Recap AMA Flare Finance x Vietnam Coin Market Community

17 min readOct 31, 2020

Hubert: Hello everyone,

Only 15 minutes left and the AMA event of FLARE FINANCE will be started

The representative for Vietnam Coin Market (VCM) is Admin Owner @taitan296 who will run AMA and FLARE FINANCE project’s representative is @TheCryptoFrenchie.

Translator: @nguyetvcm

Vietnam Coin Market Group (VCM) will be locked to make the event convenient.

After Segment 2 of the Vietnam Coin Market group will be opened a chat so that the community can ask the project.

How’s everything going?

Again, it’s been my greatest pleasure to announce today’s special AMA session

“FLARE FINANCE”

Today’s AMA session is composed of 5 parts:

1 — Say hello, introduce the project

2 — AMA moderator asks the project 5 questions that will be selected first.

3 — Twitter — Pick the 5 best questions

4 — Ask the community (unmute the channel and let the community ask questions freely on telegram. Then the guests will choose about 10 good questions to answer).

5 — Quiz — Give 5 quizzes to the community to answer

Craving for the question rain ahead after I unmute the group.

Anyway, let’s get the curtain roll-up and welcome @TheCryptoFrenchie.

Mr Tony: Good morning (and afternoon) everyone!

Thank you for having me, you can all call me Tony if it helps put a name to face. 🙂

Hubert: It’s a pleasure to all of you who participated in the AMA today.

Hubert: Could you briefly introduce about yourselves as well as your project?

Mr Tony: Indeed!

My name is Tony (or @TheCryptoFrenchie) and I am the lead Founding Partner for Flr.Finance. We are a decentralized finance platform built on top of the Flare Network; A soon to launch behemoth of a network designed to unlock the value currently held within the XRP Ledger. We are working on producing the first DeFi ecosystem designed to provide a safe, secure, and profitable environemtn to utilize holders $FLR and $XRP.

Hubert: How wonderful, sir. The VCM audience is also eager to study the Flr.Finance project.

Hubert: Welcome!

Looking forward to have our audiences to know more about the project and the views.

Let’s get to the first question we’d like to know from you.

What makes the FLARE FINANCE project stand out more than the projects in the same direction at the moment?

Mr Tony: We believe the largest thing that stands out about Flare Finance is the potential it automatically holds in this space being the first Decentralized Finance platform to utilize something as fresh and innovative as the Flare Network. XRP has $11B of untouched liquidity waiting to be utilized in some sort of fashion other than being “digital money”. Flare Networks delivers the bridge needed to allow the cross over from being digital money into being digital assets. This liquidity will soon be able to make it’s way into new fresh ideas built specifically to harness the financial value that XRP has delivered since it’s inception. This fact alone we feel is what makes us stand out, and what allows us to deliver what will be the most reputable DeFI experience of 2021.

Hubert: Thanks for this impressive information. We will go over the next question.

Who are some business partner/clients for FLARE FINANCE?

Mr Tony: At the moment, we will not disclose ANY of our partners or clients. We are in talks with several mobile and hardware wallet providers, exchanges, and platforms that intend to implement and utilize our tokens. All partners and clients will be announced as they come via a proper public announcement and we will not give any early signs of adoption by any partner or client to mitigate any legal risks. As a decentralized platform, our main goal is to mitigate risk for our ecosystem.

Our only information we will release at this time, is we are in open discussions with the Flare Network to ensure we are developing our platform with strict review and approval by their team. To date, both sides are very pleased with how development and communications are being handled. We intend to maintain this relationship and do hope to expand it into a formal agreement. At this time though, we do NOT hold partnerships with Flare Network, XRP, XRPLabs, or any of it’s affiliates.

Hubert: New project. Can focus on developing ecosystems. VCM is always here and waiting for good news from the project.

Hubert: Thank you, we could give some mins for our audiences to read more about the comment.

Hubert: We will come to the next question:

What are the memorable milestones of FLARE FINANCE in the research and development process?

Mr Tony: As a early stage development, we are constantly researching the latest methods to delivering security, sustainability, and sustanance to our development. This includes researching means of mitigating hacks and bugs, divisng the best means to a sustainable financial ecosystem, and implementing fail safe mechanisms that can be user controlled. All of which are necessary to deliver a truly trust free environment and helps reduce the risk of centralization.

One of our largest milestones to date is creating a truly sustainable distributions and governance model that can help keep holders active and engaging in the community. We do not want Flare Finance to be a place where lack of engagement is the first thing you remember. We are taking careful steps to encourage and incentivize engagement, and we hope you all will enjoy them!

Hubert: Feeling quite excited about this project, sir. I think everyone will love it and support it as well.

Mr Tony: Thanks for the kind words!

Hubert: What does FLARE FINANCE plan to do to attract more users in the upcoming time?

Mr Tony: Flare Finance takes a new fresh approach to attracting users. We strongly believe in direct to consumer marketing tactics, and do believe that we should reward people for trying and utilizing our platform. This being said, Flare Finance has plegged that 75% of all of our marketing budget with be via direct to consumer marketing tactics. This means that our money, lands in YOUR pockets. We do not believe in paying for news articles, banners, or advertisements that do not engage or reach our target consumer. We believe in rewarding the ones directly in our market for helping put out our message.

Beginning Q1 2021, Flare Finance will release it’s own collaberative influencer marketing portal where we will offer pools of funding for completing various verifiable marketing tasks for the community. KYC will be mandatory, but it will be a great way for people to contribute to the ecosystem in a positive way (and profit from it!).

Hubert: Really love this project Tony. We would love to hear more about it later.

Thanks for sharing basic information about the project. We step through segment 3.

The first question comes from Twitter:

Question 1. What motivated you and your team to build Flare Finance? Why is the project named Flare Finance? Please share a few interesting things about this meaning? To describe the project, what short sentence can you use?

Mr Tony: Our team saw the enormous potential that Flare Network brings to XRP very early on. After digging into the documents and speaking with the CEO Hugo Philion. We were very certain that Flare Network will become a top project in the cryptocurrency space. As we all love cryptocurrency, blockchain and building communities and technology we were thrilled to find such a great opportunity to contribute our skills to the Flare Network.

The project is named Flare Finance because we are building a Decentralized Finance protocol on the Flare Network. It is only natural that we be named after the Flare Network. In short Flare Finance is building the most seamless DeFi experience yet thanks to the superior architecture of the Flare Network and XRP Ledger. Because XRP holders currently generate zero yield on their assets as XRP can not be staked for rewards like Proof of Stake currencies there is very little utility for them. Flare Network enables XRP holders to interact with DAPPs and smart contracts bringing the utility of Ethereum to XRP. We intend to be the standard for DeFi and DEX trading

bringing utility to XRP and Spark holders from day one.

Hubert: Thank you very much for your answers. Maybe Thuy and everyone have a better view of the project thanks to this answer.

Ok next Question. Revenue is an important aspect for all projects in order to survive and keep the project / company up and running. What is Flare Finance way of generating profit / revenue? What is the income model?

Mr Tony: Flare Finance implements a revenue stream into nearly every product except for distribution of our main governance token, YieldFin, through the FlareFarm Platform. This profit is generated in the form of fees ranging from 0.075% up to 1.5% depending on which platform you are utilizing and what contract you are trying to execute. Main points of profit for the platform exist in FlareX Maker and Taker fees, FlareLoans Closing Fees, FlareWrap Wrapping Fees, FlareMine Pool Fees, and of course, FlareMutual’s Coverage Fees.

All profit generated through the platform is distributed to the Flare Finance Foundation which has a hard focus on expanding the Flare Finance Ecosystem and building new explosive Decentralized Applications and Technology on the Flare Network. Additionally, profit is rewarded back to the community through the form of ongoing direct to consumer marketing tactics. This helps put profit back in the users pockets by engaging with our collaborative marketing efforts.

Team Members all receive a distribution from the Flare Finance Foundation in the form of an annual salary for their service to the foundation. Additionally, team members are provided with a vested token share into the ecosystem. Any additional funds are allocated to FLRGrants which are then awarded to blossoming development groups seeking to build on the Flare Network.

Hubert: What a great project. Me and everyone will follow it. The ecosystem is very large, sir. I see a thorough investment in technology.

Question 3. As individual user, what ways can I contribute to the development of Your $YFLR $YFIN $YMIN Project? Do you have Ambassador programs and What is its benefit?

Mr Tony: Flare Finance is a free airdrop to the holders of the Flare Networks main ecosystem token, Spark ($FLR). This being said, we do accept certain kinds of support from the community that you can take part in. Although no sale will take place, we do enjoy support from your community members in the form of other kinds of efforts. We will soon be beginning our Global Ambassador Program where 2 users of 50 of the top global countries will come together as our main ambassadors for their country. Ambassadors will be vested for experience and eligibility to join the ambassadors program, but if accepted, you will lead many of our global marketing efforts.

In addition to our main Ambassadors Program, Flare Finance will soon be accepting applications for key positions within the ecosystem including development, marketing, design, relations, and more!

Hubert: Most projects need ambassadors to connect the local community with the project. ❤️

Next good question:

What is the long-term vision of FLARE NETWORK? is it just establishing this ecosystem of the XRP chain? or how far do you plan to go?

Mr Tony: Although the native Spark token airdrop is for XRP holders. The Flare Network is not limited to simply supporting XRP. Flare Network’s main goal is “Unlocking Value”. In the long term we expect that Flare Network will expand to support many cryptocurrencies as the world’s first turing complete blockchain. More information on the Flare Network can be found by heading to their website at https://www.flare.xyz/ or joining their Telegram at @FlareNetwork. For us as a team building on the Flare Network we intend to help build Flare Network into a world class platform through our product releases. We have deployed various development tools aside from the DeFi protocol we’re building, such as the Coston Testnet Block Explorer (http://flarescan.org/), and a RestAPI which we’ve named RestFlare. If any developers would like access to this tool please feel free to contact us.

Hubert: We take a moment for Mrs Nguyet to translate this. This is good and useful information.

We come to the final question of segment 3:

Are the same founders of XRP really the same ones who created Flare Finance? or really who are they? And where can I get more information from the management team of this great project?

Mr Tony: We are an independent development team based globally in Northern America and Europe mainly. We are not in any way affiliated with XRP, Ripple, or any of it’s affiliates. We are not any previous members of their team either. We do not have any affiliations currently with the Flare Network either, but are actively working towards it. We are 100% self funded and currently are not backed or funded by any of the following: venture firms, seed investors, accelorators, incubators, launchpads, angels, bank loans, or any other form of investment entity.

The management team of Flare Finance is anonymous for the safety of the team and the development, and to mitigate any potential legal risks early on. We have placed our true identities in the hands of the founding team of the Flare Networks, and have agreed they have full right to disclose our identities in the event of a situation occuring that would require such an event to happen. We do hope we can earn your trust through carefully conducted audits from multiple reputable parties, carefully thoughtout and transparent discussions, and our approach as people to build and expand on the Flare Network. We do plan to debut our identities in the future, but for now, we would love to remove the stigma that it requires a former banking executive to produce something worthwhile, long standing, and positive to this world.

Hubert: The last question is already done. Thank you @TheCryptoFrenchie for bringing the above useful information.

Next, the Vietnam Coin Market team (VCM) will open a chat for the community to ask questions to the project. We will have 3 min to ask. The FLARE FINANCE project will then choose 10 questions to answer.

Let’go!

Now!

Let’s give some mins for @TheCryptoFrenchie to choose 10 questions to answer.

@TheCryptoFrenchie, you may proceed now.

Question 1. How important is the community to you? and how can we collaborate or help you for the development of the project?
Well, right off the bat, let’s tackle Zendaya’s question:

Community is #1 when it comes to Flare Finance. When you think of the community, several key points come to mind: security of the community, engagement of the community, and the happiness of the community. When you focus on community, these three points become second nature. This being said, Flare Finance focused entirely on our communities security, engagement, and happiness. We want you all to feel as safe as you do when you walk into your local bank to interact with your local banker. Decentralized should not mean cold, but it should mean safe and trust-free and we hope to build on that idea that DeFi needs culture to be sustainable. It can not just be code.

Question 2. Is Your project a Global project ?

Is any of the local communities restricted from contributing to the project ?

Our project is indeed a global project without restriction. We are a non-custodial agent and all aspects of our platform are as decentralized as possible. Our main demographics of our users fall within the USA, Canada, UK, China, Japan, Vietnam, Europe, and Russia.

Question 3. What is the most ambitious goal of your project? I would appreciate it if you could share with us any Upcoming Updates?
The most ambitious goal of our project is to deliver the first decentralized financial ecosystem that maintain a true culture that is both inline with the visions of the Flare Network and the visions of Flare Finance as one. We want to deliver something people can be prideful in taking part in and something that is seen as a financial product that can be passed on to a later generation. (If time and regulatory factors allow it to prosper!) We can NOT provide updates as this time except that we are hard at work and close to our product entering BETA phase.

Question 4. Why should I invest in your token? do you guarantee I’ll be profitable?

You should only invest into products that you fully trust and products that you have one your own complete research on. No product in the field can guarantee profitability, but we can guarantee that we are taking all steps necessary to ensure the product delivered will work as expected and deliver a truly decentralized financial experience for it’s holders. We will not directly say we will try and influence the price of our market, but we do hope that the products we release can be seen as valiable, and that you as holders will see the value in what we do release.

Question 5. Typically, investors buy tokens that are likely to increase in price in the future. I saw that, total supply of the token is huge.

So, do you have any plan for burning tokens in the future to reduce the supply of the token and increase its investment attractiveness?

YFLR and YFIN both have a fixed supply that will decrease over time via quarterly excess burns and governance fee burns. We as a team do not have plans to actively burn any supply off to impact price or liquidity. This being said, the value of YFLR will not be based on the future reduction of supply, but on the value given to it by it’s holders based on the ecosystem is supports and is utilized in.

Question 6. Your project has great features. There must be an experienced team behind. Can you tell some about your team and their experiences in the market?

We appreciate the kind words!

I myself have been a part of this industry for 9 years now. My experience is broad and ranges from Business Development, Brand Psychology, Marketing Psychology, and Business Analytics. I do not come from a banking background, but I do come heavily from a corporate administrative setting that has given me the knowledge to organize and place the right minds in positions of power that they can succeed and prosper in. I have seen the inception of many projects to date and, am sad to say, have been able to witness the industry turn into what was a fun new experiment into what is now the most cut throat and explosive industry to ever breach surface. My partners each have 5 years in the industry separately as well, with our COO having over 6 years experience in direct business development and operations and our CTO having over 10 years experience as a full-stack developer and graphic design wizard.

Question 7. Smart contracts are vulnerable to bugs, and even recently three big new DeFi projects were victims of this, costing users funds. How efficient and secured is your smart contract, and did you ever audit it via any external party?

We are completely aware of the happenings that have occured in the DeFi space. This being said, we are not relying on one audit, but three separate audits before ever releasing code to be utilized by the public. We believe things like the threat of bugs can be completely avoided by patient and careful development work. Hacks are entirely unpredictable, but we would like to rest assure you that safety of user funds is our utmost concern, and if we are not able to devise a 99.9% fail proof means of delivering our product, then we simply won’t. XRP is one of those communities you do not approach without having all your ducks in line. We do not want to make their introduction to the smart contract world a negative experience. This being said, know we are taking your first experience as seriously as if it were ours, and we want it to be a sigh of relief and not the deepest breath you ever held in your life!

Question 8. As I read that you are working in three projects $YFLR $YFIN and $YMIN. Is it true? If yes then which one is your main priority and which token should I buy and hold for long term?

The Flare Finance ecosystem is powered by 3 tokens ($YFLR, $YFIN, and $YMIN), and also features 100% usage for $FLR and $FXRP.

$YFLR (YieldFlare) has a supply of 110M and YFLR is the ecosystems most widely used token and will be used for exchange fees, secondary governance within the ecosytem for whitelisting tokens to the exchange, and the one and only token that will be airdropped to the community along with $FLR from the Flare Network.

$YFIN (YieldFin) has a supply of 11k YFIN and is the ecosystems MAIN governance token and will be used for platform governance and will NOT be airdropped, pre-mined, or pre-sold. It will be 100% mined by staking $YFLR, $FLR, $WXRP, or $FUSD.

$YMIN (YieldMine) is the ecosystems rate mining token (rewards token) that will be used as a means of increasing ones rate of mining YFLR and YFIN from all platforms. It can be earned by contributing mining power to the FlareMine Mining Pool and earning both $FLR and $YMIN. It’s supply is NOT fixed and grows at a rate of 100,000 YMIN per day until supply is fully mined.

Each token has it’s own contributing use case to the ecosystem that will help it function as well as it will. 🙂

Question 9. There are lots of new protocols launching that are designed to bring non-ethereum tokens to ethereum via a bridge. Is this something as a lending service you are looking forward to?

We are less excited about bridging non-ethereum assets to Ethereum and are more excited about bringing Ethereum Assets and Non-Ethereum Assets to the Flare Network!

FlareWrap will deliver Tether, USDcoin, and DAI on the Flare Network by bridging these assets by allowing collateralization of one’s Ethereum assets off-chain and allowing on-chain minting of Stable FlareUSD.

This will expand into many more assets that we plan to bring to the Flare Network.

Question 10. What are the plans to educate and raise awareness and adoption among the community to make more people understand about the project easily?

This is the most important question and the one that makes the most sense to answer last so it hits the hardest!

Our plans are extensive, and we do plan to create guides, videos, and learning webinars for our users to have as hands on of a support system as they can have for their journey through the Flare Finance ecosystem. We will be hiring influencers to help us along the way with this, and if at any point something is unclear, simply join our groups and ask away! We are here to be as helpful as your local bank teller. If not, how could we expect to deliver anything close to a truly decentralized financial ecosystem?

Hubert: Thank you @TheCryptoFrenchie for replying to the community.

Hubert: We will go to Segment 5, the FLARE FINANCE project will ask the question. The person with the fastest correct answer will win.
Each person can only answer 1 time / 1 question

Please @TheCryptoFrenchie to ask Quiz questions.

Quiz 1. What is the date that Flare Network will take a snapshot of the XRP Ledger to airdrop Spark Tokens to? (You must have your tokens in a supported wallet by then!)

Correct: 12th december 2020

Quiz 2. What are the 6 products that Flare Finance plans to deliver to the ecosystem, and what are they?

Correct: FlareX: Spot and Margin Trading Platform with Swaps

FlareFarm:Yield Farming and Governance Platform

FlareUSD:Stable Dollar Distribution Platform

FlareLoans:Collateralized Loans Platform

Flare mutual:Decentralized Risk-Based Mutual Fund

Flare Mine:Yield Mining and Liquidity Generation Pool

Quiz 3. What is the total supply of YFLR, YFIN, and YMIN and how do you get YFLR?

Correct: $YFLR (YieldFlare) has a supply of 110M and YFLR is the ecosystems most widely used token and will be used for exchange fees, secondary governance within the ecosytem for whitelisting tokens to the exchange, and the one and only token that will be airdropped to the community along with $FLR from the Flare Network.

Question 4. What is the link to our short paper?

https://t.me/FlrFinanceVN/332

Question 5. Somewhere on our Twitter, we commented the date of when we will be taking the snapshot for YFLR. What date is our snapshot? (HINT: It has something to do with Flare’s Network launch date).

Correct: First week of November

The date of the snapshot will be planned for the one month anniversary of the Flare Main Network Launch.

“Flare’s snapshot will be taken on the X of the Flare Network X”

So the AMA FLARE FINANCE at Vietnam Coin Market (VCM) is also coming to an end. Hopefully in this direct exchange, the community has a basic understanding of the FLARE FINANCE project. I am the moderator today. Congratulations to the FLARE FINANCE.

Thanks @TheCryptoFrenchie for joining AMA with the VCM community today. Wish you much health and success.

Again, don’t forget to join the FLARE FINANCE community for further assistance. Thanks everyone.

Twitter: https://twitter.com/FlrFinance
Website: https://flr.finance/
Telegram: @FlrFinance

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