the existing exchanges cannot serve these needs best as they will push the asset price up or down. Remember the time when Tesla bought BTC for 1,5 bn. USD? They raised the price for about 10%. Big transactions push the market. Big transactions re
require dark pools that is why the proper momentum for Black Ocean is now.
Regarding FLy token. Fly is the blood of the eco-system, aiming to make settlements and access to eco-system services as easy as possible. FLy fits for traders best. Traders have specific needs such as working capital, trading fees, rebates, MM conditions, co-location and so on. These conditions heavily depend on trading results such as trading volume, market share, number of pairs traded, etc. and directly influence to profitability. For some traders, especially young ones, these might be a big and never-ending problem.
That is why, creating the eco-system of traders we aim to help young and matured teams to improve their results by acceleration strategies. We have got educational center, investment fund, acceleration team – all these are the key parts of the eco-system and all settlements within this eco-system is done by FLy token.
Finally, retail people may get the benefits of FLy too. They can be virtual parts of the eco-system staking their FLy tokens and allow traders to use these funds in their work.
So traders uses staked FLY to trade and pay rewards?
Yes. This is the main idea.
Okay, whats the plan in case the trader made some loss?
FLy rewards is exchange independent which differs it from exchange tokens
reward motivates traders to make more volume, not to make money. We do not touch trader"s profit.
Q3: Can you briefly describe the top milestones you have achieved and your target milestones with timelines, also share your roadmap?
ANS: We have successfully done large number of very important works. Black Ocean platform is developed and now is on last phase of testing. This will be launched in May. FLy token has been launched recently and now it is traded on a few venues.
We plan to continue the listing plan for FLy to enter new exchange every week. Thus FLy will be traded on 20+ venues by the end of the year. We also will launch DEX part of Black Ocean in May which will allow retail users to stake FLy for yield, pooling funds to execute large Black Ocean transactions, get some early allocations from the projects of the whole VRM eco-system, etc.
Q4: Can you briefly describe your PARTNERSHIPS so far?
ANS: All our partners are not passive investors as we do not need money for technical developments. We need partners to help us building and growing the eco-system of traders and related projects and services. So the only demand for partners was to share the marketing and business development power with us.
We believe that the future of finance is all about shared finances that is why we do not want to be the owner of this eco-system but to be a partner of large society.
This idea turned to be a very fresh and encouraging for our partners. That is why we attracted very big names. I do not want to enlist them all here as they are 30+ partners. You can check the list of them at our web site.
Q5: Can you give an overview of your Tokenomics, and the UTILITY of the $FLY Token?
ANS: What do customers need? They need an asset, which can help them to improve their relationship with a company. They need discounts, additional rebates, opportunities of access to a venue. In general - all of them want to make more money with a company and FLy token provides customers with this opportunities:
• Discounted fees for market makers and traders
• Increased rebates for Liquidity pool customers
• Access to unique opportunities, such as staking, funding and a risk free passive income for retail and institutional ones
VRM also has its own VC, to invest into smart trading teams and FLy token is a tool to motivate their brilliant results.
We know, how it's important for traders and customers to have fair and transparent burning mechanism and, of course, each business direction will spend a part of profit to buy back tokens on secondary markets and burn.
2nd Segment: LIVE Questions
Q1: Why was the Fly token developed? And will there be considerations for small investors like me since it seems you are targeting the whales for now?
ANS: There are many questions like this so I will answer this one but actully this whould be for many. 😜
So whales is the market opportunity. The market is expanding very rapidly as new money flows in. Classical banks, funds and corporations will bring crypto onto a new level and dark pool is one of the venues which is mandatory for any matured market.
Making money is tricky thing. It is very hard to do when competion is too high. It is pretty easy on a new market.
Dark pool and serving whales is quite new area of business both for crypto and for classical moneymen. So if we are fast enough to provide them with a proper solution we can expect big profits. FLy will enable everyone who wants to play on this new field to make money. No matter how big is the stake - the owner will get his share.
Q2: If I am to hold the FLY token for a long time, what will be my advantage for holding and as an investor, how will the Fly platform be of great benefit to me in the long run?
ANS: FLy token is for long. First, the issue is limited. Second, we burn tokens depending of business results of pretty big eco-system. Third, there are investing opporunities and they will become more in future. Eco-system is a living society. Every day we inroduce more features and opportunities and society helps us a lot.
For example, we decided to move the plans for Uniswap liquidity and DEFI options to make them available much sooner than we planed. Just because we understood that this is needed by society.
Q3: When i was looking at your website FLy is an ERC20 token, but the company will reserve the right to move a part of the token supply to different blockchain networks in the future. We all know ERC-20 has some big issue like high gas fee and transection time. So like so many other companies are you guies planing to move your token to other blockchain? If yes, which would be the possible one?
ANS: Good question! Yes, we permamnently analyze the market situation and cannot ignore gas prices. So now we develop one more blockchain to be available in summer. This will be polkadot. And we will keep monitoring the market for better options too.
Q4: The token $FLY is deployed for the sole purpose of incentivizing users of the VRM platform. Why do you feel the need to have a separate token for incentive?
ANS: Not only incentives. As I mentioned, we have differnet members of VRM eco-system. Investors are looking for right trading teams to invest, trading teams are looking for working cap increase, third-party investments are willing to provide some fixed-income or other opportunities. We make settlements among each other. The token makes this easier.
Q5: 🛑 We have seen that so many tokens nowadays race offering their best projects and features. But somehow, many of the tokens also fallen and abandoned. What will FLy Token establish to maintain stable at the market space?
ANS: The problem of many tokens is that they are based on a product, not on society. VRM has got stable business already, so FLy will be implemented into the ordinary workflow. We have got partners supporting the token too and they will implement the token to their workflows as well. The way for the long live is to make routine and make FLy to be in every wallet.
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