Fusible AMA Recap

31 Aug 202019:08

AMA

Fusible AMA Recap

Prashant

Hello everyone! Thank you for hosting us today, excited to be here! :)

Cryptodiffer Team

Hello, everyone!😁
We are glad to meet here:
Prashant, Co-founder at Fusible (@prashant_1705)
Welcome Prashant, thank you for taking your time today!!!

Prashant

Absolutely, look forward to speaking more with the community

Cryptodiffer Team

Our team has prepared 3 questions for you to start with:
Let`s start with the introduction !
Q1: Can you introduce yourself to our community?

Prashant

Hello everyone. I am Prashant, I did my Masters in International Business from Manchester, UK and have previously co-founded a digital marketing company to scale financial clients worldwide. Santosh is the Founder of Fusible, Computer Engineer by profession. He was a part of freelancing gigs for crypto projects. Also, ran a mining rig in early 2017.
Our team also consists of a young talented pool of developers who are working hard to bring you Fusible in a few weeks :)

Cryptodiffer Team

thank you!
Q2: Can you briefly tell us what is Fusible in 3-5 sentences?

Prashant

We, at Fusible are trying to make it easier and effective for NFT holders, speculators & collectors.

While auctions have been the most popular way of trading NFTs, they are not as efficient as traditional open order book based bids/asks mechanism price discovery.
Since NFTs are non-fungible, the open order mechanisms pose certain constraints. Time is another constraint that auctions suffer from. Creators have to either settle for the highest bid obtained in a specified period of time, or will have to wait indefinitely for liquidity till a bidder emerges and matches the ask.

At Fusible, a seller can liquefy their NFTs into fractional parts which will help them trade it effectively. And due to this momentum of price action of fractional parts the whole worth of NFT is discovered.
I'll try and explain from a different perspective too.
As a seller of NFT:
Step 1: Deposit your NFT and set the selling price.
Step 2: Divide the worth in your preferred number of FT tokens to provide index value and initiate AMM.
Step 3: Ta-da! Your NFT is ready to discover price via FT tokens on AMM and Fusible platform.

As a speculator of NFT:
Step 1: Buy FT from fusible platform
Step 2: Buy/Sell FT from AMM
Step 3: Burn FT to redeem the worth (only after collector redeems the NFT)

As a collector:
Step 1: Collect most (>95%) of FT tokens and burn to redeem NFT.
or
Step 2: Buy NFT at the discovered price of NFT ( price per FT x number of FT) and redeem the NFT.

Cryptodiffer Team

👍👍👍👍
awesome thank you!
Q3: Let`s now talk about the milestones you have achieved so far and about your upcoming plans?

Prashant

From inception, which was just an idea of price discovery for NFTs until now

Milestone 1: Ideation and poc

Milestone 2: Idea validation to raising capital.

Milestone 3: TGE of FUSII platform token & IDO

Milestone 4: Staking

Milestone 5: Testnet

Milestone 6: Mainnet.
you can read more about the future updates on the link below
https://fusible.medium.com/fusible-the-tale-of-dodoex-and-future-roadmap-fc7953589e76

Cryptodiffer Team

Thank you for such detailed and interesting answers!
It is time to move to the community questions part.

Cryptodiffer Community

Recently, the decentralized DODO exchange platform was attacked and this resulted in draining a number of its liquidity pools for diverse projects. And this attack also involved draining the $FUSI tokens from the platform. How was the Fusible team able to resolve the damage and restore normalcy? And what efficient risk management practices have you put in place to avoid these unfavourable circumstances in the nearest future?

Prashant

most about your question would be answered here https://fusible.medium.com/fusible-the-tale-of-dodoex-and-future-roadmap-fc7953589e76

Cryptodiffer Community

Could you give me 3 key points to convince me and other angel investors invest in Fusible in long-term?

Prashant

True that many NFT platforms are popping up, but the core ideas are many a times similar to each other. For example, marketplaces with auction system. We at Fusible are trying to solve the liquidity crisis in the NFT marketplaces by liquifying NFTs with Fusible protocol. We are pioneering this price discovery method ⚡️

Cryptodiffer Community

Does your project have a reward package for members, if yes what are the eligibility and requirements for rewards ?

Prashant

The rewards program will commence from ‘Early Q2 2021’. Early creators will be rewarded the $FUSII tokens while depositing the NFTs and initiating the fuse process. Thus, allowing the creation of liquidity pools. Another mechanism of earning $FUSII tokens on the Fusible platform constitutes employing various yield farming strategies by staking the $FUSII token. Staking will allow community members to drive platform decisions through community votes on the proposals in a decentralized manner.

Initially, during the first quarter, 4000 per day, $FUSII tokens will be rewarded to the early community members to drive the platform growth. The incentivization scheme will witness a 30% reduction from the second quarter and henceforth.

Anyone from crypto professionals to aspiring NFT enthusiasts can participate in the program to earn $FUSII tokens by depositing and minting fractional NFTs and participating in the staking program on the platform.

Cryptodiffer Community

1. What benefits will the Fusible platform have on the following set of users:
a. Creators
b. Collectors

2. I see that your roadmap stops at Q4 2021. Does this mean that there will be no further development of the Fusible platform after 2021 or do you plan to release another version of your roadmap after 2021?

Prashant

1. What benefits will the Fusible platform have on the following set of users:
a. Creators:

As a Creator, one can leverage on Fusible to sell their content at redefined price discovery. Get paid instantly whenever a fungible derived tokens are bought from the platform. And also rewarded in $FUSII for listing their content on the platform.

b. Collectors: A collector can scoop up an NFT at the discovered price and also be rewarded for using the platform.

c. Speculator: Fusible bring this new actor who play vital role in price discovery. As NFT value is fractionalized speculator can buy these fraction worth and accelerate the value of NFT. They are also rewarded for using the platform.

2. I see that your roadmap stops at Q4 2021. Does this mean that there will be no further development of the Fusible platform after 2021 or do you plan to release another version of your roadmap after 2021?
We do have plans and they will be unlocked in due course :) RoadMap 2.0

Cryptodiffer Community

What total maximum supply of $FUSI? I'm glad if you share the tokenomic?

Prashant

It is now $FUSII :D And please find more information about the tokenomics here: https://fusible.medium.com/fusi-tokenomics-and-distribution-905dd2d4cf0a

Cryptodiffer Community

For each project, community factors contribute to the project's victory. So, what strategies does Fusible have for community development and long-term user retention?

Prashant

As price discovery protocol Fusible is only getting started! As we move along it’ll only get better and we wish to be at the forefront of this innovation that can not only be applicable to NFTs but also be applied to traditional sectors. Fusible is here to stay and augment our price discovery mechanism moving forward and we certainly believe that long term FUSI holders will reap the benefit of staking FUSI and being a part of our price discovery journey through community governance.

Cryptodiffer Team

Thanks for your time @prashant_1705
👍👍👍
it was a great AMA
Thank you to everyone who took part!

Prashant

Thank you so much again, it has been a pleasure to be here. To keep updated with us please follow us on the links below, and join our community on telegram too. Cheers!