We are pleased to announce our next AMA on November 26th 2020 at 04:00 PM UTC Time: Satoshi Club x Flare Finance
⚠️Click to see the hour
⚠️Total Reward pool: $1000
⚠️Requirements:
👉 Join Satoshi Club Telegram group
👉 Join Flare Finance Telegram group
We will have the following structure:
Part 1: 150$ /6 users – We’ll select 6 questions from the community. A user can post maximum 3 questions. 6 Questions will be selected from our website – please submit your questions in the comments section of this post.
Part 2: 150$/10 users – Open chat for 100 seconds. You can post Max 3 questions. Flare Finance Team will select 10 questions and answer them.
Part 3: 700$ – A quiz about Flare Finance
For more details:
Flare Finance – @FlrFinance
Satoshi Club – @satoshi_club
Russian – @satoshi_club_ru
Spanish – @satoshi_club_spanish
Q.2
How do you evaluate the support from the community? What difficulties do you have for marketing and mass adoption?
On November 24, 2020, I saw on twitter that you had a piece of news that your Spark token is being managed by permission on the largest and most special markets that I see as binance. Only a coin that has high prestige and meets all standards can enter, so now that you read this question, has $ Spark been on those exchanges? And how to make Spark tokens enter a large market, then surely you will face high risks and even competitors are not medium? So you have prepared yourself a path how to get a foothold in Binance?
Why did you choose DEFI just because DEFI is trending nowadays and you are going with trend please give a solid reason to choose DEFI for Flare Finance.
Nowadays a lot of projects are launching and promising big things, only some of them get success.
Give a solid reason to justify your statement for the success of
Flare finance.
Why didn’t you choose another domain name for the Flare Finance ShortPaper website and chose a .pdf domain name? To learn about Flare Finance people in my area took up to 5 minutes to finish loading all the details I needed about FlareFinance. So it looks like you only have a handful of headquarters and it’s very far away from me (Southeast Asia)? And after this question do you plan to change regions or open more headquarters in the area near me?
question:
While I respect the Flare Finance’s Decision-making,
but, Why does the Team remain Anonymous up to this very day?
question:
Defi protocols that offer peer-to-peer ways to lend and borrow assets is vulnerable to hacking.
so, how do Flare Loans prevent these kinds of Defi attacks?
Why did you use 3 Tokenomics? What advantages does it provide to users?
How much influence would your project have on the cryptocurrency industry? What kind of strategy do you plan to achieve this?
Could you give a solid explanation of what your project involves ?
Question 2
What do you aim to achieve with Flare Finance and what benefits users will get?
If I have my XRP on Spark airdrip supporting exchange am I automatically going to receive FLRFinance airdrop too?
Could you please clarify the claiming process once and for all?
Thank you so much for the opportunity!
This project is great, yes. But do you have plans if ever only few people will support you? How will you cope up with that?
Is there any projects that you would like to colab with?
There’s a lot of DEFI projects nowadays, what will you do to make yours dominant from them?
Your project development is still in the early stages. How can we as a community get involved in developing the Flare Finance project? Is there an ambassador program or something?
I see that the Flare Finance project is well developed and designed to go globally, but why has the team decided to hide its identity so far? and what is the team vision in term of global expansion
Q1. Which sources of price feed will be used for Flare Finance products? Will it be Flare Time Series Oracle, Chainlink or you will build your own oracles? If it will be FTSO, how will such things like staking, providing liquidity etc. in your products, work together with incentives to provide accurate price feed, participating to provide estimates for time series and earning oracle rewards? Will it be contradiction?
There are so many great chains. Why did you decide to build your own infrastructure? Isn’t this a waste of money?
Q2. Flare Finance launches 6 DeFi products. One of them is FlareX, which is a decentralized exchange. This is the only product which currently has an alternative for XRP/FLR holders – the build-in DEX on the XRP Ledger. How do you think XRP Holders and Spark will interact with these two decentralized exchanges? Will there be competition or complementation between these DEXs in liquidity? What are the advantages of FlareX over DEX XRPL, what is DODL in details (Decentralized liquidity on demand) and are you plan to offer DODL for Ripple (company) as product?
Q3. What future strategy is more preferable for Flare Finance? Integration with other DeFi ecosystems, e.g. Ethereum, Polkadot, Cosmos, Kava etc. or integration with CeFi and FinTech companies like Ripple, Robinhood, Celsius, eToro for instance?
Is your SPARK airdrop still active? Word’s around that it’s been a huge success. Can you comment on this?
Many exchanges support Flare Finance Airdrop for XRP holders,my question is that if i hold my XRP on decentralized wallets like Trust Wallet and Atomic Wallet then i will received SPARK airdrop or not?
I just read your post on Twitter that @Flare will change the XRP world forever, so can you share some planning that how its possible? Your Twitter post link about that :
https://twitter.com/FlrFinance/status/1331153534029467648?s=19
In your website you have PRODUCTS UTILIZING A 3 Token Ecosystem 1:YieldFlare Token
2:YieldFin Token
3:YieldMine Token
Can you explain what is the use of 3 Token Ecosystem and what is the advantages? Thank You
You will do a snapshot at 1 month anniversary and will make an airdrop. How many tokens will be distributed and is there any minimum amount to be eligible?
What kind of incentives will be offered in the mining field with YFLR and how will YFIN and YFLR mining be implemented on the Flare Finance Ecosystem?
What will be the role of the YieldFlare token in the field of governance on the FlareX platform and how will those who want to vote for new projects that want to be listed use the YieldFlare token?
Why do you see the infrastructure, solution system and future of the Flare Network as a revolutionary approach in providing smart contracts? What makes the Flare Network different?
Is Flare Finance an associate of the Flare Network and by any way affiliated with Ripple or XRPLabs? Also, which angel investor is Flare Finance currently receiving funds from?
The Flare Network is the world’s first Turing Complete FBA Network with an immense amount of potential. Can you please elaborate more on the potentials of the Flare Network?
Flare Finance opens the door for many new financial products, such as:
-P2P Margin and Spot Trading
-Non-Custodial Liquidity Pools
-Decentralized Insurance Coverage
-and much, much more…
These all financial products sound very good,can you tell more about it and what is considered as much, much more…?
-Yield Mine token can be mined through direct usage of FlareLink and can be used by burning it during the secondary mining stage to boost mining rate.
-YieldFin Token can be mined using YFLR and other currencies and can be used to perform governance over the Flare Finance Ecosystem. Additionally, it can be used to mine both YFIN and YFLR.
Token mining seems very complicated, can you explain better about every token mining? Why is there so much tokens on your platform, which staking is best to pick for good profit and price stable?
In part of website “Contact us” there is special mail for support, marketing, partnership and legal.
It says “For all legal and civil inquiries please reach out to legal@flr.finance”
This sounds weird, what does legal and civil inquiries means?
There is something that confuses me. There is another project called Flare Networks, which is a partner of Ripple, is Flare Finance in any way related to any of those projects? Can you clarify this please? Don’t you think this can cause confusion for other users too?
The total Supply is 11k of YFIN Where the total supply is 110 m of YFR. WHY the ratio of supply has so much differences? will there be any changes of supply in the future? And can community votes decides on supply and its value?
The YieldFlare Token operates as an exchange fee and governance token on the FlareX Platform. It can be used to vote for new projects looking to list on FlareX. Who is in charge of evaluating whether the new projects for which users will vote are reliable? Will each of these projects be evaluated before being included in the voting? Will there be a review process by the FlareX Platform team or is the evaluation done by the community?
Flare Finance worked with Coston Test Network in the early stages of the project. What were the results of that partnership that will lead to what they are today? What will be the new partnerships that will make the platform grow from now on?
What are the 6 decentralized financial products that Flare Finance will launch on its platform that will serve as a trusted all-in-one solution for traditional banking and investment? How will your products differ from others used on different platforms?
The first thing that comes to mind when those who already know about Flare Network Come across Flare Finance is that Flare Finance is most likely an affiliate of Flare Network, and in this regard you have constantly reaffirmed the fact that Flare Finance is not an official part of the Flare Network and is not in any way affiliated with ripple, XRPlabs, or any affiliated party associated with XRP or Ripple….. Considering the fact that Flare Finance is the first of it’s kind being deployed on Flare Network to bring utility to both XRP and FLR holders.. why has there not been any official partnership yet between Flare Finance and Flare Network do you have plans of establishing an official partnership with them or other XRP Affiliated projects because this perception of Flare Finance being afliated with Flare Network will always be there in as much as your name remains this way
On your short paper I read that FlareMine is a decentralized yield mining platform that will allow owners of Bitcoin or Ethereum
mining rigs to mine Spark (FLR)…. I basically thought that everything about Flare Finance was Restricted within the scope of XRP and Flare Network I guess I was wrong… But why does Flare Finance want to allow Bitcoin and Ethereum miners to mine Spark(FLR)……
In the Tokenomics of YFLR which is your Ecosystems Main Platform token 40,000,000 YFLR which represents 36.36% of Total YFLR supply was allocated for DAO Offering Distribution. How will this tokens be distributed to the community, How will you determine who gets this Tokens.. after having such a large allocation of YFLR Tokens for DAO why did you decide to have another Token “YFIN” as your Ecosystems main governance token with a total supply of 11,000 how will your Governance setup work with this Two tokens (YFLR and YFIN)….
– Does XRP blockchain have the potential to attract more DeFi projects than ETH? Do you think that in the future there will be more projects in XRP chain? Why did you decide to build here?
– 3 different tokens can be overwhelming, why did you decide to create 3 tokens? Which one is used for governance? Does each one have a specific function?
– Among the 3 existing tokens, are there benefits in all for the holders? Are some more profitable than others? What do you recommend to those of us who are getting to know Flare Finance?
You say that you are an independent group of developers who seek to bring an inovative change for XRP and Flare. But you mention that you didn’t receive any funding. How are you operating then?
YFLR is the only governance token that carries the option to vote on new listings while YFIN on the other hand, carries a larger voting weight and is the only governance token that carries the option to vote on how the 1,000 reserved YFIN is utilized in the future. Why does YFIN have a larger voting weight instead of both having the same voting weight?
Apart from the XRP Ecosystem, Flare Finance recently partnered with eToro, one of the largest and most important players in the blockchain industry. What is the nature of your partnerships and what are the biggest impact that drives you to make these partnerships? Do you also have strategic advisors from eToro on your team?
I belong to the XRP army. The Flare Finance promises to unlock great value for XRP holders globally, giving them endless potentials. I’m interested in knowing what endless potentials you’re referring to? Should we expect more airdrops soon or you have plans to bring Defi to XRP Ecosystem?
Flare Finance considers their number one goal as user safety and platform security. So, what extra miles have you gone to implement security features that guarantees safety of users’ on your platform? Have you already sent your codebase to XRPL Foundation for review? Have you done a thorough audit and review of your codebase prior to launch?
What makes the FLARE FINANCE project stand out more than the projects in the same direction at the moment?
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?
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?
FlareFinance aims to be supportive for multiple transactions on a single block. How many transactions per second are allowed to?
In parallel with the Flare Network, you created the Coston test network. Tell us why it was done and whether this decision was justified. Tell us about the test XRP and something else we don’t know ..
How many ecosystem on flare finance?
What are the benefits of all flare tokens holders?
How many products on flare finance for traditional banking and investing?
Please explain one by one?
In addition to YFLR tokens, all Flare Finance products will also use Spark (FLR) and Trustless (FXRP) tokens. What are the functions of FLR and FXRP? And tell us about the upcoming airdrop for XRP holders. When, where and how much they can get Spark token.
Tell us about Proposals within the ecosystem. You charge a commission for each proposal. If I understand correctly, these funds are not refundable. Tell us the cost and why did you decide to pay for it?
After do research with your project, i found that Flare Finance will doing airdrop of DFLR token. What is the requirement to participate in this airdrop and how is the process?
I always interesting with stable coin and in TELEGRAM said Flare Finance do have stable coin with “FUSD”, there’s rumour FUSD is backing 1:1 like USDT, is this true? . How did Flare Finance handle problem about “Inflation” that every Stable Coin have?
is flare finance is a sub-project of flare networks? or is it another different project? and what is the different about flare finance, flare scan, and flare networks?
Flare Finance seeks to provide XRP/Spark users with the “fastest” and “cheapest” DeFi experience. Fast and Cheap service is always desirable, so what are your plans to achive this? Will your technical infrastructure provide it or your approach of service?
why you make airdrop for $XRP holders and not the other coin? is there any special relation between your project and Ripple?
After read your website and telegram, i’m quite confusing with token that Flare Finance have. I read that you have DFLR, YFLR, Spark token, FUSD, and also YFIN. Can you please explain it one by one what are those token function? Because a project usually only have 1 main token for their project
I saw on your website that flare finance opens the door for new financial products. and you write ‘much much more’ on that. can you tell us some of the ‘much much more’ products? or you haven’t thought about it yet so that’s why you write ‘much much more’ on your website?
So you have feature name “FlareMutual”, is this feature have same function with Insurance for all project in FlareNetwork? Can you please explain how does it work?
Can you give me an example as to how smart contracts will be used on the network and will the UI be intuitive? As much as I can’t stand them, Coinbase is successful because they made things easy.
FlareMutual is a decentralized mutual fund that allows people to share risk together. How is this service technically managed? How do the parties make the agreement? Do they communicate or is it done anonymously?
Mandatory question to start AMA: Why Flare Network and not the Ethereum network or the Tron network? What features do you see in Flare Network that the others do not?
If with two token projects many people get confused, I don’t want to picture myself with three. My question: Was this really necessary? What are the advantages of dividing all those features into three tokens and not one or two?
I’ve only been at Satoshi Club for two months and there are many DeFi protocol projects that have already gone through here. Many essentially “do the same” but there is always an interesting or attractive detail that makes them different. So, what makes Flare Network different from other similar projects?
Can you tell us what is the link between Flare Network – Spark and XRP? I see a lot in your tweets this 3 together, but don’t understand why?
As if you were explaining to a child, would you detail the functions of $YieldFlare, $YieldFIN and $YieldMine Token? How do they relate to each other? In a general way, which is the most important or which should we accumulate the most?
Yieldflare token is the governance token for FlareX your exchange platform, do users with more YieldFlare token have more votes? How much of a transaction is charged as fees for using FlareX to swap tokens?
Is the team planning to introduce an app platform with the FlareX exchange platform? And I saw a post on your telegram that decentralized form of KYC/AML will be used, can you share with the community what sort of KYC/AML your team is currently considering?
I believe you have a great marketing team with the XRP, SPARK 1:1 airdrop and now AMA. Are there other marketing promotions or incentives that is being offered to the community? And if yes how can we benefit from this marketing promotions?
Flare Finance have 6 products: FlareX, FlareFarm, FlareUSD, FlareLoans, FlareMutual, and FlareMine. These products needs some serious financial assistance, how will you be able to gather enough funds for the development of these 6 projects? When will do you expect these 6 be able to serve users simultaneously.
Holders of FLR, FXRP, YFLR, YFIN and FUSD are able to participate in mutual funds. Will you explain how will this mutual fund can mitigate the potential risk of smart contract failure, hacks, and bugs. What will be the guidelines to be able to claim in this mutual fund?
Can we say that Flare Finance is like an Ecosystem which all your 6 projects will interact with each other. Can the users of each of the 6 projects have a chance to have more discounts on transaction fees when they use the services of the other products?
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?
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?
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?
You say that you do not have a relationship with the Flare Network, but even this situation gives you an advantage in terms of advertising. However, anonymity of the project team can prevent these advantages. Why are you taking such risks as a team?
How many people is the technical team and are there any people who have worked in other projects before?
Feedback is necessary in order to grow and fit with community needs. How does Flare Finance listens to its community and how the users participate into their governance? Also, how do you incentivate people to join this project?
Why are there 3 tokens in the token ecosystem and why are there big differences in the amount of tokens?
Is it your P2P Margin available worldwide? What security methods does it use? and do you have a support channel to solve any issue with transactions?
Why there are 3 tokens in the token ecosystem and the total amount of these three separate tokens is very different and there are big differences between them. Why is this happening and what are the benefits you think will provide you?
There is a mention that you are anonymous. What is the reason behind it? Are you afraid of lawsuits from ripple or someone else? How many people work on your team?
“We would also like to reaffirm the fact that Flare Finance is NOT an official part of the Flare Network and is not in any way affiliated with Ripple, XRPLabs, or any affiliated party associated with XRP or Ripple in any way shape or form.” Why do you need to emphasize on this ?
flare finance utilise XRP blockchain which is quite a centralised token, in this case how can flare network archive decentralization ?
On the PipeFlare website, I collect FLR token daily. But there is no information yet on when it will become commercial. I would like to clarify whether this FLR applies to you? When and how can I use it? For now, they are simply stored on this site.
I read about the FlareDrops airdrops that are distributed to all FLR token holders. Do you support a similar event? Where can you get this information? And how can I participate, will there be some mandatory minimum FLR that I have to own?
What was the purpose of the Discord channel? At the moment, there is practically no communication between community members and discussion of topics on the project. What I noticed is a lot of announcements with drops on Twitter. In addition, do you plan to further develop the channel in Discord and attract users there?
flare has a variety of products :
FlareX – spot and margin trading platform with swaps;
FlareFarm – yield farming and governance platform;
FlareUSD – stable dollar distribution platform;
FlareLoans – collateralized loans platform;
FlareMutual – decentralized risk-based mutual fund;
FlareMine – yield mining and liquidity generation pool
are all this product similar with their ethereum counterpart , what will be the unique selling point for them? Will flare finance be having any cross chain capability?
You claim that use “the limitless potential of the Flare Network”. But sorry, i just can’t imagine this potential because never heared yet about Flare Network and didn’t find any info on your site. I suppose many other didn’t hear tooBecause there are plenty different networks, cryptocurrensies, etc.around and we are unable to follow all. Could you introduce a little bit about Flare Network and how exactly you will use for your ecosystem?
You said that the ecosystem products will utilise 3 tokens YieldFlare, YieldFin and YieldMine. But what role will XRP have in the ecosystem? Moreover, XRP is known as a too centralized crypto despite it’s one of top by the marketcap. So why did you choose exactly Ripple blockchain to build a decentralized finance?
I just joined your telegram group and found that you use a lot of info bots. I feel a bit of discomfort to speak with bots. Bots can’t answer for a specific questions someone may have. Didn’t you think that the group and your project in general will become more attractive if you replace those bots by experienced live people?
How does the Flarenetworks changing the $XRP world forever? What are its benefits to $XRP? Does XRP holders will benefits from this too?