Hello, Satoshi clubbers Another AMA took place in Satoshi Club and we would like to introduce to you the AMA session with our friends from Flask and our guest was . The AMA took place on the 26th of April.
The AMA session was divided into 3 parts with a total crypto reward pool of $500
In this AMA Recap, we will try to summarise the most interesting points for you.
Part 1 — introduction and questions from the Telegram&WebSite
Jonah 🏅🎹
| Satoshi Club
Hello Satoshi Clubbers welcome to our AMA with Flask
Protocol
Pavel P
Hello everyone!
Jonah 🏅🎹
| Satoshi Club
Joining us here today are our guests
@elon_musk_9000 and
@apybeast
Hello Welcome to Satoshi club
Pavel P
Let us welcome our guests!
APY beast
Hey Guys! Excited to be here!
elon
Good morning!!
Jonah 🏅🎹
| Satoshi Club
We are happy to have both of you here
Pavel P
Welcome guys! Glad to see you here, in Satoshi Club!
Jonah 🏅🎹
| Satoshi Club
How are you doing today?
APY beast
Doing great, hope you’re dong well too!
elon
Doing very well, thank you for having us, excited to be
here.
APY beast
Can’t wait to answer all the questions the comunity has for
us
elon
How are you today?
Jonah 🏅🎹
| Satoshi Club
We are doing great as well and super excited for this AMA
So let’s start
Pavel P
We are looking forward to the informative AMA!
Pavel P
Let’s go!
Jonah 🏅🎹
| Satoshi Club
Can you please introduce yourselves to us, how you got into
crypto and how Flask Protocol started?
APY beast
Sure!
I’m APY, and I got into crypto 8 years back, when I bought
my first Bitcoin! Long journey since then, going from BTC to Defi and Web3.0
Found the Flask commuity through the Snow Dog discord, and
then joined in as the Director for Project Management and Marketing
elon
Sure, my pseudo name is ‘elon’ and I’ve been interested in P2P for about 17 years now, mostly starting with running my own FTP servers and streaming torrents/pirating as a kid, and eventually getting into Bitcoin around 2016
Jonah 🏅🎹
| Satoshi Club
Going by your names are you both anonymous?
APY beast
At the moment, yes!
elon
Currently, yes, but we will be doing a KYC through a
third-party security company (Currently discussing options with multiple
companies)
Jonah 🏅🎹
| Satoshi Club
How about your team how many are they all together and are
they all anonymous as well?
elon
Currently we have a small development team, made up of me,
our director of design Adjee, and our project lead APYBeast. We also run the treasury
via a secure multi-signature wallet at the moment which is also run by the
Flask team.
The other team members are currently anonymous as well, but
we will have 3/5 members of the multi-signature KYC’d in the future.
Jonah 🏅🎹
| Satoshi Club
Awesome
So what is Flask Protocol all about?
Pavel P
That should be enough at the beginning!
APY beast
$Flask is a algorithmically controlled currency, with
multiple planned utllity. The first part of this utility being staking, bonding
and on chain governance. In the later phases of the project, gamification and
NFT’s are planned too.
We also believe that first movers are great, but second
movers have an even higher advantage, since second movers can build on the
mistakes of the first movers, and make a good idea even greater!
Jonah 🏅🎹
| Satoshi Club
This is an Exciting Idea, Thank you for the introduction
We will now like to proceed to our selected community
questions are you ready?
APY beast
Absolutely!
Pavel P
Q1 From Telegram User @Anne_Tim
Hello Flask! As I see in your 2022 roadmap, the first planned events for Q2 are the Whitelisting through gaining 10K holders and your dedication to community engagement. Would you share some details of whitelisting process as well as the actions you take to prove Flask community engagement? Furthermore, as the 1st round of presale is already over, is it still possible to join the second round? What the interested ones should do to participate? Thank you!
elon
Q: “Would you share some details of whitelisting
process as well as the actions you take to prove Flask community engagement?
“
A: Sure, so as of right now the whitelist is CLOSED, but will be re-opening at some point this week, but the link is https://www.premint.xyz/flask-capital/, from here, you will connect your twitter, discord, and metamask wallet, and simply join the discord, follow @flaskproject on twitter and you will be good to go! In terms of actions to improve community engagement, we currently have an marketing team dedicated to the community that will be managing everything from events, discussions, AMA’s, and much more.
APY beast
We had a great 1st presale, where more than 4.3 million
tokens were purchased.
We’re now looking forward to a second round of presale next
weekend, where whitelisted members will have access to the pFlask purchase.
To be a part of the presale and be on the whitelist, please
join our socials to be up to date on the process!
> Telegram: /flaskprotocol
> Discord: /invite/flask
> Twitter: /flaskproject
Pavel P
That’s a link for our community to save – https://www.premint.xyz/flask-capital/
Jonah 🏅🎹
| Satoshi Club
Why was it closed, did you reach the maximum participants
you required? and do you have a specific date on when it will be opened?
APY beast
Although we did not have a cut off for the number of
participants, we did however have a time bound, following which we closed the
presale.
So whoever here wants to be a part of it, please be on time
for the second one
The link for the whitelist sign up opens later tonight!
https://www.premint.xyz/flask-capital/
Jonah 🏅🎹
| Satoshi Club
Great, Satoshi Clubbers, be on the look out for this
Pavel P
Wow! So, you are in right time here!
Jonah 🏅🎹
| Satoshi Club
Thank you for your Answers
APY beast
The timing couldnt be better!
Jonah 🏅🎹
| Satoshi Club
Ready for the next question now?
elon
Let’s do it!
Pavel P
Q2 From Telegram User @MudaraSilva
I read that $FLASK is backed by a treasury. Moreover, I saw you have already sold more than four million $pFLASK. In addition, you will be launching $gFLASK by the end of this year. Please separately explain the utilities of $FLASK, $pFLASK and $gFLASK. How does this token model work? How should we earn these three types of tokens? Are they inter-changeable? If a long term investor hopes to invest in your project, what is the best option, $FLASK, $pFLASK or $gFLASK?
elon
Long-term, pFLASK would be the best option as you are able
to purchase it and receive FLASK at a rate of 88.2% of the circulating supply
available, which means that you are getting a premium for a long-term bet,
versus if you were to just purchase $FLASK you would be paying a significantly
higher rate (up to 5x) versus the $1 it costs to claim $FLASK from $pFLASK. So
basically in the end, you will end up with $gFLASK, which will just be the
wrapped version of $SFLASK (Staked Flask), so if you have $PFLASK, you can
claim $FLASK, stake that $FLASK for $SFLASK, and eventually swap $SFLASK at a
1:1 for $GFLASK (Just the price of the token multiplied by the index), and if
anyone is wondering, $GFLASK is just $SFLASK but a tradeable, wrapped version,
that we can use to provide cross-chain trade-ability in the future.
There will essentially be a bridge that allows you to swap
your $SFLASK our for $GFLASK when the time comes.
Jonah 🏅🎹
| Satoshi Club
Can you share the Tokenomics of $FLASK here?
elon
Sure, the $FLASK supply is determined by the bonders, so
basically, the more people who bond into the treasury the more tokens float
into existence, so basically between bonding and rewards distributed, $FLASK
can have an ‘unlimited’ supply theoretically, but we are able to buy-back the
protocols own supply (which is needed anyways in order to create price action)
as well based on certain criteria, so if needed (let’s say too much $FLASK was
in circulation) we could do buy-backs and burn supply of FLASK from the
liquidity pool, therefore making FLASK a deflationary token, and reserve
currency. The treasury that stores the LP and Tokens that are stored via bonds
are then farmed for rewards, then the rewards are re-distributed back to the
treasury via various farming strategies, back to users. As we move forward we
will be introducing more automation to manage these aspects of the treasury
such as bots that handle the buyback mechanics (securely).
APY beast
You can also check our litepaper here for more information:
https://docs.flask.capital/flask-capital/faq/litepaper-v1
Jonah 🏅🎹
| Satoshi Club
Thenk you for your answers
And for the link as well
Let’s move to the next question now
Pavel P
And here’s the question nr 3!
Pavel P
Q3 From Telegram User @Ask4unik
I read from your docs,that whenever someone purchases a bond ,a set amount of FLASK is minted.This FLASK will not be released to the bonder all at once ,they are vested to the bonder linearly over time.Can you explain to us the reason why all Flask tokens are not released to the bonder all at once? What’s the advantages of releasing the FLASK linearly?There are two (2) types of bonds, the Reserve bonds and the liquidity bonds little explanations where given about this bonds,can you please give detailed explanation of these? Thanks.
elon
So, basically, you pay a premium for a bond to have it
linearly vested over time, let’s say 5 days for example, versus buying on the
market in order to get a discount at a particular time, so let’s say in the
case of FLASK being $28 on the market, ideally, you would be able to bond FLASK
at a slightly lower price in exchange for the waiting period, such as $27, at a
later point we may be removing the linear vesting and allowing for a direct
auto-stake into the protocol, but that’s for a future date and is not
determined. It is not always advantageous to bond versus buying directly on the
market, so it is up to the users’ discretion. In terms of advantages, that are
to be tested and determined, we will be working on optimizing the ideal vesting
period for a user in order to optimize return over time, which is a complicated
task.
Jonah 🏅🎹
| Satoshi Club
So realistically what will be the range for vesting period ?
Pavel P
Indeed, the financial model should be well analyzed before
applying. So, agree with your vision
APY beast
Indeed
elon
Currently, we will be releasing with 5 days, but will also
be releasing new bonds over time that experiment with locked vesting periods of
3, 4, and 10 days (Others will be tested as well), and eventually looking into
the idea of a dynamic vesting (this is more complex) for a later date to be
determined.
Jonah 🏅🎹
| Satoshi Club
Thank you for your great answers
Ready for the next question now?
APY beast
Yes please!
Pavel P
Q4 From Telegram User @GracieEne
I see that your DAO has a hierarchical structure with three(3) kinds of members; contributors, advisors and community members. What are the specific roles of each of these members? You also made mention that anyone who wants to join your DAO will have to participate in your governance. Can you explain how your DAO is structured and how it will function? How can users participate in the governance? Do they have to stake FLASK token to be able to participate? I would like to know when your DAO will become official and what percentage of it will go to the community members.
Pavel P
Sure, this is a great question, first off, the DAO will first be structured in a way that allows for the team to move in an agile manner and release the MVP, from there we will be working on integrating on-chain governance over time but will start with snapshot voting for protocol-based decisions via proposals curated by the team and advisors, users will be able to participate by simply being staked in the protocol, nothing else will need to be done from there other than going to the snapshot voting page and voting on decisions, you will need the FLASK token and need it to be staked, so make sure you have sFLASK in your wallet, which just means you have staked. The percentage of supply going to the community is determined by the community, we have a small amount vesting out to the team and wanted to ensure as much of the pFLASK tokens will be distributed to the community as possible, you can check out more details on the team vesting period on the website @ https://docs.flask.capital/flask-capital/faq/litepaper-v1
elon
Are you able to restore my message?
Thank you.
APY beast
Q) I see that your DAO has a hierarchical structure with
three(3) kinds of members; contributors, advisors and community members. What
are the specific roles of each of these members?
> Contributors: These are the people directly involved in the development and marketing of the project. Currently, this comprises of Me, Elon and Aadjee. We’ve also got Amer, who’s a brilliant researcher and helping with business development.
> Advisors: Seasoned crypto experts we have discussions
with when we need an external opinion on a problem
> Community Members: Our brilliant community, who’s been
nothing but supportive and encouraging! On chain governance would also enable
them to take part in the decision making process!
Jonah 🏅🎹
| Satoshi Club
To participate is there a minimum required $FLASK holding?
Pavel P
Is DAO already in place or it also makes part in your
roadmap?
elon
The DAO is already in place, but we are still building out
the governance system to be on-chain.
Jonah 🏅🎹
| Satoshi Club
Awesome
elon
In the future, all the governance will happen directly via
our UI, so the user will not need to go to snapshot, but simply vote via the
user dashboard
But for the bootstrapping process, we will be using
snapshot.
Jonah 🏅🎹
| Satoshi Club
Thank you for you answers
Ready now to proceed to the next one?
elon
My pleasure, glad to be here, let’s do it!
Pavel P
Q5 From Telegram @UniqueVicky
In your roadmap I saw there will be staking V2 and staking V3, can you give highlights on the differences between these Versions of staking? What characteristics does the staking V3 has compare to the staking V2? What benefits will stakers have with the versions of these staking? What is the APY offered in each of the Versions? Is staking V1 currently available on the platform? Can you give details of the V1 staking protocols? How is the percentage yield calculated? I learnt unstaking is always honoured, will users be charged for unstaking before the giving period? Please kindly elaborate on the staking protocols?
elon
Whoops, added a link again, sorry about that.
APY beast
Could you revive the message please?
Jonah 🏅🎹
| Satoshi Club
Sorry about that the bot had issues
You can send Links from now on
Jonah 🏅🎹
| Satoshi Club
Hacker Man:
Quick Overview:
Staking V2: Locked Staking Periods (1m, 3m, 6m, 1y, 4y, 5y,
10y) -> APY Boost (Static Boosted APY)
Staking V3: Dynamic Staking Periods (8w -> 10y) (Variable
Boosted APY)
The APY is determined by the total supply of FLASK at a
given time and the reward rate (which is manually set)
In the future, the APY will be adjusted via a bot, this will
essentially take in some features (RFV, Current BCV, Current supply of FLASK,
Rate at which FLASK is being bonded, etc)
Basically, the yield per user is determined by the reward
rate * the total supply of flask at a given time.
There will be no fee for unstaking your tokens as well, you
just simply won’t be able to participate in governance, but all tokens will be
swapped at a 1:1 ratio.
More info on the calculations for percentage yield can be found here https://docs.flask.capital/flask-capital/faq/litepaper-v1
elon
Thanks.
Jonah 🏅🎹
| Satoshi Club
Thank you Guys for your answers
Ready for the last question of Part 1??
APY beast
Yes please!
Pavel P
Q6 From Telegram User @Highpee
Can you tell us more about Good boy Labs? I read that it is the organisation that controls FLASK and that it has other additional products that make up the Good Boy Lab Ecosystem. What kind of control does Good boy Labs have in FLASK and how is the team composition designed to overcome the failure and incompetence of previous projects that are unsuccessful? what are the other ecosystem products of Good Boy Labs that are beneficial to FLASK users and how will you operate to promote a pro-equality culture?
APY beast
Good Boy Labs is what initially funded the Flask project,
with a promise of a fixed return once profitable.
Fortunately, Good Boy Labs has not yet seen an unsuccessful
project.
However, there are multiple steps and checks done
periodically to ensure no project strays from the original vision and plan laid
out.
Good Boy Labs also has another project in the works, which
is on the NFT side of things. The project is called VIVID Co JP and they too
are building some great products. Please check them out!
Jonah 🏅🎹
| Satoshi Club
Awesome, How many successful projects does the good boy labs
have so far?
APY beast
FLASK and VIVID are the first 2 projects being released by
Good Boy Labs
Jonah 🏅🎹
| Satoshi Club
Thank you for your Answers
This brings us to the end of the first part
We will proceed to the second part now
Pavel P
Appreciate your great answers during this 1st part of our
AMA!
Jonah 🏅🎹
| Satoshi Club
Live questions from our community members
Pavel P
Get ready for some action now!
APY beast
Let’s have it
elon
Sounds great!
Jonah 🏅🎹
| Satoshi Club
Opening Chat in 10 seconds
Pavel P
We will open chat for
120 sec for a storm of questions to come!
Part 2 — live questions from the Telegram community
Q1 from Telegram user @Robotliker1
Has there been any partnership and collaboration carried out by your project yet? What are the achievements done till now and what unique features are available in comparison to competitors?
APY beast
We are partnering with 4-5 big crypto projects (Can’t release names right now due to NDA)
Q2 from Telegram user @JairGOVA
Whitepaper release date?
APY beast
We have already released a litepaper. We’ll keep adding to it periodically!
Q3 from Telegram user @inchet04012013
Could you describe the benefits of investing early in Flask Capital? Why else would we buy tickets to the next public or pre-sale?
APY beast
Essentially, by buying into the presale, you get pFlask (price is in cents). Once we launch, you can redeem 1 pFlask and 1Dai.e into FLASK (when trading above 1 dollar). That way, you’d get a flask token for $1, irrespective of the trading price for Flask
Q4 from Telegram user @Ishan1_7
What token is the best choice for you for a long-term investor to invest in your project: $FLASK, $pFLASK,or $gFLASK?
APY beast
Long term would definitely be FLASK and gFLASK.
pFlask is just the presale token, which gets redeemed to Flask
Q5 from Telegram user @Nonerlike
Is there any reason to stay anonymous ? How big is your team and do you have a global team or not?What are the possibility of being doxxed in the future ?
APY beast
We’ve covered the team details earlier. We’ll be having a third party KYC of 3/5 multisig members in the future
Q6 from Telegram user @AugusS7
You say that your goal is to become algorithmically stable at the backed value calculated by the protocol, but my question, will this value determined by the protocol change over time? Or when they define a value, will it always remain at that value so I don’t have so much volume?
elon
The value will stay backed at a minimum of $1 and then determined by the assets backing the treasury, which is manually determined at the moment.
Q7 from Telegram user @Kabirkapoor9
At this point $Flask is having utility of staking. If i participate in 2nd presale then in order to earn passive income Where can i stake my $Flask tokens?
APY beast
Post the presale, you’ll have to redeem pFlask to Flask by depositing 1 Dai (1$).
You can then stake the Flask token on the dApp for an APY (rebases)
Part 3 – Quiz Results
As usual, for the third part, Satoshi Club Team asked the chat 4 questions about the crypto project. A link to a Quiz form was sent into the chat.
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