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.<\/p>\n\n\n\n
The AMA session was divided into 3 parts with a total crypto reward pool of $500<\/p>\n\n\n\n
In this AMA Recap, we will try to summarise the most interesting points for you.<\/p>\n\n\n\n
Jonah <\/strong>🏅🎹<\/strong>\n| Satoshi Club<\/strong><\/p>\n\n\n\n Hello Satoshi Clubbers welcome to our AMA with Flask\nProtocol<\/p>\n\n\n\n Pavel P<\/strong><\/p>\n\n\n\n Hello everyone! <\/p>\n\n\n\n Jonah <\/strong>🏅🎹<\/strong>\n| Satoshi Club<\/strong><\/p>\n\n\n\n Joining us here today are our guests <\/p>\n\n\n\n @elon<\/strong>_musk_9000 and\n@apybeast<\/p>\n\n\n\n Hello Welcome to Satoshi club <\/p>\n\n\n\n Pavel P<\/strong><\/p>\n\n\n\n Let us welcome our guests! <\/p>\n\n\n\n APY beast<\/strong><\/p>\n\n\n\n Hey Guys! Excited to be here! <\/p>\n\n\n\n elon<\/strong><\/p>\n\n\n\n Good morning!!<\/p>\n\n\n\n Jonah <\/strong>🏅🎹<\/strong>\n| Satoshi Club<\/strong><\/p>\n\n\n\n We are happy to have both of you here<\/p>\n\n\n\n Pavel P<\/strong><\/p>\n\n\n\n Welcome guys! Glad to see you here, in Satoshi Club!<\/p>\n\n\n\n Jonah <\/strong>🏅🎹<\/strong>\n| Satoshi Club<\/strong><\/p>\n\n\n\n How are you doing today?<\/p>\n\n\n\n APY beast<\/strong><\/p>\n\n\n\n Doing great, hope you’re dong well too!<\/p>\n\n\n\n elon<\/strong><\/p>\n\n\n\n Doing very well, thank you for having us, excited to be\nhere.<\/p>\n\n\n\n APY beast<\/strong><\/p>\n\n\n\n Can’t wait to answer all the questions the comunity has for\nus<\/p>\n\n\n\n elon<\/strong><\/p>\n\n\n\n How are you today?<\/p>\n\n\n\n Jonah <\/strong>🏅🎹<\/strong>\n| Satoshi Club<\/strong><\/p>\n\n\n\n We are doing great as well and super excited for this AMA<\/p>\n\n\n\n So let’s start <\/p>\n\n\n\n Pavel P<\/strong><\/p>\n\n\n\n We are looking forward to the informative AMA!<\/p>\n\n\n\n Pavel P<\/strong><\/p>\n\n\n\n Let’s go! <\/p>\n\n\n\n Jonah <\/strong>🏅🎹<\/strong>\n| Satoshi Club<\/strong><\/p>\n\n\n\n Can you please introduce yourselves to us, how you got into\ncrypto and how Flask Protocol started?<\/p>\n\n\n\n APY beast<\/strong><\/p>\n\n\n\n Sure!<\/p>\n\n\n\n I’m APY, and I got into crypto 8 years back, when I bought\nmy first Bitcoin! Long journey since then, going from BTC to Defi and Web3.0<\/p>\n\n\n\n Found the Flask commuity through the Snow Dog discord, and\nthen joined in as the Director for Project Management and Marketing<\/p>\n\n\n\n elon<\/strong><\/p>\n\n\n\n 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<\/p>\n\n\n\n Jonah <\/strong>🏅🎹<\/strong>\n| Satoshi Club<\/strong><\/p>\n\n\n\n Going by your names are you both anonymous?<\/p>\n\n\n\n APY beast<\/strong><\/p>\n\n\n\n At the moment, yes!<\/p>\n\n\n\n elon<\/strong><\/p>\n\n\n\n Currently, yes, but we will be doing a KYC through a\nthird-party security company (Currently discussing options with multiple\ncompanies)<\/p>\n\n\n\n Jonah <\/strong>🏅🎹<\/strong>\n| Satoshi Club<\/strong><\/p>\n\n\n\n How about your team how many are they all together and are\nthey all anonymous as well?<\/p>\n\n\n\n elon<\/strong><\/p>\n\n\n\n Currently we have a small development team, made up of me,\nour director of design Adjee, and our project lead APYBeast. We also run the treasury\nvia a secure multi-signature wallet at the moment which is also run by the\nFlask team.<\/p>\n\n\n\n The other team members are currently anonymous as well, but\nwe will have 3\/5 members of the multi-signature KYC’d in the future.<\/p>\n\n\n\n Jonah <\/strong>🏅🎹<\/strong>\n| Satoshi Club<\/strong><\/p>\n\n\n\n Awesome <\/p>\n\n\n\n So what is Flask Protocol all about?<\/p>\n\n\n\n Pavel P<\/strong><\/p>\n\n\n\n That should be enough at the beginning! <\/p>\n\n\n\n APY beast<\/strong><\/p>\n\n\n\n $Flask is a algorithmically controlled currency, with\nmultiple planned utllity. The first part of this utility being staking, bonding\nand on chain governance. In the later phases of the project, gamification and\nNFT’s are planned too.<\/p>\n\n\n\n We also believe that first movers are great, but second\nmovers have an even higher advantage, since second movers can build on the\nmistakes of the first movers, and make a good idea even greater!<\/p>\n\n\n\n Jonah <\/strong>🏅🎹<\/strong>\n| Satoshi Club<\/strong><\/p>\n\n\n\n This is an Exciting Idea, Thank you for the introduction <\/p>\n\n\n\n We will now like to proceed to our selected community\nquestions are you ready?<\/p>\n\n\n\n APY beast<\/strong><\/p>\n\n\n\n Absolutely!<\/p>\n\n\n\n Pavel P<\/strong><\/p>\n\n\n\n Q1 From Telegram User @Anne_Tim<\/em><\/p>\n\n\n\n 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!<\/em><\/p>\n\n\n\n elon<\/strong><\/p>\n\n\n\n Q: “Would you share some details of whitelisting\nprocess as well as the actions you take to prove Flask community engagement?\n“<\/p>\n\n\n\n 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\/<\/a>, 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.<\/p>\n\n\n\n APY beast<\/strong><\/p>\n\n\n\n We had a great 1st presale, where more than 4.3 million\ntokens were purchased. <\/p>\n\n\n\n We’re now looking forward to a second round of presale next\nweekend, where whitelisted members will have access to the pFlask purchase.<\/p>\n\n\n\n To be a part of the presale and be on the whitelist, please\njoin our socials to be up to date on the process!<\/p>\n\n\n\n > Telegram: \/flaskprotocol<\/a><\/p>\n\n\n\n > Discord: \/invite\/flask<\/p>\n\n\n\n > Twitter: \/flaskproject<\/a><\/p>\n\n\n\n Pavel P<\/strong><\/p>\n\n\n\n That’s a link for our community to save – https:\/\/www.premint.xyz\/flask-capital\/<\/a><\/p>\n\n\n\n Jonah <\/strong>🏅🎹<\/strong>\n| Satoshi Club<\/strong><\/p>\n\n\n\n Why was it closed, did you reach the maximum participants\nyou required? and do you have a specific date on when it will be opened?<\/p>\n\n\n\n APY beast<\/strong><\/p>\n\n\n\n Although we did not have a cut off for the number of\nparticipants, we did however have a time bound, following which we closed the\npresale.<\/p>\n\n\n\n So whoever here wants to be a part of it, please be on time\nfor the second one<\/p>\n\n\n\n The link for the whitelist sign up opens later tonight!<\/p>\n\n\n\n https:\/\/www.premint.xyz\/flask-capital\/<\/a><\/p>\n\n\n\n Jonah <\/strong>🏅🎹<\/strong>\n| Satoshi Club<\/strong><\/p>\n\n\n\n Great, Satoshi Clubbers, be on the look out for this<\/p>\n\n\n\n Pavel P<\/strong><\/p>\n\n\n\n Wow! So, you are in right time here!<\/p>\n\n\n\n Jonah <\/strong>🏅🎹<\/strong>\n| Satoshi Club<\/strong><\/p>\n\n\n\n Thank you for your Answers <\/p>\n\n\n\n APY beast<\/strong><\/p>\n\n\n\n The timing couldnt be better!<\/p>\n\n\n\n Jonah <\/strong>🏅🎹<\/strong>\n| Satoshi Club<\/strong><\/p>\n\n\n\n Ready for the next question now?<\/p>\n\n\n\n elon<\/strong><\/p>\n\n\n\n Let’s do it!<\/p>\n\n\n\n Pavel P<\/strong><\/p>\n\n\n\n Q2 From Telegram User @MudaraSilva<\/em><\/p>\n\n\n\n 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?<\/em><\/p>\n\n\n\n elon<\/strong><\/p>\n\n\n\n Long-term, pFLASK would be the best option as you are able\nto purchase it and receive FLASK at a rate of 88.2% of the circulating supply\navailable, which means that you are getting a premium for a long-term bet,\nversus if you were to just purchase $FLASK you would be paying a significantly\nhigher rate (up to 5x) versus the $1 it costs to claim $FLASK from $pFLASK. So\nbasically in the end, you will end up with $gFLASK, which will just be the\nwrapped version of $SFLASK (Staked Flask), so if you have $PFLASK, you can\nclaim $FLASK, stake that $FLASK for $SFLASK, and eventually swap $SFLASK at a\n1:1 for $GFLASK (Just the price of the token multiplied by the index), and if\nanyone is wondering, $GFLASK is just $SFLASK but a tradeable, wrapped version,\nthat we can use to provide cross-chain trade-ability in the future.<\/p>\n\n\n\n There will essentially be a bridge that allows you to swap\nyour $SFLASK our for $GFLASK when the time comes.<\/p>\n\n\n\n Jonah <\/strong>🏅🎹<\/strong>\n| Satoshi Club<\/strong><\/p>\n\n\n\n Can you share the Tokenomics of $FLASK here?<\/p>\n\n\n\n elon<\/strong><\/p>\n\n\n\n Sure, the $FLASK supply is determined by the bonders, so\nbasically, the more people who bond into the treasury the more tokens float\ninto existence, so basically between bonding and rewards distributed, $FLASK\ncan have an ‘unlimited’ supply theoretically, but we are able to buy-back the\nprotocols own supply (which is needed anyways in order to create price action)\nas well based on certain criteria, so if needed (let’s say too much $FLASK was\nin circulation) we could do buy-backs and burn supply of FLASK from the\nliquidity pool, therefore making FLASK a deflationary token, and reserve\ncurrency. The treasury that stores the LP and Tokens that are stored via bonds\nare then farmed for rewards, then the rewards are re-distributed back to the\ntreasury via various farming strategies, back to users. As we move forward we\nwill be introducing more automation to manage these aspects of the treasury\nsuch as bots that handle the buyback mechanics (securely).<\/p>\n\n\n\n APY beast<\/strong><\/p>\n\n\n\n You can also check our litepaper here for more information: <\/p>\n\n\n\n https:\/\/docs.flask.capital\/flask-capital\/faq\/litepaper-v1<\/a><\/p>\n\n\n\n Jonah <\/strong>🏅🎹<\/strong>\n| Satoshi Club<\/strong><\/p>\n\n\n\n Thenk you for your answers<\/p>\n\n\n\n And for the link as well<\/p>\n\n\n\n Let’s move to the next question now<\/p>\n\n\n\n Pavel P<\/strong><\/p>\n\n\n\n And here’s the question nr 3!<\/p>\n\n\n\n Pavel P<\/strong><\/p>\n\n\n\n Q3 From Telegram User @Ask4unik<\/em><\/p>\n\n\n\n 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\u2019s 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.<\/em><\/p>\n\n\n\n elon<\/strong><\/p>\n\n\n\n So, basically, you pay a premium for a bond to have it\nlinearly vested over time, let’s say 5 days for example, versus buying on the\nmarket in order to get a discount at a particular time, so let’s say in the\ncase of FLASK being $28 on the market, ideally, you would be able to bond FLASK\nat a slightly lower price in exchange for the waiting period, such as $27, at a\nlater point we may be removing the linear vesting and allowing for a direct\nauto-stake into the protocol, but that’s for a future date and is not\ndetermined. It is not always advantageous to bond versus buying directly on the\nmarket, so it is up to the users’ discretion. In terms of advantages, that are\nto be tested and determined, we will be working on optimizing the ideal vesting\nperiod for a user in order to optimize return over time, which is a complicated\ntask.<\/p>\n\n\n\n Jonah <\/strong>🏅🎹<\/strong>\n| Satoshi Club<\/strong><\/p>\n\n\n\n So realistically what will be the range for vesting period ?<\/p>\n\n\n\n Pavel P<\/strong><\/p>\n\n\n\n Indeed, the financial model should be well analyzed before\napplying. So, agree with your vision <\/p>\n\n\n\n APY beast<\/strong><\/p>\n\n\n\n Indeed<\/p>\n\n\n\n elon<\/strong><\/p>\n\n\n\n Currently, we will be releasing with 5 days, but will also\nbe releasing new bonds over time that experiment with locked vesting periods of\n3, 4, and 10 days (Others will be tested as well), and eventually looking into\nthe idea of a dynamic vesting (this is more complex) for a later date to be\ndetermined.<\/p>\n\n\n\n Jonah <\/strong>🏅🎹<\/strong>\n| Satoshi Club<\/strong><\/p>\n\n\n\n Thank you for your great answers<\/p>\n\n\n\n Ready for the next question now?<\/p>\n\n\n\n APY beast<\/strong><\/p>\n\n\n\n Yes please!<\/p>\n\n\n\n Pavel P<\/strong><\/p>\n\n\n\n Q4 From Telegram User @GracieEne<\/em><\/p>\n\n\n\n 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.<\/em><\/p>\n\n\n\n Pavel P<\/strong><\/p>\n\n\n\n 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<\/a><\/p>\n\n\n\n elon<\/strong><\/p>\n\n\n\n Are you able to restore my message?<\/p>\n\n\n\n Thank you.<\/p>\n\n\n\n APY beast<\/strong><\/p>\n\n\n\n Q) I see that your DAO has a hierarchical structure with\nthree(3) kinds of members; contributors, advisors and community members. What\nare the specific roles of each of these members? <\/p>\n\n\n\n > Contributors: These are the people directly involved in the development and marketing of the project. Currently, this comprises of Me, Elon and Aadjee. We\u2019ve also got Amer, who\u2019s a brilliant researcher and helping with business development.<\/p>\n\n\n\n > Advisors: Seasoned crypto experts we have discussions\nwith when we need an external opinion on a problem<\/p>\n\n\n\n > Community Members: Our brilliant community, who\u2019s been\nnothing but supportive and encouraging! On chain governance would also enable\nthem to take part in the decision making process!<\/p>\n\n\n\n Jonah <\/strong>🏅🎹<\/strong>\n| Satoshi Club<\/strong><\/p>\n\n\n\n To participate is there a minimum required $FLASK holding?<\/p>\n\n\n\n Pavel P<\/strong><\/p>\n\n\n\n Is DAO already in place or it also makes part in your\nroadmap?<\/p>\n\n\n\n elon<\/strong><\/p>\n\n\n\n The DAO is already in place, but we are still building out\nthe governance system to be on-chain.<\/p>\n\n\n\n Jonah <\/strong>🏅🎹<\/strong>\n| Satoshi Club<\/strong><\/p>\n\n\n\n Awesome<\/p>\n\n\n\n elon<\/strong><\/p>\n\n\n\n In the future, all the governance will happen directly via\nour UI, so the user will not need to go to snapshot, but simply vote via the\nuser dashboard<\/p>\n\n\n\n But for the bootstrapping process, we will be using\nsnapshot.<\/p>\n\n\n\n Jonah <\/strong>🏅🎹<\/strong>\n| Satoshi Club<\/strong><\/p>\n\n\n\n Thank you for you answers<\/p>\n\n\n\n Ready now to proceed to the next one?<\/p>\n\n\n\n elon<\/strong><\/p>\n\n\n\n My pleasure, glad to be here, let’s do it!<\/p>\n\n\n\n Pavel P<\/strong><\/p>\n\n\n\n Q5 From Telegram @UniqueVicky<\/em><\/p>\n\n\n\n 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?<\/em><\/p>\n\n\n\n elon<\/strong><\/p>\n\n\n\n Whoops, added a link again, sorry about that.<\/p>\n\n\n\n APY beast<\/strong><\/p>\n\n\n\n Could you revive the message please?<\/p>\n\n\n\n Jonah <\/strong>🏅🎹<\/strong>\n| Satoshi Club<\/strong><\/p>\n\n\n\n Sorry about that the bot had issues<\/p>\n\n\n\n You can send Links from now on<\/p>\n\n\n\n Jonah <\/strong>🏅🎹<\/strong>\n| Satoshi Club<\/strong><\/p>\n\n\n\n Hacker Man:<\/p>\n\n\n\n Quick Overview:<\/p>\n\n\n\n Staking V2: Locked Staking Periods (1m, 3m, 6m, 1y, 4y, 5y,\n10y) -> APY Boost (Static Boosted APY)<\/p>\n\n\n\n Staking V3: Dynamic Staking Periods (8w -> 10y) (Variable\nBoosted APY)<\/p>\n\n\n\n The APY is determined by the total supply of FLASK at a\ngiven time and the reward rate (which is manually set)<\/p>\n\n\n\n In the future, the APY will be adjusted via a bot, this will\nessentially take in some features (RFV, Current BCV, Current supply of FLASK,\nRate at which FLASK is being bonded, etc)<\/p>\n\n\n\n Basically, the yield per user is determined by the reward\nrate * the total supply of flask at a given time.<\/p>\n\n\n\n There will be no fee for unstaking your tokens as well, you\njust simply won’t be able to participate in governance, but all tokens will be\nswapped at a 1:1 ratio.<\/p>\n\n\n\n