WeBlock AMA with Flare Finance Recap

WeBlock
12 min readNov 3, 2020

--

On the 31st of October 2020, the WeBlock Community, a crypto dedicated functional Community derived from a full-service blockchain accelerator, was very honored to play host to a prominent guest from Flare Finance(flr.finance), Tony in a live Ask-Me-Anything (AMA) session.

Truly impressed by all the great questions that the communities came up with, and thus, we made a recap in English to show everyone who missed out on the AMA what we’ve been talking about!

WeBlock AMA with Flare Finance Recap

Introduction

Tony, the lead Founding Partner of Flare Finance, has shown up on the AMA as the guest from Flare Finance.

Flare Finance is a decentralized finance platform built on top of the Flare Network; It will soon launch mega behemoth of a network designed to unlock the value currently held within the XRP Ledger. Flare Finance team is working on producing the first DeFi ecosystem designed to provide a safe, secure, and profitable environment to utilize holders $FLR and $XRP once the Flare Network is launched.

Q&A with WeBlock Host

Aina@WeBlock:

Q 1. As the first DeFi protocol based on Flare Networks, what are the good that Flare Finance will bring to Flare Networks community? Likewise, what made Flare Finance team choose Flare Networks?

Tony:

XRP is a mega-giant of a network housing over $10B+ of untouched liquidity waiting to enter the market through a proper bridge allowing the utilization of decentralized applications. Flare seen this issue and began to produce what is known today as the Flare Network, the first true solution to bridging XRP to decentralized assets and making it possible for it to interact with smart contracts.

Flare Finance noticed this opportunity and jumped right on it. We wanted to be the first to deliver a truly decentralized experience for the holders of XRP and FLR. We decided this ecosystem should consist of 6 base products allowing the Flare Network and $XRP Holders to have an immediate use case for their tokens and a place to finally begin accruing interest on what they do hold!

Aina@WeBlock:

Q2: As Flare Finance has been running smoothly for a while, what are the three keywords you would use to summarize Flare Finance’s performance since its test phase launch? Could you explain the three keywords one by one?

Tony:

Some words we would utilize to define Flare Finance’s performance so far are:

  1. Battle-Tested — We as developers of this product are ensuring the product we deliver is battle-tested, or thoroughly analyzed for potential weak points, bugs, or flaws in our approach to bringing our product to market. Flare Finance takes time to ensure we test the platform for all possible outcomes or usage conditions. We see this opportunity as a chance to set the standard going forward for DeFi. We take that extremely seriously.
  2. Well-Designed — Our developers have 10+ years’ experience in direct user experience and user interface development. We believe that looks are just as important as the code itself. One should not be forced to utilize something that “looks” shady and barely delivers the functions it was meant to deliver as a decentralized finance platform. Flare Finance is developing our product under strict branding guidelines, and we want to ensure the culture behind our product sticks.
  3. User-Focused — With our experience, we are able to deliver a product that is truly user-focused. Our goal is to ensure when you use Flare Finance, you feel as comfortable and knowledgeable as you do walking into your local bank to deal with one’s own financial stuffs. We do not want our platform giving off the feel of “thrown together”. We want to ensure what we put out is truly a user-owned product and able to build a solid impression in our holders’ minds.

Aina@WeBlock:

Q3: It is said that Flare Finance will launch 6 products to benefit its users. Could you introduce the 6 products and tell us why they are beneficial?

Tony:

Flare Finance is a 6 product ecosystem delivering an all-in-one solution for holders of the Spark token and XRP to utilize immediately upon network launch. Let’s dive right into our products:

FlareX

FlareX is the platforms decentralized margin and spot trading exchange with built in Uniswaps style Swaps and liquidity pools! It will operate much like UniSwap but will feature tokens on the Flare Network traded against base pairings like ***/FLR ***/FXRP ***/YFLR and ***/FUSD.

FlareFarm

FlareFarm is the platforms decentralized yield farming and governance platform. FlareFarm will feature the distribution of YieldFin, the ecosystems main governance token. Additionally, FlareFarm will feature our main governance portal where holders will be able to submit governance requests to build, revise, or fund various things in the community!

FlareUSD

FlareUSD is the platforms wrapped stable coin solution. It will be released to allow an immediate solution for stable value transfer on the Flare Network.

FlareUSD ($FUSD) can be created by wrapping Tether, USDcoin, or Dai on the Ethereum Network and minting it on the Flare Network.

FlareLoans

FlareLoans is the platforms decentralized asset-backed loans platform. It allows holders of the ecosystem to accrue interest on loaned assets, and for holders of specific assets to borrow against their assets in a same place! FlareLoans will enable holders to access the financial power of their holdings without risking them to the immediate market at hand.

FlareMutual

FlareMutual is the platforms risked based mutual fund designed to allow decentralized insurance coverage for the Flare Networks soon to blossom developer interest. FlareMutual will cover new developments smart contracts for bugs, hacks, and other forms of risks. Leveraging this risk, FlareMutual is able to allow holders to accrue interest on their holdings for providing cover to these new projects on the Flare Network.

FlareMine

FlareMine is the ecosystems decentralized yield mining platform that will allow holders of the Flare Ecosystem to contribute mining power to mine Spark ($FLR) directly!

Aina@WeBlock:

Q4: There are 3 token ecosystems shown in the flr.finance website. Will there be more tokens added? What is the tokenomics of Flare Finance?

Tony:

Flare Finance operates on a 3 tokens ecosystem with each token designed to complement and offer different use case than the next. All three tokens are required in the ecosystem to accomplish checks and balances, and to ensure that the operation of the Flare Finance ecosystem can run fluidly.

Here are our tokens, their descriptions and their tokenomics:

YieldFlare

YieldFlare Token (YFLR) is the ecosystem’s main platform token. It will be utilized across all products and has a main focus on utilization within FlareX and FlareFarm.

Its initial use cases will include serving as a fee replacement token on FlareX, the primary staking token to farm YFIN, and a secondary governance token to the ecosystem used to vote on proposals and new token listings. The total supply of YieldFlare is 110,000,000 YFLR.

Distribution is as follows:

DAO Offering — 40M

Pool Mining — 40M

Team Allocation — 10M

Reserves — 10M

Foundation — 10M

YieldFin

YieldFin Token (YFIN) is the ecosystem’s main governance token. It will be utilized extensively across all 6 products within the ecosystem with a primary focus on governance and reward structure.

Its initial use case will be to serve as the main reward token on the FlareFarm platform provided as a result of staking in one of the available distribution pools. It will also serve as a distribution token for FlareLoans and FlareMutual upon platform release.

Once acquired, it can either be staked to earn more YFLR (released over a vesting period) or utilized to vote on governance proposals submitted by the team and other community members. The total supply of YieldFin is 11,000. Distribution is as follows:

FlareFarm — 8,000

YFIN FlareLoans — 1,000

YFIN FlareMutual — 1,000

YFIN Reserves — 1,000 YFIN

YieldMine

YieldMine Token (YMIN) is the ecosystem’s main rewards token. It will be utilized primarily on the FlareMine and FlareX platforms.

Its initial use case will be to serve as a reward token for providing mining power to the FlareMine Pool, as well as a mining rate multiplier on the FlareX platform.

Once acquired, it can either be burned to increase the rate at which one mines YFLR for staking YFIN, or sold on the market to traders interested in lowering their trading fees. The total supply of YieldMine is not fixed and will rise at a rate of 100,000 YMIN per day. Its main purpose is to be burned or sold!

Aina@WeBlock:

Q5: Are there any exciting initiatives that you’re planning in the pipeline that you can share with us?

Tony:

Most definitely!

One thing Flare Finance does that stands out against the rest if we have taken a “Direct to Consumer” marketing pledge. This means our marketing budget lands in YOUR pockets. Flare Finance does not believe in buying advertisements that will not reach our desired consumer. We feel it is far more effective to rewards the users in our direct market for sharing and expanding the idea that is Flare Finance.

Flare Finance has pledged to allocate over 75%+ of our marketing budget to direct to consumer marketing tactics geared towards influencer focused marketing incentives. This means that anyone with a social following can earn through taking part in our collaborative marketing efforts. Through this, Flare Finance hopes to be able to turn our following into a symbiotic ecosystem that is able to not only benefit from, but also support the ecosystem.

Community Live Question

Q1: Will I be able to participate on the Flare Network as an agent and in FTSO and simultaneously use the same Spark tokens to participate in Flare Finance?

Tony:

Staking on the Flare Finance platform holds your $FLR tokens in a trust-free smart contract during the time you allow it to be held there to stake. This means that if an agent does decide to stake, let’s say 25,000,000 $FLR, that FLR would be unusable. We are also in final discussions of whether or not we will even allow agents to stake on our platform as it could create negative sell pressure on the market as the agent has no reason to hold! This being said, we are leaving heavily towards NOT allowing any agent addresses to stake on our platform.

Q2: According to the roadmap, what is your most important next priority? Does your team have enough funds and strong community to achieve those milestones?

Tony:

Flare Finance has NOT released any roadmap. We are taking all steps necessary to protect the decentralized nature of the platform by not giving any early signs of releases, updates, or news and simply releasing updates as we have them.

This being said, our main priorities are the functionality, security, and sustainability of the Flare Finance platform. We are hard at work building the first three products we plan to release upon initial inception. We are also beginning our educational push to help bring awareness to the Flare Network, what it is, how it works, and how Flare Finance will be deployed on it.

Our project is self-funded. This being said, we do not have any of the following: angel investors, venture capitalist firms, accelerators, incubators, grants, loans, or launchpad/offerings. We are not hosting a pre-sale or private sale, and the main token will be airdropped to the community for free.

We are slowly building our community, but within the first 24 hours of breaching surface, we accrued over 1,000 followers interested in learning more about the Flare Finance ecosystem. This shows we have some solid attention and we want to continue to expand on this.

Q3: I am a professional vulnerability finder on the web, do you think your system is secure enough from hackers? Does your project have a program that rewards individual vulnerability detection of the system?

Tony:

That is amazing!

Just like any system, nothing is 100% impervious to hacks. This being said, we of course offer a bug bounty incentive to the penetration and vulnerability testers of our community. We will be incentivizing daily vulnerability testing of our platform for our entire existence. We do not believe vulnerability testing is something that is a “one and done” type of thing. It is something that must be maintained and approached from different attack vectors as much as possible.

We do hope to see you taking part in our bug bounties, and there will of course be more information released on this ahead of time. Security is #1 in our ecosystem, and we do want the users of our platform to feel and actually BE as safe as possible.

Q4: Can you explain what is your Tokenomics Distribution? How many tokens will be minted? And how many tokens will be locked by the team?

Tony:

Indeed! Flare Finance utilized a 3 token ecosystem as you know from early. Only one of these tokens will be distributed. This token is YieldFlare ($YFLR).

YieldFlare will NOT be directly airdropped, and instead offered via a “DAO Offering”. We will airdrop holders of Spark, $DFLR Token. (DAO Flare). This DAO Flare can then be swapped for $YFLR on our platform after reviewing a few notices, an educational video, and agreeing to a few basic terms such as “You agree to be active within the Flare Finance ecosystem and to participate in governance as a holder”. These are non-binding,but are meant to serve as an early reminder that we need participation for the ecosystem to work. The reason for not directly airdropping, is because we want to ensure people who receive $YFLR, actually want to take part in the ecosystem. We can only guarantee this by requirement one more step before people have access to their $YFLR.

Once a user holds their $YFLR, they can begin to stake it and mine $YFIN or they can trade it on FlareX against one of the available pairings. $YFLR has 110,000,000 tokens total, with 41M of them in immediate circulation.

10,000,000 $YFLR Tokens are allocated to the Team with 1,000,000 readily available for the team to stake, and 9,000,000 locked over a 1 year period released quarterly. 20,000,000 $YFLR Tokens are locked for reserves and for the foundation to be used to conduct marketing efforts and to fund new innovative programs to add to the Flare Finance Ecosystem.

You can read more about our tokenomics in our short paper at https://paper.flr.finance

Q5: Which area are you focusing on at the moment? (Difi, Stake, Dapps) and what is your goals in 2021?

Tony:

We are focusing directly on decentralized finance applications that can help return the power of the bank to the people. This includes tackling exchange, stable currency, yield farming, loans, insurance, and yield mining. We do NOT plan to deliver any more products beyond our initial 6 products, and instead plan to provide grants and investment to new developers who are interested in developing products around YieldFlare, Flare Finance, and the ecosystem.

By the end of 2021, Flare Finance will have completed all 6 products and have invested or provided grants to 5+ new products to add to the Flare Finance ecosystem.

We’d like to extend a big thank you to Tony for taking the time to join, and to all members!

To keep up with Flare Finance, please follow on:

Official Website | Twitter | Telegram (Official) | Github | Discord

To keep up with WeBlock and more AMAs please follow us on:

Twitter | Telegram (Official) | Telegram (Announcements)

Medium | Visit us on https://www.weblock.vip/

Sign up to discover human stories that deepen your understanding of the world.

Free

Distraction-free reading. No ads.

Organize your knowledge with lists and highlights.

Tell your story. Find your audience.

Membership

Read member-only stories

Support writers you read most

Earn money for your writing

Listen to audio narrations

Read offline with the Medium app

--

--

WeBlock
WeBlock

Written by WeBlock

WeBlock is committed to build the world’s most intelligent one-stop block chain acceleration service system.

No responses yet

Write a response