At 12PM (UTC) on December 18, 2020 VBC hosted the AMA show with Fire Protocol, whose representative for this AMA is Mr.Danny Christ, CEO of Fire Protocol.
Brief introduction of Danny and his role in Fire Protocol
I’m Danny Christ, CEO of Fire Protocol. A MBA graduate from Strathclyde Business School in the UK,… and an experienced professional in FinTech, eCommerce and Blockchain.
I started my involvement with Blockchain back in the year of 2009 when I led several technology projects and digital transformation from then. I am a Partner in XCEL Asia, a Pan-Asia Startup Accelerator and VC Firm focusing on FinTech. I founded Moonwhale Ventures, a Blockchain consultancy /STO Advisory, and incubation fund.
My role in Fire Protocol is more like a coordinator with and between different divisions, to bring the best teams together to make our mission happen.
I do push the teams to deliver what’s been in our blueprint to make mass adoption of DeFi possible. We also aim to make DEFI more accessible to traditional markets to drive further adoption, and increase Fire Protocol’s market share.
Introduction of Fire Protocol
Fire Protocol is the first infrastructure to Huobi (Smart) Eco Chain (HECO), which helps onboard non-Huobi Chain assets via our cross-chain solutions, an integrated trading and money market with lending and borrowing services.
We are the first batch member of developers invited to test Huobi Eco Chain (an Ethereum compatible Public Chain for Blockchain Developers).
Fire Protocol is like the combination of Uniswap plus Compound with more powerful tools such as cross-chain wrapping, better performances of scalability and transaction etc, enabling efficient and low-cost on-chain environment for Dapps, smart contracts and digital assets.
Key components of Fire Protocol include:
🔥 cross chain solutions to bring assets to Huobi Ecosystem from various chains;
🔥 DEX/Swap: fast and secure trading services;
🔥 money market: combines trading, lending and borrowing into one platform;
🔥 services & products with low gas fee, high speed and security.
What are the decisive advantages that make Fire Protocol to build your platform with Huobi Eco Chain?
Huobi ECO Chain (Heco) is a decentralized, high-efficiency and energy-saving public chain, also the first product launched by the Huobi Open Platform. It is compatible with smart contracts and supports high-performance transactions. You can read more later here https://huobiglobal.zendesk.com/hc/en-us/articles/900003862766-Huobi-Officially-Launched-Huobi-ECO-Chain-Heco-Testnet.
As one of the first developer teams invited by Huobi, Fire Protocol went through the first-hand technical details and codes, the team found out about the outstanding performances of HECO and decided to build Fire Protocol based on it. In the future, FIRE will work closely with HECO and Huobi in terms of technical development, co-building ecology, community support etc. Fire Protocol will grow into a pivotal building block of the HECO ecosystem.
Today, DEX is in high demand for many traders.Furthermore,there are already more popular DEX than FireProtocol like uniswap or bestswap. What plan do you have to compete with them, to increase demand for DEX and make FireProtocol the best DEX?
Good question. And yes, there are many dexes out there with little distinction. DEX is also an important component of Fire Protocol.
Compared to other DEXes in the market, FireSwap (the DEX component of Fire Protocol) acts as the infrastructure to the HECO ecosystem, providing fast and secure trading services of all H-assets.
Furthermore, 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, etc. Lastly, liquidity provided on the DEX can also be used as collateral on our lending protocol!
What makes unique and different Fire lending/borrowing platform?And how can the investors make their interest grow with this system?
I think this is pretty unique feature, since you have 1 capital asset which you can put to work on 2 products.
Investors will benefit from 1) Huobi!!! marketing capacities, 2) FIRE token will be able to stake, provide liquidity and lending, earning incentive and rewards and increased utilization with growth of the ecosystem
The wrapping will allow us to bring any asset to HECO. Hence we will become the gateway for other products on HECO to be used. All that could reflect possitive in the demand for the token. Oh also…. FIRE will also serve as governance token!
Many cryptocurrency holders are unable to participate in DeFi due to high gas charges, slow speeds, and poor user experience. How does Fire Protocol plan to change the current state of affairs?
Yeah – its a pain the gas fees sometimes – ridiculous – pay usd30 to swap token.
Based on the technical basis of HECO and the team’s independent development work, FireSwap is equipped with several technical highlights stated below:
>>High Scalability: By virtue of the HECO technical basis, FireSwap offers users with high speed, high scalability and high performance trading experience.
>>Multi-asset Exposure: Any asset can be traded on FireSwap, with the support of Fire Protocol’s cross-chain wrapping hub.
>>Liquidity Mining: Users have infinite liquidity and can freely convert between assets. Rewards will be paid to users who provide liquidity for trading pairs or use it as collateral for lending.
Huobi Chain offers fast, lowest (near 0) fees for users, and developer friendly environment (an Ethereum compatible Public Chain)
What is the release schedule of tokens? What jurisdictions are eligible to participate in the sale? Will the sale be fairly distributed over the different membership tier levels or can we expect higher tiers to have the option to invest more?
We only have 1 round of sale….
There are no tiers – we will list next week! Huobi mainnet coming around 22nd and we launch our product right after!
As you can see the release schedule is fair – we will list on our own DEX of course, and Uniswap as well.
After we will very likely get on Huobi CEX
Our funding round closes tomorrow. 👀 We have almost reached our goals. We did raise from funds and some VCs who will add value to our project.
50% of the token (plus any unsold) will be given as rewards in mining, LP, staking, lending to the community which uses ad support our products.
How can I contribute to your success as a community driven project? Will I get any benefit from storing the token in Fire in the long term?
Our incentive/ reward model is aimed for long term supporters hence increases over time!
Staking and liquidity provision are the main ways to earn passive income!
What is permanent loss? How do liquidity providers suffer permanent losses? What are the main factors affecting the permanent losses that liquidity providers may suffer? As a liquidity provider, how can I reduce potential permanent losses?
Important question indeed. We are in the middle of auditing our protocol and smart contracts, besides we will have an insurance partner / or delevlop our own insurance products! As first on Huobi Chain we will ensure to give utmost attention to security. I am well aware of all the flashloan attacks and other exploits.
How do you plan to spread awareness about Fire Protocol in different countries/regions where English is not spoken well? Do you have local communities for them to let them better understand about Your project?
Great question. At the moment we run only chinese and english speaking communities since we work on a lean budget. We will definitly have Vietnamese and other localized version of the product and community channels!
What are you focusing on at the moment Ddap and DeFi and Staking or NFT , ….. ..???? So and what are your goals for this year 2020 ? thanks you 😍
Hello Selena – pls see our roadmap – a lot exciting stuff upcoming…. for now we focus on DEX and lending protocol and cross chain wrapping.
As the first project invited by Houbi to join HECO, do you feel the pressure as well as a great opportunity for Fire Protocol to grown worldwide?
Definitly Bao. This responsibility is across our entire team. We have a great opportunity to do it right, and will be the leading infrastructure on HECO!
Token burn” is beneficial for any project, in being able to control the number of token circulation and to provide greater incentives to investors. Does your great project have a plan about token burn?
We are reviewing this option, for now token holder have benefits from staking, liquidity mining and lending/ borrowing. With more products coming and more other project developing on HECO our token demand should incerease. Especially since we allow cross-chain wrapping so can bring any (selected) asset from any chain to HECO.
We aim to develop corss chain capabilities and wrapping also for XRP, Tron, Polkadot etc
Follow us on our channels and share the love 😘