Flare Finance x SatoshiClub AMA from 26 November
Hello, Satoshi clubbers Another AMA took place in Satoshi Club and we would like to introduce to you the AMA session with our friends from Flare Finance. The AMA took place on 26 November.
The AMA session was divided into 3 parts with a total crypto reward pool of 1000$
In this AMA Recap we will try to summarise the most interesting points for you.
Part 1 — introduction and questions from the Telegram&Bitcointalk community
Gold Rocket | Satoshi Club: Good evening, dear community!
We are happy to announce our AMA session with Flare Finance.
D. | Satoshi Club: hello Satoshi club!
@TheCryptoFrenchie hello and welcome! :blush:
Gold Rocket | Satoshi Club: Welcome to Satoshi Club, @TheCryptoFrenchie!
CryptoFrenchie: Hello everyone!
Thank you for having me today and Happy Thanks giving to you all.
D. | Satoshi Club: thank you! good to have you here! :smiley:
Gold Rocket | Satoshi Club: Thanks for joining.
CryptoFrenchie: Great day to be here to show some appreciation to our great following by answering some of the questions I am sure they have been waiting to ask.
Gold Rocket | Satoshi Club: Tell us a little about yourself before we hear about your project!
CryptoFrenchie: Of course!
My name is @CryptoFrenchie, or Frenchie for short. I am a 9 year cryptocurrency supporter having entered the industry back in the day around late 2010–2011. I am the Founder and Lead of the Flare Finance Project. We are delivering institutional class DeFi on the Flare Network, which is currently creating the first smart contract platform that settles on the XRP Ledger!
What this means for those of you who are a bit unfamiliar with smart contracts and the XRP community; XRP is yet to have smart contract capabilities allowing for the trust free management of XRP in any multitude of ways. Flare Network solves this issue and brings both smart contracts and a trustless bridge for XRP to enter the decentralized world.
Gold Rocket | Satoshi Club: Amazing experience! when did you buy your first bitcoin?:grin:
D. | Satoshi Club: sounds interesting! we will find out more about all of this during our AMA:relaxed:
CryptoFrenchie: I never purchased a single Bitcoin. At the time, it was utilized more as a early payments system experiment. It would hold value and you would use it to pay for online gaming material such as game items and other things. I had earned a few hundred Bitcoin in the past utilizing it as a payments system for one of my early stage gaming servers. At the time, Bitcoin had nowhere near the value it did.
(In the sense that I used it, as I was younger at the time of discovery!)
Gold Rocket | Satoshi Club: Thanks for the answer! :blush:
do you want to add something or we can proceed to questions of community?
CryptoFrenchie: Feel free to proceed
Q1 from Telegram user @ashkarovich
You say that you are an independent group of developers who seek to bring an inovative change for XRP and Flare. But you mention that you didn’t receive any funding. How are you operating then?
CryptoFrenchie: We are indeed an independant group of developers. Each of us possessing unique skills trained in the market over our own years of experience in the industries we followed. I myself specializing in marketing, business development, and business psychology and my partners specializing in operations, business management, and full-stack development. We generally have all we need to deliver a full suite of products without the need for major investment. Any platform or project that attempts to say they need $10M, let alone $1M, to bring a product to life either does not believe in their work or does not have the skill to produce it themselves.
Our value is not in the amount we could easily raise from you guys as holders and interested investors, our value is in what we can deliver, how we can deliver it, and why we will deliver it without needing or hoping for someone to risk a dollar on what we could do ourselves.
D. | Satoshi Club: by the way as i know you a part of anonymous team?
CryptoFrenchie: We indeed are an anonymous team!
Please do not let this discourage you though as we have placed collateral in the hands of the Flare Network team for any time of need. Flare Network is entirely away of our identities and we do not hide them to remain shadowy. We hide them as to protect any potential chance of outside interference into the production and development of our products. We have full intentions to have a public exposure of our identities in the future. We just feel our product and code can speak for itself for now, and we will stick a face to a name when it ultimately matters.
As an anonymous team, we promise to deliver a trust-free, vigorously audited user experience that will deliver exactly what it is designed to do with user security, safety, and overall sustainability in mind.
Gold Rocket | Satoshi Club: How many people are on your team? How many specialists are needed for your project to function
CryptoFrenchie: We are currently just a team of 7 doing as much as we have done to date, in a little less than 2 short months. To break that down for you:
2 Administrative Members
1 Design Member
1 Marketing Member
1 Relations Member
Our team will expand out to roughly 10–12 members come the new years, but we do not see many more team members needing to be added to properly manage a project of our size and magnitude. Open-source nature will eventually take over, and the community developers will maintain and add on to the ecosystem itself.
Gold Rocket | Satoshi Club: Thanks! Everything is clear to me. Can we jump to the next question?
CryptoFrenchie: Of course
D. | Satoshi Club: thank you for answer! 7 is a great number:grin:and you have cool stickers as well:+1:
Q2 from Telegram user @crypto_propeller
Can you tell us what is the link between Flare Network — Spark and XRP? I see a lot in your tweets this 3 together, but don’t understand why?
CryptoFrenchie: Although we are not the Flare Network, I will definitely be able to address a couple of those concerns, but note this would definitely be a better questions for the Flare Network themselves.
A great way to relate what everything is in the Flare Ecosystem, and please forgive me if my description dulls any of the bright light that the Flare Network is;
Trustless XRP ($FXRP) is to Flare Network as Wrapped Bitcoin is to Ethereum, except it is not wrapped, it is trustless.
Spark ($FLR) is to Flare Network as Etheruem is to Ethereum. It is it’s main ecosystem token and is utilized for gas and value transfer mainly.
YieldFlare ($YFLR) is to Flare Network as Yearn Finance is to Ethereum. It is a DefI platform and token utilized within the ecosystem.
Gold Rocket | Satoshi Club: Trustless XRP :see_no_evil:
never heard that:grin:
D. | Satoshi Club: so you have 3 tokens in your ecosystem?
CryptoFrenchie: There are two tokens in the Flare Network ecosystem, $FLR and $FXRP.
There are three tokens in the Flare Finance ecosystem, $YFLR $YFIN and $YMIN.
This does not include the assets that Flare Network plans to bring to the network, or the Ethereum Bridge we have completed to bring over any multitude of Ethereum assets to the Flare Network, and from the Flare Network to Etheruem.
Gold Rocket | Satoshi Club: :+1: sounds good!
Gold Rocket | Satoshi Club:Tell us please about your tokenomics btw
CryptoFrenchie: Of course!
YieldFlare has a total supply of 110,000,000 $YFLR
YieldFin has a total supply of 11,000 YFIN
YieldMine has an expanding supply that is determined by the total time it takes to mine the entire supply of YFIN and YFLR.
YieldFin is a zero pre-mine, zero team-allocation, fully minable governance token that will be mined by staking YFLR, FLR, FXRP, or xUSD on our platform.
YieldFlare is the main ecosystem token that will be airdropped to all $FLR holders on the one month anniversary of the Flare Network launch!
More on our tokenomics can be found at https://paper.flr.finance/
Gold Rocket | Satoshi Club: thank you very much for sharing:+1:
D. | Satoshi Club: when we able to try your bridge?
CryptoFrenchie: We actually will be opening up BETA applications right after the December 12th network snapshot to begin allowing a few lucky individuals to bug test our platform for us. During this time, we will be having white hack hackers penetration testing our platform and looking for any attack vectors under a low-mid stress level environment.
You can possibly be one of our lucky testers. Oh, did we say this is paid for? That’s right, you as a BETA Tester will receive a small stipend as a token of our appreciation for properly testing our platform when the time comes.
Q3 from Telegram user @andreea_gym
Is your SPARK airdrop still active? Word’s around that it’s been a huge success. Can you comment on this?
CryptoFrenchie:I believe this is a question for the Flare Network themselves.
It is infact a huge success though! I applaud the Flare Network team and the work that Hugo and the rest of the guys have been putting in behind the scenes. True sign of hard work and dedication.
Gold Rocket | Satoshi Club: :clap::clap::clap:
D. | Satoshi Club: i think some people (including myself:grin:) thought that Flare Network and Flare Finance are the same project
Gold Rocket | Satoshi Club: I’m a little confused too
CryptoFrenchie: We are not
Flare Network is the entire network themselves.
Flare Finance is the first institutional decentralized finance platform on the Flare Network.
Gold Rocket | Satoshi Club: because twitter tags indicate #FlareFinance #FlareNetwork
CryptoFrenchie: Well, essentially, Yearn Finance would say #YearnFinance #EthereumNetwork but does not mean they are the Ethereum Network.
D. | Satoshi Club: thank you for clarification! :+1:
CryptoFrenchie: #FlareNetwork simply implies we are supporting and tagging our posts to that specific hash tag since our platform is relative to the network that it is being hosted on.
Q4 from Telegram user @adrianeth
You will do a snapshot at 1 month anniversary and will make an airdrop. How many tokens will be distributed and is there any minimum amount to be eligible?
D. | Satoshi Club: i hope this question relates to Flare Finance
CryptoFrenchie: We will be hosting our snapshot for the $YFLR Airdrop on the 1 month anniversary of the Flare Network launch. The launch date is considered the first day that your tokens arrive in your wallet, and you are able to utilize them.
40,000,000 $YFLR Tokens will be airdropped to holders of $FLR a few days after the snapshot. There is no minimum amount to be eligible. All holders will receive a bit of YFLR whether that be a fractional amount or an entire token.
Gold Rocket | Satoshi Club: Wow! tempting!:+1:
Q5 from Telegram user @prahenkris
There are so many great chains. Why did you decide to build your own infrastructure? Isn’t this a waste of money?
CryptoFrenchie: This would definitely be a Flare Network question, as we are not building our own infrastructure.
Gold Rocket | Satoshi Club: Oh sorry about that:sweat_smile:
D. | Satoshi Club: Oops
Gold Rocket | Satoshi Club: then I have another question
CryptoFrenchie: Shoot for it
Gold Rocket | Satoshi Club: Flare Finance is launching 6 decentralized finance products that will serve as an all in one trust free solution to traditional banking and investing.
Tell us a bit about these financial products
D. | Satoshi Club: im sure in the second part of our AMA, would be more questions related to Flare Finance:+1:
CryptoFrenchie: There we go!
Flare Finance will infact be delivering 6 key products to our ecosystem. (7 if you include Flarescan.org, but we do not consider that one of our main ecosystem products. More of a side project.) These products are:
1. FlareX — Decentralized Swaps and Decentralized Margin/Spot Trading Platform.
2. FlareFarm — Decentralized Yield Farming and Governance Platform
3. FlareWrap — Decentralized Asset Wrapping Bridge ETH-FLR
4. FlareLoans — Decentralized Asset-Backed Collateralized Loans Platform
5. FlareMutual — Decentalized Peer to Peer Insurance Mutual Fund
6. FlareMine — Decentralized Yield Mining Platform
A more indepth analysis on exactly how these products deliver what they do can be found at https://paper.flr.finance/ .
I can give you a brief rundown of what each product does if you would like as well
Gold Rocket | Satoshi Club: thanks for the clarification!
D. | Satoshi Club: of course!
CryptoFrenchie: Wonderful. Give me a moment to prepare it all. I will drop it in sections.
Gold Rocket | Satoshi Club:Personally, I’m interested in farming:blush:
CryptoFrenchie: FlareX is a uniswap style swapping platform allowing for Flare Network users to engage in the simplified trading of any Flare Network hosted assets. Additionally, it will offer advanced decentralized spot trading and margin trading to the same users. Transaction fees can be paid in YFLR and there is of course all of the amazing yield generating options that Uniswap offers like liquidity pools.
FlareFarm is a decentralized yield farming platform that allows holders of several approved assets on the Flare Network to become their own yield generating bank by staking their available funds and liquidity pool tokens to mine and earn YieldFin, the low supply, coveted Ecosystem Governance Token. Additionally, they can create and vote on proposals that will enact system wide changes to the ecosystem if approved or denied.
FlareWrap is a decentralized asset bridging platform that allows holders on either the Ethereum or Flare Network to bridge their assets over to the other network easily without the need for any third party intermediaries or exchanges. With FlareWrap, the Flare Network will receive xUSD (USDT), xDAI (DAI), xETH (ETH), xBTC (WBTC), and more. Additionally, for the first time, XRP will make it’s way to the Ethereum network as WXRP through our bridge.
FlareLoans is a decentralized collateralized loans platform that will allow a network of creditors and debtors to operate and enact loans and credit lines to borrowers against their collateral limit. Borrowing and lending earns you YFIN!
FlareMutual is a decentralized peer to peer mutual insurance fund that covers new projects smart contracts and teams for potential issues such as hacks, bugs, and other ruining events that could cripple an ecosystem.
FlareMine is a decentralized yield mining platform that allows users of ASIC rigs to mine Bitcoin and Ethereum, which is then automatically swapped at best value for Spark ($FLR) and provided to the miner. This creates positive price support and action for the Spark Token itself and promotes a long term healthy way to mine Spark!
Gold Rocket | Satoshi Club: When do you plan to release these products?
CryptoFrenchie: Are first three products; FlareX, FlareFarm, and FlareWrap are complete and ready for team testing before moving onto public BETA Testing. You can expect 5 of our 6 products ready for release in Q1-Q2 2021, with our final product coming in Q3 2021.
Gold Rocket | Satoshi Club: The rocket is at the start!:rocket:
D. | Satoshi Club: pretty soon. time flies very fast in crypto world:relaxed:
CryptoFrenchie: Oh it definitely does. 9 years has flown by like a snap of the finger. Time flies when you are having fun.
D. | Satoshi Club: thank you for answers! and we have the last question from this part. are you ready?
Q6 from Telegram user @bitociok
There is a mention that you are anonymous. What is the reason behind it? Are you afraid of lawsuits from ripple or someone else? How many people work on your team?
D. | Satoshi Club: question was partially covered:smile:
Gold Rocket | Satoshi Club: partially answered. tell us what you think is the main thing in your project
CryptoFrenchie: We are indeed an anonymous team, not all of us are though. One of our team members, and in fact, one of our main developers, is not at all anonymous and actually is public!
The reason for our anonymity is to protect us during the birthing and building of the project and to release it free of any outside interference or want to jump on the potential at hand. Our approach was not anonymous to the Flare Network Team, and we very much so eagerly stated that we would LIKE to give them our identities as reassurance that we are here to deliver a top notch product and just want to be safe while doing it.
Gold Rocket | Satoshi Club: I personally understand your reason.
CryptoFrenchie: We are not afraid of lawsuits from Ripple, as Ripple would not be able to place a lawsuit on us for any reason. Our main fear is the uncertainty of who exactly are supporting entities in Ripple, and how will they see to it that a decentralized non-custodial platform is coming alive to deliver exactly what they do as banks at a better rate, with better accessability, and without the strings that come with a bank like not having immediate access to your own funds when and however you want it.
D. | Satoshi Club: yeah, good reasons for anonymity, in my opinion
CryptoFrenchie: Once the platform is birthed, and we are able to ensure it’s existence is NOT dependent on us as team members to have our hand in it, we will happily expose our identities. Until that point, we will ensure the platform is secure, audited, and released in a way that is as decentralized as possible as to remove any chance of outside forces acting on it, including ourselves as team members.
This includes working with projects like Codius to help bring forth a truly decentralized hosting network that can allow projects to be born, and pretty much never die as long as the nodes that host it exist.
Gold Rocket | Satoshi Club: Yes, the choice of this blockchain is a non-standard solution. And I am sure it will lead you to success.
Part 2 — live questions from the Telegram community
Q1 from Telegram user @aym1212
As individual user, what ways can I contribute to the development of Your $YFLR $YFIN $YMIN Project? Do you have Ambassador programs and What is its benefit?
CryptoFrenchie: Let’s start with this one!
We do in fact have a Global Ambassadors Program that will be selecting a number of individuals to represent Flare Finance in events around the world and help host community organized events when the time comes. Additionally, we will be opening our BETA Tester program that will allow people to test and utilize our platform and look for any available bugs or attack vectors that may exists on platform.
We strongly believe in community interaction and community support. We believe in this so much that we have dedicated 75% of our marketing budget to person to person user generated marketing tactics that can help place more money back into the pockets of you all for spreading the word about our products!
Q2 from Telegram user @jerlyyyyn
Why did you chose to work with XRP community rather than ETH blockchain?
CryptoFrenchie: We strongly believe XRP is a community that has been screaming out for a chance at a truly decentralized financial ecosystem. XRP has been one of the last platforms to innovate to date and has been specifically focused on client and partner acquistion. At this point in time, Flare Network is bringing exactly what the people have asked for, while we at Flare Finance are taking it one step further and challenging the centralized nature of banks that XRP supports. We see this more as friendly competition rather than a full all out war on traditional financial institutions.
ETH has it’s benefits, but has been plagued with projects that contain little to no substance, making Ethereum have this balloon of hot air value that is yet to pop.
Q3 from Telegram user @wonderkit
Is it safe to use FlareWrap and how much does it cost to swap certain coins in one transaction?
CryptoFrenchie: FlareWrap will be as safe to use as the audits that review it say it is to be. Our team holds over 12+ years as full-stack developers and has the skillset and drive to deliver a product that is properly reviewed and cared for while it is built. This being said, we are very happy and confident in our abilities to deliver a safe and useful product.
The cost to bridge any token to FLR or ETH in one transaction will have a ranging fee of 0.075%-0.1% of the tokens being minted/burned and will be split evenly between both. The fee goes down as the amount you wrap goes up. Meaning if you are bridging $100 of USDT to xUSD, you will pay a total fee of $0.075-$0.10 for the entire amount.
Q4 from Telegram user @Idee01
YieldMine, YMIN, supply is determined by the total time it takes to mine the entire supply of YFIN and YFLR. Is there a cap in the total supply of YMIN and is there a formular to use to calculate it? Do you have any mining guidelines for YFIN and YFLR?
CryptoFrenchie: There is no cap to the total supply of YMIN. It’s main use case is to be utilized much like POL-X as a rate multipler token. It can be burned to increase your mining rate for staking YFIN to mine YFLR on the FlareX platform. This being said, the supply is more time determined and does not have a hard number set.
Q5 from Telegram user @baimwong1
Why did flare Finance create three coins for its project ecosystem and how do the three coins work together?:
CryptoFrenchie: Flare Finance created three tokens for sheer need of what the ecosystem wants to deliver.
YieldFlare ($YFLR) is the platforms main transaction fee, listing, and secondary governance token. It can be used in place of transaction fees, used to vote on new token listings in the ecosytem, and used to vote on secondary governance proposals in the ecosystem.
YieldFin ($YFIN) is the platforms main governance token. It can be used to vote for all things that are related to the platform and carries a much larger voting weight than $YFLR does. It will be used to change fees, fund projects, or provide grants to new developers seeking to expand the ecosystem.
YieldMine ($YMIN) is a rate multiplier token that will be used to increase your mining rate of mining YFLR for staking YFIN on the FlareX platform. It is a way to create harmony between miners and traders and to promote healthy price action for FLR and $YFLR alike.
Q6 from Telegram user @KhaleesiTheCryptoLady
Regarding on the opening of Beta Application, How could we join as Beta Tester, any requirements? Do we have to hold the said 3 tokens of Flare Finance?
CryptoFrenchie:We do not have any pre-set requirements for you to become a BETA Tester, all we ask is that you are technologically proficient enough to look at a website, analyze your experience on it, and be able to pay close attention to detail. Any skills above that would be not needed, but greatly accepted and would put you at a more priority ranking on our BETA Tester list.
You do not need to hold any tokens, we will be providing you BETA Testers each with a different amount of the three tokens as to test a real world experiment of different holders ratios and so on.
Q7 from Telegram user @lexiagarcia
When will we meet the team behind Flare Finance?
CryptoFrenchie: Well, I won’t put a hard date on it, but we can almost guarantee you will be seeing us for Q4 2021.
Q8 from Telegram user @Emidm37
There is something that confuses me. There is another project called Flare Networks, which is a partner of Ripple, is Flare Finance in any way related to any of those projects? Can you clarify this please? Don’t you think this can cause confusion for other users too?
CryptoFrenchie: Flare Finance is not in any way related to or supported by Ripple, XRPLabs, or any of it’s affiliates. Additionally, we are not affiliated with the Flare Network or TowoLabs Team or any of it’s afilliates. We are an independant third-party team. We are not in any way partnered with either of them either. We are, however, doing everything possible in the book to raise the chances of becoming an official partner to either ecosystem. For now though, we are in discussions with Flare Network, and we are doing all requested to ensure we bring a good product to the netwok that can support it and not damage it.
Q9 from Telegram user @ Amila19932
What is your major product? What are you going to develop for the users? And how are you going to get that product famous? @TheCryptoFrenchie
CryptoFrenchie: We believe our largest product will be FlareWrap.
FlareWrap delivers what has been long awaited for. A bridge to bring XRP to Ethereum. Flare Network pulled the heavy load getting XRP to it’s own network, not we will bring XRP to Ethereum and Ethereum Assets to XRP.
With FlareWrap, you will be able to wrap your USDT on the Ethereum Network and mint it on the Flare Network. Additionally, you will be able to wrap your FXRP on the Flare Network, and mint it to WXRP on the Ethreum Network!
We will finally be able to help bridge over $20B in locked liquidity to Ethereum and over $50B in liquidity to XRP!
Q 10 from Telegram user @supper_star_2
Every projector has a special aspect. If you have anything like that, what is it?
CryptoFrenchie: We strongly believe our special aspect is being the first user-friendly and carefully designed decentralized finance platform to offer institutional defi to a mass of traders and investors who are yet to see any innovation to the asset they hold. Flare Network is able to spark this innovation, while Flare Finance is able to help ease in some of that innovation as well.
Flare Finance will be the first institutional DeFi platform to hold the grunt of over $20B of locked liquidity waiting to burst out and seek a truly trust free means of becoming their own bank and yield generating custodian. Flare Network is the key to unlocking value. Flare Finance is the key to unlocking decentralized finance.
Part 3 — Quiz Results
As usual, for the third part, Satoshi Club Team asked the chat 4 questions about the crypto project. A link to a Quiz form was sent into the chat.
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