{"id":1923,"date":"2020-09-25T23:52:07","date_gmt":"2020-09-25T20:52:07","guid":{"rendered":"https:\/\/esatoshi.club\/?p=1923"},"modified":"2020-09-30T10:47:28","modified_gmt":"2020-09-30T07:47:28","slug":"neo-x-satoshi-club-ama-recap-from-21th-of-september","status":"publish","type":"post","link":"https:\/\/satoshi-club.esipick.com\/index.php\/2020\/09\/25\/neo-x-satoshi-club-ama-recap-from-21th-of-september\/","title":{"rendered":"NEO x Satoshi Club AMA Recap from 21th of September"},"content":{"rendered":"\n

Hello community. Today we would like\nto tell you about the AMA session with our friends from NEO project<\/a>.\nThe AMA took place on September 21 and our guest was John Wang (Head of NEO Ecosystem Growth).<\/p>\n\n\n\n

The total reward pool was $500 and it\nwas splitted into three parts.<\/p>\n\n\n\n

In this AMA Recap we will try to\nsummarize some of the most interesting points for you.<\/p>\n\n\n\n

\n\n\n\n

PART 1, INTRODUCTION AND COMMUNITY QUESTIONS<\/strong><\/p>\n\n\n\n

Mary | Satoshi Club: <\/strong>Hello, Satoshi Club. Today we are\nhappy to announce that today we have NEO project as our guest. Welcome to\nSatoshi Club!<\/p>\n\n\n\n

John Wang: <\/strong>Hi everyone, good to meet your\ncommunity.<\/p>\n\n\n\n

Mary | Satoshi Club: <\/strong>Coud you give us an intro about\nyourself and Neo project?  <\/p>\n\n\n\n

John Wang: <\/strong>Neo is one of the established\nprojects, have been around for almost 4 years, just the mainnet itself has been\nworking for 3 years. We’ve joined China’s BSN and estableshed InterWork\nAssociation in the US with Nasdaq and Accenture.<\/p>\n\n\n\n

Me myself:\nI’m the head of NEO Ecosystem Growth, have quite a few years of experience in\nsupply chain management consulting, and several times successful\nentrepreneurial experiences, I’m currently responsible for NEO ecosystem\ndevelopment.<\/p>\n\n\n\n

For defi\nhere’s the intro: Flamingo is an interoperable, full-stack decentralized\nfinance protocol built on the Neo blockchain. Flamingo is comprised of five\nmain components, including Wrapper – a crosschain asset gateway, Swap – an\non-chain liquidity provider, Vault – a one-stop asset manager, Perp – an\nAMM-based perpetual contract trading platform, and also DAO – a decentralized\ngovernance mechanism. FLM is the governance token of Flamingo and will be 100%\ndistributed to the community based on participation.<\/p>\n\n\n\n

D. | Satoshi Club: <\/strong>Why Flamingo? there is a backstory?\nwhy did you choose that name?<\/p>\n\n\n\n

John Wang: <\/strong>Emoji’s are cool and many projects\npick emojis for their name. \ud83d\ude42<\/p>\n\n\n\n

Mary | Satoshi Club: <\/strong>That’s great) how long did you work\non the development of the Flamingo project?<\/p>\n\n\n\n

John Wang: <\/strong>For a couple of months, some of the\nsmart contracts are very complicated. For example Automated Market Makers for\nthe Swap functionality and the Perp derivatives exchange is not easy to create.\n\ud83d\ude42<\/p>\n\n\n\n

Serg | Satoshi Club:  <\/strong>Is it different from what other projects are offering?<\/p>\n\n\n\n

John Wang: <\/strong>Well some of the tokenomics design\nbut not technology itself! Though our Neo blockchain itself indeed is using\nunique consensus called DBFT, the transactions are not only faster they are\ncheap and for most cases free! For instance, when using our Vault for staking\nand contributing as a Liquidity Provider to our Swap you earn FLM tokens, and claiming\nthem is free!<\/p>\n\n\n\n

Q1 from bitcointalk user JonahAp<\/strong><\/p>\n\n\n\n

A full-stack defi protocol known as\n“Flamingo finance” was recently built on NEO Under incubation by Neo\nGlobal Development, can you tell us some features of this defi protocol and how\nthis relies on the technology of NEO’s Ecosystem.<\/em><\/p>\n\n\n\n

John Wang: <\/strong>So it’s using Neo blockchain, which\nhas fast and free transactions. That’s it in short. By the way I have to\nmention if you guys still have Neo follow the updates, because when we switch\nto Neo 3 you’ll need to switch your tokens to Neo3 version! But that will be\neasy like sending tokens to a wallet address.<\/p>\n\n\n\n

Some\nfeatures of the defi protocol:<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Mary | Satoshi Club:<\/strong> Is this near? I have Neo and Neo\ntokens.<\/p>\n\n\n\n

John Wang: <\/strong>End of 2020… the protocol will be\nrewarding users with a governance token FLM similar to the famous UNI from\nuniswap.<\/p>\n\n\n\n

Did you\nreceive any UNI recently by the way?<\/p>\n\n\n\n

D. | Satoshi Club: <\/strong>Of course! it was a great present\nfrom Uniswap!<\/p>\n\n\n\n

All tokens\nwill be distributed during mint rush?<\/strong><\/p>\n\n\n\n

John Wang: <\/strong>50,000 mln will be distributed during\nthe Mint Rush (5 days) so I recommend to prepare the assets early to\nparticipated. FLM will be a governance token, meaning you can use it to vote\nfor important issues like revenue distribution.<\/p>\n\n\n\n

Mary | Satoshi Club: <\/strong>Of course, that’s why we were looking\nat Flamingo project some days ago we didn’t know that we will have chance to\ntalk with you about that.<\/p>\n\n\n\n

John Wang: <\/strong>So Flamincom allows you to be the LP\nof Uniswap and also earn FLM tokens at the same time! Double profit, double\ncapital efficiency!  https:\/\/docs.flamingo.finance\/faq#flamincome<\/a>maybe I can share more details\nanswering the next question \ud83d\ude42<\/p>\n\n\n\n

Mary | Satoshi Club: <\/strong>Can you explain, how FLM will work on\nUniswap, for example, as they are Neo tokens? For blonde.<\/p>\n\n\n\n

John Wang: <\/strong>FLM doesn’t have to work on Uniswap,\nYou stake wBTC and ETH (the most popular assets) on Uniswap, receive so called\nLP tokens from it. Then go to Flamincome, stake it, continue receiving rewards\nfrom Uniswap, but also get rewarded with FLM for contributing to Flamingo\nprotocol.<\/p>\n\n\n\n

Q2 from bitcointalk user elissa<\/strong><\/p>\n\n\n\n

What is mint rush on your platform? is it like\nliquidity providing on uniswap?<\/em><\/p>\n\n\n\n

John Wang: <\/strong>Mint Rush is the 5 days\u2019 period of\nvery fast FLM issuance to onboard many users. Basically this is the best time\nto make some money out of it… 50 mln FLMs will be issued at this time and 150\nmln in the first 12 weeks in total, basically we will issue a lot to attract\nliquidity to our platform.<\/p>\n\n\n\n

Mary | Satoshi Club: <\/strong>When this period will start? Do you\nhave dates?<\/p>\n\n\n\n

John Wang: <\/strong>Hope this answers this question,\ndefinitely, September 25th<\/sup><\/p>\n\n\n\n

D. | Satoshi Club: <\/strong>There is a minimum amount for\nstaking?<\/p>\n\n\n\n

John Wang:<\/strong> Not really, and actually claiming\nFLM is free so it makes sense even for small amounts. Neo, USDT, wBTC, + PL\ntokens from Uniswap.<\/p>\n\n\n\n

but right\nnow one specific LP token from Uniswap, specifically, wBTC\/ETH LP token,\nbecause it has the best liquidity. Guys, don’t be scared by this complecated\ntoken name! Might seems like an alphabet soup, but actually not that hard. You\nknow wBTC right? It’s a wrapped bitcoin on Ethereum.<\/p>\n\n\n\n

D. | Satoshi Club: <\/strong>Yes, i’ve heard about WBTC.<\/p>\n\n\n\n

John Wang: <\/strong>A very popular asset, if you stake it\nwith ETH, 50%\/50% you receive an LP token from Uniswap specifically for this\npair.<\/p>\n\n\n\n

Mary | Satoshi Club: <\/strong>Yes, i know, i even wrapped it once\non the eth testnet. Thank you for clarifications) are you ready for the third\nquestion?<\/p>\n\n\n\n

John Wang: <\/strong>This token will earn you transaction\nfees from trading with this pair on Uniswap. and UNI token. Now if you move it\nto Flamincome – you will continue earning these. But plus the protocol token\nFLP, which will get listed on all major exchanges.<\/p>\n\n\n\n

Yes let’s\ngo!<\/p>\n\n\n\n

Q3 from Telegram user @blockmen<\/strong><\/p>\n\n\n\n

I can’t find so much info on\nflamingo.finance If I try to click on wrap, Vault, swap, etc., it is written\ninfo coming soon. Can you briefly present them now?<\/em><\/p>\n\n\n\n

John Wang: <\/strong>Good point. We are working on it\nright now, when it’s 11pm in Shanghai our developers here are working on it\nright now \ud83d\ude42 so that’s coming, Wrap will be available on 23rd for you to wrap\nnonNeo assets into Neo standard assets. So some time to prepare before the Mint\nRush, but before all of that we will publish the user manual. https:\/\/docs.flamingo.finance\/come<\/a>\nLike only one hour ago. Check it out to prepare, specifically what wallets to\nuse.<\/p>\n\n\n\n

Q4 from Telegram user @clara_eriksen<\/strong><\/p>\n\n\n\n

What assets we will be able to stake\/mint to\nreceive Flamingo tokens? Will you support other assets than NEO? wrapped? Also,\nwhy was it delayed? Have you found some vulnerabilities during the audit?<\/em><\/p>\n\n\n\n

John Wang: <\/strong>Neo, USDT, Ontology, and one Uniswap\nLP token. But staking NEO brings the most rewards, 50% of all FLM distributed\nduring the Mint Rush.<\/p>\n\n\n\n

D. | Satoshi Club: <\/strong>This should incentivise people to buy\nmore Neo.<\/p>\n\n\n\n

John Wang: <\/strong>Not delayed, according to schedule\nactually… but we did announce it just recently.<\/p>\n\n\n\n

Q5 from Telegram Username @Nano880<\/strong><\/p>\n\n\n\n

Neo offers an inexpensive double Token system,\nsomething unusual and interesting. How does this model work within Neo? How\ndoes this system contribute to building a more sustainable platform??<\/em><\/p>\n\n\n\n

John Wang: <\/strong>Well we are one of the few double\ntoken systems. Basically we split the gas and token functions. GAS is divisible\nand can be used for small functions, like for Blockchain Cuties games. And of\ncourse GAS can be used for paying for transactions.<\/p>\n\n\n\n

It was quite\nsustainable so far, we stayed in the top20 for the last 3 years, while the was\na lot of adjustments on the list…<\/p>\n\n\n\n

D. | Satoshi Club: <\/strong>Do i need to buy Gas token for\nsending Neo?<\/p>\n\n\n\n

John Wang: <\/strong>Nope, but you can use GAS to speed\nthe transaction up. And of course the most important part! Holding NEO produces\nGAS as a reward. \ud83d\ude42<\/p>\n\n\n\n

D. | Satoshi Club: <\/strong>The more you hold the more you get?<\/p>\n\n\n\n

John Wang: <\/strong>Yes exactly, deploying a smart\ncontract costs gas, if you want to build a dapp or a game on the blockchain. Let’s\nmove to the next question.<\/p>\n\n\n\n

Q6 from Telegram Username @nyo_cant<\/strong><\/p>\n\n\n\n

I am a little confused about\nFlamincome. Is it a different platform from Flamingo? If so, are Flamingo and\nFlamincome related in any ways?<\/em><\/p>\n\n\n\n

John Wang: <\/strong>Flamincome is a part of Flamingo.\nIt’s what we call yield booster and optimizer. In its initial stage, Flamincome\nwill adopt the same strategy as other mainstream yield aggregators to provide\nFlamincome users with yields similar to YFI\/YFII while safeguarding the staked\nassets.<\/p>\n\n\n\n

Do you know\nwhat I mean? Basically it’s like YFI\/YFII. In addition to the earning yield\nfrom staking, Flamincome users will also receive pegged assets corresponding to\nthe value of their original assets that are staked for yields on Flamincome.\nThis means that while staking their ERC-20 asset on Flamincome for yields,\nusers can also use the pegged assets obtained from the Ethereum DeFi ecosystem\n(Flamincome) to participate in Neo\u2019s DeFi ecosystem (Flamingo) and receive FLM.<\/p>\n\n\n\n

Mary | Satoshi Club: <\/strong>By the way, is Flamincome built on\nEthereum?<\/p>\n\n\n\n

John Wang: <\/strong>Part of it yes. Basically like YFI.\nit will be an Ethereum based yield aggregator. But also part of on Neo. 😎<\/p>\n\n\n\n

Mary | Satoshi Club: <\/strong>It’s something like cross chain\nconnection?<\/p>\n\n\n\n

John Wang: <\/strong>Yes, a cross chain connection. Interest-bearing\nassets (fUSDT, fUSDC, fDAI, fwETH, fWBTC, etc.) (our version of YFI) are\nconverted into synthetic assets (nUSDT, nUSDC, nDAI, nwETH, nWBTC, etc.) whose\nvalue is 1:1 pegged with original assets, and these synthetic assets can be\nused in Neo blockchain for more yields, e.g., Flamingo.<\/p>\n\n\n\n

This is achieved with cross chain, to\nmake sure fUSDT and nUSDT are the same thing. Both represent the same asset,\nbut one is locked, so only another one can be used, so cross chain is actually\neasy. \ud83d\ude42<\/p>\n\n\n\n

\n\n\n\n

PART 2, TELEGRAM COMMUNITY LIVE\nQUESTIONS<\/strong><\/p>\n\n\n\n

The\nchat was open for 80 seconds; a lot of questions were posted by Satoshi Club\ncommunity. Our guest chose some of them. <\/p>\n\n\n\n

Q1 from Telegram User @Zi1i0<\/strong><\/p>\n\n\n\n

Just heard about the Flamingo produce\nfarm assets. Can you help understand the process for obtaining FML? Is this\nsimilar to YieldFinance and YFI tokens? How many FML tokens will be released to\nthe public?<\/em><\/p>\n\n\n\n

John Wang: <\/strong>Yes, as I explained a bit earlier\nit’s like YFI a bit, it selects the highest yield strategies.<\/p>\n\n\n\n

50,000,000\nFLM will be distributed to users during the 5-day Mint Rush period starting\nSept 25. After that FLM will be listed on big exchanges such as Huobi and\nBinance (to be confirmed, but shouldn’t be a problem for Neo).<\/p>\n\n\n\n

Q2 from Telegram User @huydo<\/strong><\/p>\n\n\n\n

For DAO Governence model of\nFlamingdo, there are 2 proposals: Flamingo (FIP) and Flamingo (FCCP), so what\nare they different?<\/em><\/p>\n\n\n\n

John Wang: <\/strong>Hi Edogawa, thanks for digging into\ngovernance. Basically FIP is more general one, responsible for big picture\ndecisions “overall system design of Flamingo, such as liquidity improvement\nplans, liquidation mechanism, risk control strategies, and etc.” And FCCP\nis about more specific things, like configurations of your computer\/software,\nsome numbers that can be adjusted. Fee mechanism, whitelisted assets and more.<\/p>\n\n\n\n

Q3 from Telegram User @adityaaryah<\/strong><\/p>\n\n\n\n

I have seen various DeFi protocols\nlaunch in the past few months, and I’m stuck on making a decision on which to\ngo with, can you convince me as to why to go with Flamingo Finance and how can\nI maximize profit with Flamingo finance?<\/em><\/p>\n\n\n\n

John Wang: <\/strong>That’s true, the current DeFi landscape\nis amazing: it’s rich and yet evolving fast. It means it presents new\nopportunities for new platforms to roll out products and services offering\nsomething that wasn’t on the market before. Flamingo.Finance consists of a\nnumber of products and Flamincome is one of them. Using Flamincome you can\nstake Uniswap wBTC\/ETH LP (liquidity provider) tokens, what means that you can\nearn from providing liquidity on Uniswap (the famous UNI tokens) and earn Neo’s\nFLM at the same time.<\/p>\n\n\n\n

That should\nbe the main reason for you to choose Neo!<\/p>\n\n\n\n

Q4 from Telegram User @jpsarmah<\/strong><\/p>\n\n\n\n

Is Flamingo.finance giving free\ntokens to the yield farmers?<\/em><\/p>\n\n\n\n

John Wang: <\/strong>Hey Goldilock, well these tokens are\nnot free per se, because you have to lock up your assets. In theory you could\nbeen trading them, so you are losing some upside opportunity.<\/p>\n\n\n\n

But like in\na bank locking your assets yields a profit for you, and in Flamingo it also\nrewards you with extra FLM.<\/p>\n\n\n\n

Q5 from Telegram User @Idee01<\/strong><\/p>\n\n\n\n

I recall Antshares rebranded to NEO\nand gain huge public interest in 2017. Now, with the development of Flamingo\nFinance, how would this affect development of NEO project? How long do I have\nto stake $NEO to farm $FLM?<\/em><\/p>\n\n\n\n

John Wang: <\/strong>It will become the new growth driver\nfor Neo! You can take your stake away at any time, but it most profitable\nperiod is the Mint Rush 5-day period. <\/p>\n\n\n\n

Q6 from Telegram User @Sicxa<\/strong><\/p>\n\n\n\n

What is Key\nbenefits and competitive advantages of NeoFS???<\/p>\n\n\n\n

John Wang: <\/strong>Hi Sicxa, this is quite technical,\nbest explanation is here: https:\/\/fs.neo.org\/<\/a>\nBut I know that homomorphic cryptography is very powerful. \ud83d\ude42<\/p>\n\n\n\n

Q7 from Telegram User @Nickkiii<\/strong><\/p>\n\n\n\n

The transaction fees using NEO blockchain\nis free, will this be the same on Flamingo or we have to pay to make\ntransactions with FLM?<\/em><\/p>\n\n\n\n

John Wang: <\/strong>Yes, it will be same on Flamingo, the\ntransactions will be very cheap and in most cases free which is quite cool,\nmany people didn’t even make any money in the recent defi rush because the fees\nwere eating all they yield they farmed!<\/p>\n\n\n\n

Q8 from Telegram User @tv100029<\/strong><\/p>\n\n\n\n

What are the differences between\nOnchain Liquidity Provision and Off-Chain Liquidity Provision?<\/em><\/p>\n\n\n\n

John Wang: <\/strong>Well actually we only have onchain\nliquidity… not sure what offchain liquidity is, maybe you can send me a link\nafter the AMA? we have the onchain liquidity, and that’s the real magic and\nbeauty of innovation of DeFi, because for the first time in the history of\nfinance small investors are able to provide liquidity to exchanges! Previously\nprofessional market maker firms with very high fees were doing this, and now\nreplaced by smart contracts with a few lines of codes! Isn’t it amazing?<\/p>\n\n\n\n

Q9 from Telegram User @Ahmed1760<\/strong><\/p>\n\n\n\n

Projects that are not traded on major\nexchanges remain unnoticed. What do you think about listing the token on the\nleading exchanges?<\/em><\/p>\n\n\n\n

John Wang: <\/strong>Hi Babu, we should list on the major\nexchanges, considering the background of project (Neo) is quite good.<\/p>\n\n\n\n

Q10 from Telegram User @CElllIFE<\/strong><\/p>\n\n\n\n

How Flamingo Finance could impact the\ncontinued growth of DeFi? Want to raise the market, or jump on the last car of\na departing train?<\/em><\/p>\n\n\n\n

John Wang: <\/strong>The market is only starting to heat\nup, the market is huge, many of even most people with switch from centralized\nexchanges to decentralized ones… Centralized exchanges has the scam risk another\nrisk, and with Defi your assets are always in your control. Your private keys –\nyour assets! Don’t forget about this! <\/p>\n\n\n\n

And follow\nflamingo please! https:\/\/twitter.com\/FlamingoFinance<\/a>\nAnd the vibrant Discord group: https:\/\/discord.com\/channels\/748375438467793036\/748375438467793039<\/a>\n<\/p>\n\n\n\n

\n\n\n\n

PART 3, QUIZ AND INFO<\/strong><\/p>\n\n\n\n

As usual, for the third part, Satoshi Club Team asked the chat 4 questions about NEO. A link to a Quiz form were sent into the chat. Participants had 10 minutes to answer. 300$ were distributed between winners.<\/p>\n\n\n\n

For more information and future AMAs, join our Social Media\nchannels: <\/strong><\/p>\n\n\n\n

English Telegram\ngroup: https:\/\/t.me\/Satoshi_club<\/a>\n<\/p>\n\n\n\n

Russian Telegram\ngroup: https:\/\/t.me\/satoshi_club_ru<\/a>\n<\/p>\n\n\n\n

Spanish Telegram\ngroup: https:\/\/t.me\/satoshi_club_spanish<\/a>\n<\/p>\n\n\n\n

Telegram Channel:\nhttps:\/\/t.me\/satoshi_club_channel<\/a>\n<\/p>\n\n\n\n

Website: https:\/\/esatoshi.club\/<\/a><\/p>\n\n\n\n

Twitter:\nhttps:\/\/twitter.com\/esatoshiclub<\/a>  <\/p>\n\n\n\n

Our Partners: <\/strong><\/p>\n\n\n\n

Neo Smart\nEconomy (Official): https:\/\/t.me\/NEO_EN<\/a> <\/p>\n","protected":false},"excerpt":{"rendered":"

Hello community. Today we would like to tell you about the AMA session with our friends from NEO project. The AMA took place on September 21 and our guest was John Wang (Head of NEO Ecosystem Growth). The total reward pool was $500 and it was splitted into three parts. In this AMA Recap we […]<\/p>\n","protected":false},"author":4,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[],"tags":[],"_links":{"self":[{"href":"https:\/\/satoshi-club.esipick.com\/index.php\/wp-json\/wp\/v2\/posts\/1923"}],"collection":[{"href":"https:\/\/satoshi-club.esipick.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/satoshi-club.esipick.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/satoshi-club.esipick.com\/index.php\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/satoshi-club.esipick.com\/index.php\/wp-json\/wp\/v2\/comments?post=1923"}],"version-history":[{"count":2,"href":"https:\/\/satoshi-club.esipick.com\/index.php\/wp-json\/wp\/v2\/posts\/1923\/revisions"}],"predecessor-version":[{"id":1970,"href":"https:\/\/satoshi-club.esipick.com\/index.php\/wp-json\/wp\/v2\/posts\/1923\/revisions\/1970"}],"wp:attachment":[{"href":"https:\/\/satoshi-club.esipick.com\/index.php\/wp-json\/wp\/v2\/media?parent=1923"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/satoshi-club.esipick.com\/index.php\/wp-json\/wp\/v2\/categories?post=1923"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/satoshi-club.esipick.com\/index.php\/wp-json\/wp\/v2\/tags?post=1923"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}