Fire Protocol AMA Recap
CryptoDiffer team
Hello, everyone!
We are glad to meet here
Danny Christ, CEO of Fire Protocol
CEO of Fire Protocol, Danny Christ
Hey there!
A pleasure to be here – thank you.
CryptoDiffer team
Can you introduce yourself to our community ?
CEO of Fire Protocol, Danny Christ
Yes. 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.
I started my involvement with Blockchain back in the year of 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.
As CEO, I coordinante all effort of our teams from tech to marketing, community management, and product development.
CryptoDiffer team
Please introduce Fire Protocol to us. / Can you share with us a little bit about Fire Protocol?
CEO of Fire Protocol, Danny Christ
Fire Protocol is the first infrastructure to Huobi (Smart) Eco Chain (HECO) > we are the first batch member of developers invited to test HECO (an Ethereum compatible Public Chain for Blockchain Developers).
Key products are:
⁃ cross chain wrapping solutions to bring non-Huobi Chain assets via our cross-chain solution into the Huobi Ecosystem from various chains; eg Ethereum, and XRP, Tron, Polkadot (in future)
⁃ DEX/Swap: fast and secure trading services;
⁃ Money Market which combines liquidity provision, lending and borrowing into one platform; > Liquidity providers’ LP for our DEX can also use that liquidity assets as collaterals on borrowing/ lending protocol. This is unlocking the unused LP tokens and improving capital efficiency.
Essentially Fire Protocol is like the combination of Uniswap plus Compound with better performance thanks to HECO – low gas fee, high speed and security.
CryptoDiffer team
Why does Fire Protocol choose Huobi Eco Chain for development and deployment?
CEO of Fire Protocol, Danny Christ
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.
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.
You can read more about HECO later https://www.hecochain.com/
CryptoDiffer team
Awesome, a lot of updates to come out!
Thank you for great answers!
I think it is time to start community questions round!
Cryptodiffer Community
How does FireProtocol increase efficiency and what are the advantages of unused LP tokens to capital efficiency by accepting shares in DEXs as collateral for liquidity providers?
CEO of Fire Protocol, Danny Christ
Thanks – you essentially can use your HECO assets eg HETH on our DEX to provide liquidity and earn from the fees…as LP….these same assets can be used concurrently on the lending protocol as collateral – eg if you wanted to take out a loan to do some shorting or trade against profit etc
Cryptodiffer Community
More users are more concerned with the value of tokens than technology. So how does Fire Protocol strike a good balance between technological development and token value enhancement?
CEO of Fire Protocol, Danny Christ
You are right…. token value vs product hahaha
The technology has to work and be secure. Besides we are not just another DEX – but full ecosystem incl lending, liquidity provision, cross chain wrapping – all of which utilizes the FIRE token. Additionally we have staking in place which incourages users to stake – so many ways to earn a passive income here which should be possitive for adoption and price appreciation.
The technology HECO will bring to the table is some solid smart chain which will surely attract a lot other project to develop on HECO….
We aim to be the hub/ infrasturcture for these projects eg any insurance protocol might need cross-chain wrapping etc…
Cryptodiffer Community
How can Fire Protocol help other Dapps projects aboard HECO? How will Fire Protocol help to empower Huobi’s website?
CEO of Fire Protocol, Danny Christ
Similar to above – as the first to develop on HECO we have the benefit to work closely with Huobi and will be integral part to other projects/ product to come to HECO.
Almost all products need a DEX to facilitte trade – hence many new products could leverage from us or partner with us
Cryptodiffer Community
How can Fire Protocol keep funds secure? What are the benefits of using Fire Protocol?
CEO of Fire Protocol, Danny Christ
Security is important – nobody want to get flash-loan-rekt!
Security is very important and our tech team is working hard to ensure the product is stable and smart contract audited. We will also either create our own insurance product or partner with the first one migrating/ developing on HECO
Cryptodiffer Community
What plans does FireProtocol have in partnering with major lending protocols such as Maker Dao or dYdX Debt Debt Collateralized Debt Positions (CDP) to try to expand the liquidation protection feature of a user’s position?
CEO of Fire Protocol, Danny Christ
Good question – see our website we will develop some of these innovative product ourselves. The big names on Ethereum will decide themselves to mirgate or support HECO as new infrstucture protocol. We have exciting partnerships upcoming, but I cannot share as of yet since we have to wait for Huobi mainnet launch – then we officially push our BD
Cryptodiffer Community
How does Fire Protocol plan to dominate the DeFi market? How easy is it to use Fire Protocol?
CEO of Fire Protocol, Danny Christ
We emphazise a lot on user friendly interface. Also offering one-stop-shop solution means convenience for users to provide LP, trade, lend on one platform….and also makes us a full DEFI solution!
Cryptodiffer Community
Can you please explain more about Cross-Chain wrapping of Fire Protocol? How does it function with ETH and HSC?
CEO of Fire Protocol, Danny Christ
With the technical basis of HECO enabling cross-chain bridging services, Fire Protocol brings innovation cross-chain technology to bring hundreds of digital assets onto the HECO ecosystem.
FireSwap provides the cross-chain assets wrapping bridge for HECO and supports the exchange of multiple assets from variable chains.
Wrapping between Huobi and for example Ethereumhappens by locking ERC20 assets on Ethereum with the application of insurance, then minting one-on-one with HECO. In regards to withdrawal, HECO will burn the new assets and unlock the ERC20 assets on Ethereum.
Cryptodiffer Community
There are too many useless DEXs and short-term APYs today. Why should an investor trust FireProtocol as a reliable and promising DEFI project?
CEO of Fire Protocol, Danny Christ
Indeed many dexes and many short-lived APYs….
With our all-in-one solution we should attract users in long term. Also our product roadmap has exciting stuff to come!
We developed a rewards system to incentivice not only on volume but also on lenght of liquidity provision – hence reward longer staking/ LP.
Cryptodiffer Community
What is Fire Protocol currently focusing on for the close of 2020? And what are your plans for 2021?
CEO of Fire Protocol, Danny Christ
We will launch right after Huobi HECO mainnet – around 22Dec our DEX and Lending platform. Cross-chain wrapping thereafter. Next year we will work on further decentralization, the DAO, and the product roadmap.
Cryptodiffer Community
What is your strategy to ensure that there will always be sufficient liquidity on the exchanges in order to fill the market orders?
CEO of Fire Protocol, Danny Christ
We will manage liquidity on our own DEX and I am sure Huobi will support us
On Uniswap we will also list next week with sufficient liquidity.
CEX – we work closely and hard to get on Huobi first
Cryptodiffer Community
1. I read on your website that the FIRE token will have a price of $0.10 for the private sale. How can we participate in this private sale? When does it end?
2. Currently we are experiencing the revolution of NFTs within the crypto ecosystem. Where does stand Fire Protocol regarding NFTs? Have you considered including them in your platform?
CEO of Fire Protocol, Danny Christ
We have private sale right now and close very soon. There will be no public sale. Funds, VC and strategic investors are welcome to participate …. but it need to go fast 🙂
CEO of Fire Protocol, Danny Christ
I think thats it people!
Please join our channels for updates!
https://t.me/fireprotocol
https://t.me/fireprotocol_ann
Cryptodiffer TEAM
Thank you for you answers, it was an insighfull session
Thank you everyone who participated, great questions as always!
