AMA Recap GreatDrop with FIRE PROTOCOL
Hello GreatDrop community,
On 11th January, at 01:00 PM UTC (20:00 WIB), we just successfully hosted our 19th AMA’s with FIRE PROTOCOL. With our guest from the FIRE PROTOCOL team:
- Danny, CEO of FIRE PROTOCOL
Many of you might have participated or many of not, So here we are up with the AMA transcript for those who missed the AMA session.
Introduction Questions Asked By GreatDrop Team
Q1: Can you please introduce yourself and Fire Protocol to our community?
Yes. I’m Danny, CEO of Fire Protocol.
An MBA graduate from Strathclyde Business School in the UK, and experienced professional in FinTech, eCommerce, and Blockchain. I started my involvement with Blockchain back in the year 2009 when I led several technology projects and digital transformation with companies across Asia. I am also a Partner in XCEL Asia, a Pan-Asia Startup Accelerator and VC Firm focusing on FinTech, and founded Moonwhale Ventures, a Blockchain consultancy, and incubation fund.
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 a 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: Please tell us more about the $FIRE staking program, What is the minimum for staking and why choose Ferrum Network to support the $FIRE staking program?
Staking started yesterday! And you lucky we have a grace period to join for the full maturity rewards and extra bonus until 14th January.
Rules of the Staking Program
>Starting Time: 21:00 PM (Singapore time), Jan. 10th.
>Full Maturity Period: 120 DAYS (14th, April)
>Full Maturity APY: 42%
>Early Withdrawal Period (Minimum Staking Period): 30 DAYS
>Early Withdrawal APY: 8%
Contribution Period: 4 days (10th-14th of Jan) or until filled
>Max Pool Size: 1,000,000 $FIRE tokens
>Minimum Staking Amount: 1,000 $FIRE tokens
And detailed information here:
FIRE Staking Program is Now Live 🔥
Fire Protocol hereby presents you the $FIRE Staking Program! With the support from Ferrum Network, Fire Protocol now…
By the way, can you share some information to us about the extra bonuses?
Yes, we partnered with SpiderDao. They provided some extra perks eg VPN licenses and Routers!!!
Q3: At the moment, what’s Fire Protocol focusing on? Building and developing products, getting customers and users, or partnerships?
Mostly partnerships and product development.
We have launched our DEX, our lending protocol, and cross-chain wrapping for Ethereum assets. eg limit orders for Fireswap, potentially cross-chain lending, and derivatives.
Questions Asked on Twitter For FIRE PROTOCOL team
Q1 from @mylhe
What are the reasons in basing your protocol with Houbi Eco Chain? What do you see as advantage in Houbi? Can you tell us what kind of partnership you have with Houbi? What effects did it brings to whole Fire Protocol ecosystem?
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. The Huobi Open Platform is a unified infrastructure platform based on the technical, traffic, and ecological resources of the Huobi Group, and will be gradually open to the blockchain industry.
Also, we are the first batch member of developers invited to test Huobi Eco Chain.
Hence, we have a great advantage. More about HECO you can read here later:
火币生态链 Huobi ECO Chain (Heco) 是一个去中心化高效节能公链，也是火币开放平台推出的首个产品，在支撑高性能交易的基础上，实现智能合约的兼容。
Q2 from @ZamoraJoana
What motivated you to create the Fire Protocol? What advantages does Fire protocol have over similar projects?
Well, the advantage to develop as the first on a new chain was actually what was most exciting when I got invited.
Also, the product itself is a suite of DEFI products, not just a dex, not just a lending/yield farming website.
Fire Protocol is like the combination of Uniswap plus Compound with better performance thanks to HECO — low gas fee, high speed, and security.
The main advantage is 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.
Plus our cross-chain solution means other projects on HECO might utilize our products to wrap other chain's assets onto HECO.
Questions asked by our GreatDrop community members during live Session to FIRE PROTOCOL team
Q1 from @Spott
How does FIRE PROTOCOL aim to dominate the crypto market?
We don't want to dominate, we don't compete either, we partner and expand together. As you can see with our many partnerships!
Q2 from @Mantapkansuasana
Am interested in staking, what benefit can holder obtain in staking?
Yes you can easily stake here https://fireprotocol.io/Staking
In March we will have additional Liquidity rewards on Uniswap!!!!
Q3 from @Squad_4
Projects that are not traded on major exchanges remain unnoticed. What do you think about listing the token on the leading exchanges?
Leading exchanges are now 1inch and Uniswap 😉
We are working on getting listed on CEX. We will announce it soon.