Hello, Satoshi clubbers and guests of this site. Today we will talk about the Fire Protocol project.
Fire Protocol is like the combination of Uniswap plus Compound with better performance thanks to HECO(Huobi Eco Chain) — low gas fee, high speed, and security.
The AMA took place on January 22 and our guests were Danny – CEO of Fire Protocol.
The total reward pool was 600$ and has been split into 3 parts.
In this AMA Recap, we will try to summarise the most interesting points for you.
Part 1 — introduction and questions from the Telegram
Mary | Satoshi Club:
Hello Satoshi Club! We are happy to announce our AMA session with Fire Protocol! Welcome to Satoshi Club😀
D. | Satoshi Club:
Hi! 😁 welcome to Satoshi club!
Danny:
Hey guys!
Danny:
Let’s do it!
Mary | Satoshi Club:
@FireprotocolCEO welcome to Satoshi Club 😀
Danny:
Hey girl 🙂
Danny:
Hey, community!
Mary | Satoshi Club:
Please, introduce yourself and tell us more about Fire Protocol and it’s concept 🚀
Danny:
You can @me pls girl
Danny:
Thanks!
Danny:
Yes. I’m Danny, CEO of Fire Protocol.
Danny:
A MBA graduate from Strathclyde Business School in the UK, and an experienced professional in FinTech, eCommerce, and Blockchain.
Danny:
Fire Protocol is like the combination of Uniswap plus Compound with better performance thanks to HECO — low gas fee, high speed, and security.
D. | Satoshi Club:
Cool concept!
D. | Satoshi Club:
What is HECO?
Danny:
Huobi Eco Chain.
Danny:
AKA Huobi Smart Chain.
Danny:
Like Binance chain — but the other exchange lah.
D. | Satoshi Club:
Haha got it!
Danny:
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).
Danny:
*done @madamlobster
D. | Satoshi Club:
Thank you for the intro! Awesome!
D. | Satoshi Club:
Unfortunately, @madamlobster lost her internet connection, but she will be back asap.
Mary | Satoshi Club:
Thanks! Really awesome intro🚀
D. | Satoshi Club:
There she is!
Mary | Satoshi Club:
Yes, I am here now!
Danny:
*next?
Danny:
Q
Danny:
1
D. | Satoshi Club:
Sure! 😄 let’s start the first part of our AMA!
Mary | Satoshi Club:
Oh, sure, we have questions!
Q1 from Telegram user @JesusFre1tes
What is the Cross-Chain Solution that Fire Protocol has developed to support hundreds of digital assets from various chains through its Cross-Chain Center and bring assets into the Huobi ecosystem? What are the main advantages that Houbi Eco Chain brings to this model to avoid delaying operations and slippage between chains?
Danny:
Hey mate.
Danny:
That’s like 4 questions in 1.
Danny:
I will answer one.
Danny:
Main advantages from HECO you can read here https://www.hecochain.com/ It’s fast secure and Ethereum developer-friendly….
Danny:
The DEX component of Fire Protocol – 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.
Danny:
FireSwap is committed to supporting other blockchain systems, including Tron, Polkadot, and more.
Danny:
*done D.
Mary | Satoshi Club:
Don’t you think that its disadvantage is that it is a brand connected?
D. | Satoshi Club:
I tried to connect to your exchange with my metamask and this is what I get as a result. do you have a guide on how people can set up everything to use your app?
Danny:
Yes – there is a guide on our Medium –
Danny:
Your metamask is probably on Ethereum.
D. | Satoshi Club:
Yes.
Danny:
Q2?
D. | Satoshi Club:
Sure!
Q2 from Telegram user @Highpee
Huobi (Smart) Eco Chain (HECO) testnet was rolled out on 10th December 2020 and you were the first set of projects to launch a full project on this chain. What attracted you to this chain or did you just want to help to promote it just because Houbi invited you? Since It’s Not Good To Play With Fire, isn’t it risky to launch a full Defi project on a newly developed chain which is barely a month in the Defi space? Have you made a calculated risk assessment of this chain to be sure that your Defi features such as staking, DEX, lending, borrowing, and other project attributes can run smoothly without any hiccups and investors will not be exposed to unpleasant experience?
Danny:
https://medium.com/fireprotocol
Mary | Satoshi Club:
Thanks for sharing 😀
D. | Satoshi Club:
Thanks!
Danny:
We had developers with experience on HECO! ANd we developed early on the testnet since Oct/Nov.
Danny:
Having the chance to become the first project on a new chain of course we take it.
Danny:
We finished several audits – for your security question within the main question….
Danny:
SlowMist – recommended by Huobi passed us!
D. | Satoshi Club:
Solid company
Mary | Satoshi Club:
Great! Can you share results with us? Did they find something critical?
Danny:
Our Fireswap DEX is live, our Lending Protocol is live, our cross-chain for Ethereum assets is live – and we announced our new roadmap just today…. https://t.me/fireprotocol_ann
Danny:
Nope all passed.
Danny:
Q3.
Mary | Satoshi Club:
That’s great 👍
D. | Satoshi Club:
Satoshi Club don’t forget to join 💪
Q3 from Telegram user @Korryl
Recently Fire Protocol already do huge development in Partnership. You already partnered with Mahadao, Unilend, Ferrum Network, Stafi, Orion Protocol, the last is Elrond. What main goal is Fire Protocol project want to reach with all of your partners? Do you have a plan to add more partners in the future?
Danny:
Mahadao, Unilend, Ferrum Network, Stafi, Orion Protocol, the last is Elrond and Ramp… and more coming lol.
Mary | Satoshi Club:
Wow👏
Danny:
Most of the partners will use our infrastructure to onboard assets to Heco…
D. | Satoshi Club:
We had AMA with most of them. nice guys👌
Danny:
Some we will have deeper development eg cross-chain lending or collaborative staking.
Mary | Satoshi Club:
Who is the next?😀 Any hints?
Danny:
The goal of course COLLABORATIVE not COMPETITIVE – expand all our ecosystems.
Danny:
Hmmm starts with a C.
Danny:
Or other ends with a y
Danny:
Another is blue.
Danny:
Hahahahha.
Danny, [22.01.:
Q4 people.
Mary | Satoshi Club:
Now, we have food for our minds😂
D. | Satoshi Club:
Thank you! Q4 next!
Q4 from Telegram user @lzamg
I notice that you have a button on your website that says “Apply for listing on FireSwap”. What are the requirements to list a token on your DEX? Can you tell us what would be the process of listing?
Danny:
The requirements to list a token on your DEX.
Danny:
Hmmm…..
Danny:
1) must be a cool project.
Danny:
2) no ano team.
Danny:
3) must serve the community – not themselves.
Danny:
4) Must have cool meme’s lol.
D. | Satoshi Club:
I like these requirements 😄👍
Danny:
The process is simple – there is a link – fill a form – we evaluate and decide. We have a call and explore and due to diliguence – then potential list.
Danny:
5) Must provide its own liquidity.
Danny:
6) Must have a reward program —- so community gets something in return for loyalty.
Danny:
Q5 mate.
Mary | Satoshi Club:
Amazing requirements 😂
D. | Satoshi Club:
Thank you for your answer!
Q5 from Telegram user @Xusuo
I saw Fire Protocol video on Youtube that created by famous YouTuber Ivanontech, is this part of your marketing program? did you have a program for the community that still ongoing right now? Maybe ambassador program, airdrop, or bounty?
Danny:
Yes, we partnered with some influencers to spread the word of our product.
Danny:
We are working on a bounty-like program at the moment – Charlie is doing this….
Danny:
For the community, we have currently a staking reward program and an upcoming liquidity mining program to earn juicy rewards.
Mary | Satoshi Club:
Ivan is awesome, his “respect the pump” lately already become a mem😂
Danny:
*next dear
D. | Satoshi Club:
The last question from part 1!
Q6 from Telegram user @AmirJosh
NFT’s popularity is continuously rising and many are expecting that 2021 will be the year for NFTs. Do you have plans to add services that will bring NFT enthusiasts on Fire Protocol?
Danny:
No.
Part 2 — live questions from the Telegram community
Q1 from Telegram user @TrostMangidiaan
What did you do before crypto, how did you get into crypto, and did you have any other venture in crypto previous to being involved with Fire Protocol?
Danny:
Before crypto, I wash dishes in McDonald’s.
Q2 from Telegram user @ShaLiPon
Any reasons why you don’t have a plan to add NFT to your services?
Danny:
Nice profile.
We have already 3 products:
⁃ 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.
…and our roadmap is more focused on DEFI …. so we are not NFTfi dear….
FOCUS!
Q3 from Telegram user @lzamg
🌟Liquidity is a major issue for decentralized exchanges, but Fire Protocol has partnered with some other projects to help solve this problem. Can you tell us more about how projects like StaFi and Orion Protocol will contribute to Fire Protocol with liquidity?
Danny:
Yes with our partners we will have great solutions for liquidity constraints –
We also in-build our own ‘capital efficiency’ > our Lending and Borrowing solution is fully integrated with our DEX.
That means 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.
Q4 from Telegram user @JoanaZ
Does Fire Protocol have any Burning system considering that its name is kinda “associated” with deflationary mechanisms?
Danny:
We are considering burning since we are FIRE lol.
Anyway – we are reviewing potential burn token from fees collected for cross-chain wrapping. To be announced.
Q5 from Telegram user @JoanaZ
Apart from the HECO chain and the Ethereum Network relationship, tokens from other chains like Tron or BSC Will be able to use Fire Protocol?
Danny:
Yes, soon Jade.
Q6 from Telegram user @AugusS7
Fire Protocol is shown as a protocol with great benefits, but they really already exist a Defi protocol that covers the entire market like Uniswap, could Fire protocol somehow change the look of Uniswap users to its protocol?
Danny:
The first always deserves to win right…
We are similar to Uniswap no doubt …. however, we are not just a DEX – we have a lending protocol and cross-chain wrapping. You can also check our updated roadmap here https://t.co/etIjQDVe8z
Part 3 – Quiz Results
In the final part, we tested your knowledge in terms of Fire Protocol. They’ve prepared 4 questions for this part. The total reward pool for the quiz was 400$.
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