\nHello,\nSatoshi clubbers Another AMA took place at Satoshi Club and we would\nlike to introduce to you the AMA session with our friends from Flare\nFinance. The AMA took place on 26 November.<\/p>\n\n\n\n
The\nAMA session was divided into 3 parts with a total crypto reward pool\nof 1000$ \n<\/p>\n\n\n\n
In\nthis AMA Recap we will try to summarise the most interesting points\nfor you.<\/p>\n\n\n\n
Gold\nRocket | Satoshi Club: <\/strong>Good\nevening, dear community!<\/p>\n\n\n\n We\nare happy to announce our AMA session with Flare Finance.<\/p>\n\n\n\n D.\n| Satoshi Club: <\/strong>hello\nSatoshi club!<\/p>\n\n\n\n @TheCryptoFrenchie\nhello and welcome! :blush:<\/p>\n\n\n\n Gold\nRocket | Satoshi Club: <\/strong>Welcome\nto Satoshi Club, @TheCryptoFrenchie!<\/p>\n\n\n\n CryptoFrenchie:\n<\/strong>Hello\neveryone!<\/p>\n\n\n\n Thank\nyou for having me today and Happy Thanks giving to you all.<\/p>\n\n\n\n D.\n| Satoshi Club: <\/strong>thank\nyou! good to have you here! :smiley:<\/p>\n\n\n\n Gold\nRocket | Satoshi Club: <\/strong>Thanks\nfor joining.<\/p>\n\n\n\n CryptoFrenchie:\n<\/strong>Great\nday to be here to show some appreciation to our great following by\nanswering some of the questions I am sure they have been waiting to\nask.<\/p>\n\n\n\n Gold\nRocket | Satoshi Club: <\/strong>Tell\nus a little about yourself before we hear about your project!<\/p>\n\n\n\n CryptoFrenchie:\n<\/strong>Of\ncourse!<\/p>\n\n\n\n My\nname is @CryptoFrenchie, or Frenchie for short. I am a 9 year\ncryptocurrency supporter having entered the industry back in the day\naround late 2010-2011. I am the Founder and Lead of the Flare Finance\nProject. We are delivering institutional class DeFi on the Flare\nNetwork, which is currently creating the first smart contract\nplatform that settles on the XRP Ledger! \n<\/p>\n\n\n\n What\nthis means for those of you who are a bit unfamiliar with smart\ncontracts and the XRP community; XRP is yet to have smart contract\ncapabilities allowing for the trust free management of XRP in any\nmultitude of ways. Flare Network solves this issue and brings both\nsmart contracts and a trustless bridge for XRP to enter the\ndecentralized world.<\/p>\n\n\n\n Gold\nRocket | Satoshi Club: <\/strong>Amazing\nexperience! when did you buy your first bitcoin?:grin:<\/p>\n\n\n\n D.\n| Satoshi Club: <\/strong>sounds\ninteresting! we will find out more about all of this during our\nAMA:relaxed:<\/p>\n\n\n\n CryptoFrenchie:\n<\/strong>I\nnever purchased a single Bitcoin. At the time, it was utilized more\nas a early payments system experiment. It would hold value and you\nwould use it to pay for online gaming material such as game items and\nother things. I had earned a few hundred Bitcoin in the past\nutilizing it as a payments system for one of my early stage gaming\nservers. At the time, Bitcoin had nowhere near the value it did.<\/p>\n\n\n\n (In\nthe sense that I used it, as I was younger at the time of discovery!)<\/p>\n\n\n\n Gold\nRocket | Satoshi Club: <\/strong>Thanks\nfor the answer! :blush:<\/p>\n\n\n\n do\nyou want to add something or we can proceed to questions of\ncommunity?<\/p>\n\n\n\n CryptoFrenchie:\n<\/strong>Feel\nfree to proceed 🙂<\/p>\n\n\n\n Q1 from Telegram user @ashkarovich<\/em><\/p>\n\n\n\n You\nsay that you are an independent group of developers who seek to bring\nan inovative change for XRP and Flare. But you mention that you\ndidn’t receive any funding. How are you operating then?<\/strong><\/p>\n\n\n\n CryptoFrenchie:\n<\/strong>We\nare indeed an independant group of developers. Each of us possessing\nunique skills trained in the market over our own years of experience\nin the industries we followed. I myself specializing in marketing,\nbusiness development, and business psychology and my partners\nspecializing in operations, business management, and full-stack\ndevelopment. We generally have all we need to deliver a full suite of\nproducts without the need for major investment. Any platform or\nproject that attempts to say they need $10M, let alone $1M, to bring\na product to life either does not believe in their work or does not\nhave the skill to produce it themselves. \n<\/p>\n\n\n\n Our\nvalue is not in the amount we could easily raise from you guys as\nholders and interested investors, our value is in what we can\ndeliver, how we can deliver it, and why we will deliver it without\nneeding or hoping for someone to risk a dollar on what we could do\nourselves.<\/p>\n\n\n\n D.\n| Satoshi Club: <\/strong>by\nthe way as i know you a part of anonymous team?<\/p>\n\n\n\n CryptoFrenchie:\n<\/strong>We\nindeed are an anonymous team!<\/p>\n\n\n\n Please\ndo not let this discourage you though as we have placed collateral in\nthe hands of the Flare Network team for any time of need. Flare\nNetwork is entirely away of our identities and we do not hide them to\nremain shadowy. We hide them as to protect any potential chance of\noutside interference into the production and development of our\nproducts. We have full intentions to have a public exposure of our\nidentities in the future. We just feel our product and code can speak\nfor itself for now, and we will stick a face to a name when it\nultimately matters. \n<\/p>\n\n\n\n As\nan anonymous team, we promise to deliver a trust-free, vigorously\naudited user experience that will deliver exactly what it is designed\nto do with user security, safety, and overall sustainability in mind.<\/p>\n\n\n\n Gold\nRocket | Satoshi Club: <\/strong>How\nmany people are on your team? How many specialists are needed for\nyour project to function<\/p>\n\n\n\n CryptoFrenchie:\n<\/strong>We\nare currently just a team of 7 doing as much as we have done to date,\nin a little less than 2 short months. To break that down for you:<\/p>\n\n\n\n 2\nDevelopers<\/p>\n\n\n\n 2\nAdministrative Members<\/p>\n\n\n\n 1\nDesign Member<\/p>\n\n\n\n 1\nMarketing Member<\/p>\n\n\n\n 1\nRelations Member<\/p>\n\n\n\n Our\nteam will expand out to roughly 10-12 members come the new years, but\nwe do not see many more team members needing to be added to properly\nmanage a project of our size and magnitude. Open-source nature will\neventually take over, and the community developers will maintain and\nadd on to the ecosystem itself.<\/p>\n\n\n\n Gold\nRocket | Satoshi Club: <\/strong>Thanks!\nEverything is clear to me. Can we jump to the next question?<\/p>\n\n\n\n CryptoFrenchie:\n<\/strong>Of\ncourse 🙂<\/p>\n\n\n\n D.\n| Satoshi Club: <\/strong>thank\nyou for answer! 7 is a great number:grin:and you have cool stickers\nas well:+1:<\/p>\n\n\n\n Q2 from Telegram user @crypto_propeller<\/em><\/p>\n\n\n\n Can\nyou tell us what is the link between Flare Network – Spark and XRP? I\nsee a lot in your tweets this 3 together, but don’t understand why?<\/strong><\/p>\n\n\n\n CryptoFrenchie:\n<\/strong>Although\nwe are not the Flare Network, I will definitely be able to address a\ncouple of those concerns, but note this would definitely be a better\nquestions for the Flare Network themselves. \n<\/p>\n\n\n\n A\ngreat way to relate what everything is in the Flare Ecosystem, and\nplease forgive me if my description dulls any of the bright light\nthat the Flare Network is; \n<\/p>\n\n\n\n Trustless\nXRP ($FXRP) is to Flare Network as Wrapped Bitcoin is to Ethereum,\nexcept it is not wrapped, it is trustless. \n<\/p>\n\n\n\n Spark\n($FLR) is to Flare Network as Etheruem is to Ethereum. It is it’s\nmain ecosystem token and is utilized for gas and value transfer\nmainly.<\/p>\n\n\n\n YieldFlare\n($YFLR) is to Flare Network as Yearn Finance is to Ethereum. It is a\nDefI platform and token utilized within the ecosystem.<\/p>\n\n\n\n Gold\nRocket | Satoshi Club: <\/strong>Trustless\nXRP :see_no_evil:<\/p>\n\n\n\n never\nheard that:grin:<\/p>\n\n\n\n D.\n| Satoshi Club: <\/strong>so\nyou have 3 tokens in your ecosystem?<\/p>\n\n\n\n CryptoFrenchie:\n<\/strong>There\nare two tokens in the Flare Network ecosystem, $FLR and $FXRP.<\/p>\n\n\n\n There\nare three tokens in the Flare Finance ecosystem, $YFLR $YFIN and\n$YMIN.<\/p>\n\n\n\n This\ndoes not include the assets that Flare Network plans to bring to the\nnetwork, or the Ethereum Bridge we have completed to bring over any\nmultitude of Ethereum assets to the Flare Network, and from the Flare\nNetwork to Etheruem.<\/p>\n\n\n\n Gold\nRocket | Satoshi Club: <\/strong>:+1:\nsounds good!<\/p>\n\n\n\n Gold\nRocket | Satoshi Club:<\/strong>Tell\nus please about your tokenomics btw<\/p>\n\n\n\n CryptoFrenchie:\n<\/strong>Of\ncourse! \n<\/p>\n\n\n\n YieldFlare\nhas a total supply of 110,000,000 $YFLR<\/p>\n\n\n\n YieldFin\nhas a total supply of 11,000 YFIN<\/p>\n\n\n\n YieldMine\nhas an expanding supply that is determined by the total time it takes\nto mine the entire supply of YFIN and YFLR.<\/p>\n\n\n\n YieldFin\nis a zero pre-mine, zero team-allocation, fully minable governance\ntoken that will be mined by staking YFLR, FLR, FXRP, or xUSD on our\nplatform. \n<\/p>\n\n\n\n YieldFlare\nis the main ecosystem token that will be airdropped to all $FLR\nholders on the one month anniversary of the Flare Network launch!<\/p>\n\n\n\n More\non our tokenomics can be found at https:\/\/paper.flr.finance\/<\/a>\n\n<\/p>\n\n\n\n Gold\nRocket | Satoshi Club: <\/strong>thank\nyou very much for sharing:+1:<\/p>\n\n\n\n D.\n| Satoshi Club: <\/strong>when\nwe able to try your bridge?<\/p>\n\n\n\n CryptoFrenchie:\n<\/strong>We\nactually will be opening up BETA applications right after the\nDecember 12th network snapshot to begin allowing a few lucky\nindividuals to bug test our platform for us. During this time, we\nwill be having white hack hackers penetration testing our platform\nand looking for any attack vectors under a low-mid stress level\nenvironment. \n<\/p>\n\n\n\n You\ncan possibly be one of our lucky testers. Oh, did we say this is paid\nfor? That’s right, you as a BETA Tester will receive a small stipend\nas a token of our appreciation for properly testing our platform when\nthe time comes.<\/p>\n\n\n\n Q3 from Telegram user @andreea_gym<\/em><\/p>\n\n\n\n Is\nyour SPARK airdrop still active? Word’s around that it’s been a huge\nsuccess. Can you comment on this?<\/strong><\/p>\n\n\n\n CryptoFrenchie:<\/strong>I\nbelieve this is a question for the Flare Network themselves. 🙂 \n<\/p>\n\n\n\n It\nis infact a huge success though! I applaud the Flare Network team and\nthe work that Hugo and the rest of the guys have been putting in\nbehind the scenes. True sign of hard work and dedication.<\/p>\n\n\n\n Gold\nRocket | Satoshi Club: <\/strong>:clap::clap::clap:<\/p>\n\n\n\n D.\n| Satoshi Club: <\/strong>i\nthink some people (including myself:grin:) thought that Flare Network\nand Flare Finance are the same project<\/p>\n\n\n\n Gold\nRocket | Satoshi Club: <\/strong>I’m\na little confused too<\/p>\n\n\n\n CryptoFrenchie:\n<\/strong>We\nare not 🙂<\/p>\n\n\n\n Flare\nNetwork is the entire network themselves.<\/p>\n\n\n\n Flare\nFinance is the first institutional decentralized finance platform on\nthe Flare Network.<\/p>\n\n\n\n Gold\nRocket | Satoshi Club: <\/strong>because\ntwitter tags indicate #FlareFinance #FlareNetwork<\/p>\n\n\n\n CryptoFrenchie:\n<\/strong>Well,\nessentially, Yearn Finance would say #YearnFinance #EthereumNetwork\nbut does not mean they are the Ethereum Network.<\/p>\n\n\n\n D.\n| Satoshi Club: <\/strong>thank\nyou for clarification! :+1:<\/p>\n\n\n\n CryptoFrenchie:\n<\/strong>#FlareNetwork\nsimply implies we are supporting and tagging our posts to that\nspecific hash tag since our platform is relative to the network that\nit is being hosted on.<\/p>\n\n\n\n Q4 from Telegram user @adrianeth<\/em><\/p>\n\n\n\n You\nwill do a snapshot at 1 month anniversary and will make an airdrop.\nHow many tokens will be distributed and is there any minimum amount\nto be eligible?<\/strong><\/p>\n\n\n\n D.\n| Satoshi Club: <\/strong>i\nhope this question relates to Flare Finance \ud83d\ude00<\/p>\n\n\n\n CryptoFrenchie:\n<\/strong>We\nwill be hosting our snapshot for the $YFLR Airdrop on the 1 month\nanniversary of the Flare Network launch. The launch date is\nconsidered the first day that your tokens arrive in your wallet, and\nyou are able to utilize them. \n<\/p>\n\n\n\n 40,000,000\n$YFLR Tokens will be airdropped to holders of $FLR a few days after\nthe snapshot. There is no minimum amount to be eligible. All holders\nwill receive a bit of YFLR whether that be a fractional amount or an\nentire token.<\/p>\n\n\n\n Gold\nRocket | Satoshi Club<\/strong>:\nWow! tempting!:+1:<\/p>\n\n\n\n CryptoFrenchie:\n<\/strong>Indeed\n🙂<\/p>\n\n\n\n Q5 from Telegram user @prahenkris<\/em><\/p>\n\n\n\n There\nare so many great chains. Why did you decide to build your own\ninfrastructure? Isn’t this a waste of money?<\/strong><\/p>\n\n\n\n CryptoFrenchie:\n<\/strong>This\nwould definitely be a Flare Network question, as we are not building\nour own infrastructure.<\/p>\n\n\n\n Gold\nRocket | Satoshi Club: <\/strong>Oh\nsorry about that:sweat_smile:<\/p>\n\n\n\n D.\n| Satoshi Club: <\/strong>Oops<\/p>\n\n\n\n Gold\nRocket | Satoshi Club: <\/strong>then\nI have another question<\/p>\n\n\n\n CryptoFrenchie:\n<\/strong>Shoot\nfor it 🙂<\/p>\n\n\n\n Gold\nRocket | Satoshi Club: <\/strong>Flare\nFinance is launching 6 decentralized finance products that will serve\nas an all in one trust free solution to traditional banking and\ninvesting.<\/p>\n\n\n\n Tell\nus a bit about these financial products<\/p>\n\n\n\n D.\n| Satoshi Club: <\/strong>im\nsure in the second part of our AMA, would be more questions related\nto Flare Finance:+1:<\/p>\n\n\n\n CryptoFrenchie:\n<\/strong>There\nwe go!<\/p>\n\n\n\n Flare\nFinance will infact be delivering 6 key products to our ecosystem. (7\nif you include Flarescan.org, but we do not consider that one of our\nmain ecosystem products. More of a side project.) These products are:<\/p>\n\n\n\n 1.\nFlareX – Decentralized Swaps and Decentralized Margin\/Spot Trading\nPlatform.<\/p>\n\n\n\n 2.\nFlareFarm – Decentralized Yield Farming and Governance Platform<\/p>\n\n\n\n 3.\nFlareWrap – Decentralized Asset Wrapping Bridge ETH-FLR<\/p>\n\n\n\n 4.\nFlareLoans – Decentralized Asset-Backed Collateralized Loans Platform<\/p>\n\n\n\n 5.\n FlareMutual – Decentalized Peer to Peer Insurance Mutual Fund<\/p>\n\n\n\n 6.\nFlareMine – Decentralized Yield Mining Platform<\/p>\n\n\n\n A\nmore indepth analysis on exactly how these products deliver what they\ndo can be found at https:\/\/paper.flr.finance\/<\/a>\n.<\/p>\n\n\n\n I\ncan give you a brief rundown of what each product does if you would\nlike as well 🙂<\/p>\n\n\n\n Gold\nRocket | Satoshi Club: <\/strong>thanks\nfor the clarification!<\/p>\n\n\n\n D.\n| Satoshi Club: <\/strong>of\ncourse!<\/p>\n\n\n\n CryptoFrenchie:\n<\/strong>Wonderful.\nGive me a moment to prepare it all. I will drop it in sections.<\/p>\n\n\n\n Gold\nRocket | Satoshi Club:<\/strong>Personally,\nI’m interested in farming:blush:<\/p>\n\n\n\n CryptoFrenchie:\n<\/strong>FlareX\nis a uniswap style swapping platform allowing for Flare Network users\nto engage in the simplified trading of any Flare Network hosted\nassets. Additionally, it will offer advanced decentralized spot\ntrading and margin trading to the same users. Transaction fees can be\npaid in YFLR and there is of course all of the amazing yield\ngenerating options that Uniswap offers like liquidity pools.<\/p>\n\n\n\n FlareFarm\nis a decentralized yield farming platform that allows holders of\nseveral approved assets on the Flare Network to become their own\nyield generating bank by staking their available funds and liquidity\npool tokens to mine and earn YieldFin, the low supply, coveted\nEcosystem Governance Token. Additionally, they can create and vote on\nproposals that will enact system wide changes to the ecosystem if\napproved or denied.<\/p>\n\n\n\n FlareWrap\nis a decentralized asset bridging platform that allows holders on\neither the Ethereum or Flare Network to bridge their assets over to\nthe other network easily without the need for any third party\nintermediaries or exchanges. With FlareWrap, the Flare Network will\nreceive xUSD (USDT), xDAI (DAI), xETH (ETH), xBTC (WBTC), and more.\nAdditionally, for the first time, XRP will make it’s way to the\nEthereum network as WXRP through our bridge.<\/p>\n\n\n\n FlareLoans\nis a decentralized collateralized loans platform that will allow a\nnetwork of creditors and debtors to operate and enact loans and\ncredit lines to borrowers against their collateral limit. Borrowing\nand lending earns you YFIN!<\/p>\n\n\n\n FlareMutual\nis a decentralized peer to peer mutual insurance fund that covers new\nprojects smart contracts and teams for potential issues such as\nhacks, bugs, and other ruining events that could cripple an\necosystem.<\/p>\n\n\n\n FlareMine\nis a decentralized yield mining platform that allows users of ASIC\nrigs to mine Bitcoin and Ethereum, which is then automatically\nswapped at best value for Spark ($FLR) and provided to the miner.\nThis creates positive price support and action for the Spark Token\nitself and promotes a long term healthy way to mine Spark!<\/p>\n\n\n\n Gold\nRocket | Satoshi Club: <\/strong>When\ndo you plan to release these products?<\/p>\n\n\n\n CryptoFrenchie:\n<\/strong>Are\nfirst three products; FlareX, FlareFarm, and FlareWrap are complete\nand ready for team testing before moving onto public BETA Testing.\nYou can expect 5 of our 6 products ready for release in Q1-Q2 2021,\nwith our final product coming in Q3 2021.<\/p>\n\n\n\n Gold\nRocket | Satoshi Club: <\/strong>The\nrocket is at the start!:rocket:<\/p>\n\n\n\n D.\n| Satoshi Club: <\/strong>pretty\nsoon. time flies very fast in crypto world:relaxed:<\/p>\n\n\n\n CryptoFrenchie: <\/strong>Oh it definitely does. 9 years has flown by like a snap of the finger. Time flies when you are having fun.<\/p>\n\n\n\n D.\n| Satoshi Club:<\/strong>\nthank you for answers! and we have the last question from this part.\nare you ready?<\/p>\n\n\n\n CryptoFrenchie:\n<\/strong>Ready!<\/p>\n\n\n\n Q6 from Telegram user @bitociok<\/em><\/p>\n\n\n\n There\nis a mention that you are anonymous. What is the reason behind it?\nAre you afraid of lawsuits from ripple or someone else? How many\npeople work on your team?<\/strong><\/p>\n\n\n\n D.\n| Satoshi Club: <\/strong>question\nwas partially covered:smile:<\/p>\n\n\n\n Gold\nRocket | Satoshi Club: <\/strong>partially\nanswered. tell us what you think is the main thing in your project<\/p>\n\n\n\n CryptoFrenchie:\n<\/strong>We\nare indeed an anonymous team, not all of us are though. One of our\nteam members, and in fact, one of our main developers, is not at all\nanonymous and actually is public!<\/p>\n\n\n\n The\nreason for our anonymity is to protect us during the birthing and\nbuilding of the project and to release it free of any outside\ninterference or want to jump on the potential at hand. Our approach\nwas not anonymous to the Flare Network Team, and we very much so\neagerly stated that we would LIKE to give them our identities as\nreassurance that we are here to deliver a top notch product and just\nwant to be safe while doing it.<\/p>\n\n\n\n Gold\nRocket | Satoshi Club: <\/strong>I\npersonally understand your reason.<\/p>\n\n\n\n CryptoFrenchie:\n<\/strong>We\nare not afraid of lawsuits from Ripple, as Ripple would not be able\nto place a lawsuit on us for any reason. Our main fear is the\nuncertainty of who exactly are supporting entities in Ripple, and how\nwill they see to it that a decentralized non-custodial platform is\ncoming alive to deliver exactly what they do as banks at a better\nrate, with better accessability, and without the strings that come\nwith a bank like not having immediate access to your own funds when\nand however you want it.<\/p>\n\n\n\n D.\n| Satoshi Club: <\/strong>yeah,\ngood reasons for anonymity, in my opinion<\/p>\n\n\n\n CryptoFrenchie:\n<\/strong>Once\nthe platform is birthed, and we are able to ensure it’s existence is\nNOT dependent on us as team members to have our hand in it, we will\nhappily expose our identities. Until that point, we will ensure the\nplatform is secure, audited, and released in a way that is as\ndecentralized as possible as to remove any chance of outside forces\nacting on it, including ourselves as team members. \n<\/p>\n\n\n\n This\nincludes working with projects like Codius to help bring forth a\ntruly decentralized hosting network that can allow projects to be\nborn, and pretty much never die as long as the nodes that host it\nexist.<\/p>\n\n\n\n Gold\nRocket | Satoshi Club: <\/strong>Yes,\nthe choice of this blockchain is a non-standard solution. And I am\nsure it will lead you to success.<\/p>\n\n\n\n Q1 from Telegram user @aym1212<\/em><\/p>\n\n\n\n As\nindividual user, what ways can I contribute to the development of\nYour $YFLR $YFIN $YMIN Project? Do you have Ambassador programs and\nWhat is its benefit?<\/strong><\/p>\n\n\n\n CryptoFrenchie<\/strong>:\nLet’s start with this one!<\/p>\n\n\n\n We\ndo in fact have a Global Ambassadors Program that will be selecting a\nnumber of individuals to represent Flare Finance in events around the\nworld and help host community organized events when the time comes.\nAdditionally, we will be opening our BETA Tester program that will\nallow people to test and utilize our platform and look for any\navailable bugs or attack vectors that may exists on platform. \n<\/p>\n\n\n\n We\nstrongly believe in community interaction and community support. We\nbelieve in this so much that we have dedicated 75% of our marketing\nbudget to person to person user generated marketing tactics that can\nhelp place more money back into the pockets of you all for spreading\nthe word about our products!<\/p>\n\n\n\n Q2 from Telegram user @jerlyyyyn<\/em><\/p>\n\n\n\n Why\ndid you chose to work with XRP community rather than ETH blockchain?<\/strong><\/p>\n\n\n\n CryptoFrenchie:\n<\/strong>We\nstrongly believe XRP is a community that has been screaming out for a\nchance at a truly decentralized financial ecosystem. XRP has been one\nof the last platforms to innovate to date and has been specifically\nfocused on client and partner acquistion. At this point in time,\nFlare Network is bringing exactly what the people have asked for,\nwhile we at Flare Finance are taking it one step further and\nchallenging the centralized nature of banks that XRP supports. We see\nthis more as friendly competition rather than a full all out war on\ntraditional financial institutions.<\/p>\n\n\n\n ETH\nhas it’s benefits, but has been plagued with projects that contain\nlittle to no substance, making Ethereum have this balloon of hot air\nvalue that is yet to pop.<\/p>\n\n\n\n Q3 from Telegram user @wonderkit<\/em><\/p>\n\n\n\n Is\nit safe to use FlareWrap and how much does it cost to swap certain\ncoins in one transaction?<\/strong><\/p>\n\n\n\n CryptoFrenchie:\n<\/strong>FlareWrap\nwill be as safe to use as the audits that review it say it is to be.\nOur team holds over 12+ years as full-stack developers and has the\nskillset and drive to deliver a product that is properly reviewed and\ncared for while it is built. This being said, we are very happy and\nconfident in our abilities to deliver a safe and useful product.<\/p>\n\n\n\n The\ncost to bridge any token to FLR or ETH in one transaction will have a\nranging fee of 0.075%-0.1% of the tokens being minted\/burned and will\nbe split evenly between both. The fee goes down as the amount you\nwrap goes up. Meaning if you are bridging $100 of USDT to xUSD, you\nwill pay a total fee of $0.075-$0.10 for the entire amount.<\/p>\n\n\n\n Q4 from Telegram user @Idee01<\/em><\/p>\n\n\n\n YieldMine, YMIN, supply is determined by the total time it takes to mine the entire supply of YFIN and YFLR. Is there a cap in the total supply of YMIN and is there a formular to use to calculate it? Do you have any mining guidelines for YFIN and YFLR?<\/strong><\/p>\n\n\n\n CryptoFrenchie:<\/strong>\nThere is no cap to the total supply of YMIN. It’s main use case is to\nbe utilized much like POL-X as a rate multipler token. It can be\nburned to increase your mining rate for staking YFIN to mine YFLR on\nthe FlareX platform. This being said, the supply is more time\ndetermined and does not have a hard number set.<\/p>\n\n\n\n Q5 from Telegram user @baimwong1<\/em><\/p>\n\n\n\n Why\ndid flare Finance create three coins for its project ecosystem and\nhow do the three coins work together?:<\/strong><\/p>\n\n\n\n CryptoFrenchie:<\/strong>\nFlare Finance created three tokens for sheer need of what the\necosystem wants to deliver.<\/p>\n\n\n\n YieldFlare\n($YFLR) is the platforms main transaction fee, listing, and secondary\ngovernance token. It can be used in place of transaction fees, used\nto vote on new token listings in the ecosytem, and used to vote on\nsecondary governance proposals in the ecosystem.<\/p>\n\n\n\n YieldFin\n($YFIN) is the platforms main governance token. It can be used to\nvote for all things that are related to the platform and carries a\nmuch larger voting weight than $YFLR does. It will be used to change\nfees, fund projects, or provide grants to new developers seeking to\nexpand the ecosystem.<\/p>\n\n\n\n YieldMine\n($YMIN) is a rate multiplier token that will be used to increase your\nmining rate of mining YFLR for staking YFIN on the FlareX platform.\nIt is a way to create harmony between miners and traders and to\npromote healthy price action for FLR and $YFLR alike.<\/p>\n\n\n\n Q6 from Telegram user @KhaleesiTheCryptoLady<\/em><\/p>\n\n\n\n Regarding\non the opening of Beta Application, How could we join as Beta Tester,\nany requirements? Do we have to hold the said 3 tokens of Flare\nFinance?<\/strong><\/p>\n\n\n\n CryptoFrenchie:<\/strong>We\ndo not have any pre-set requirements for you to become a BETA Tester,\nall we ask is that you are technologically proficient enough to look\nat a website, analyze your experience on it, and be able to pay close\nattention to detail. Any skills above that would be not needed, but\ngreatly accepted and would put you at a more priority ranking on our\nBETA Tester list.<\/p>\n\n\n\n You\ndo not need to hold any tokens, we will be providing you BETA Testers\neach with a different amount of the three tokens as to test a real\nworld experiment of different holders ratios and so on.<\/p>\n\n\n\n Q7 from Telegram user @lexiagarcia<\/em><\/p>\n\n\n\n When\nwill we meet the team behind Flare Finance?<\/strong><\/p>\n\n\n\n CryptoFrenchie:\n<\/strong>Well,\nI won’t put a hard date on it, but we can almost guarantee you will\nbe seeing us for Q4 2021. 🙂<\/p>\n\n\n\n Q8 from Telegram user @Emidm37<\/em><\/p>\n\n\n\n There\nis something that confuses me. There is another project called Flare\nNetworks, which is a partner of Ripple, is Flare Finance in any way\nrelated to any of those projects? Can you clarify this please? Don’t\nyou think this can cause confusion for other users too?<\/strong><\/p>\n\n\n\n CryptoFrenchie:\n<\/strong>Flare\nFinance is not in any way related to or supported by Ripple, XRPLabs,\nor any of it’s affiliates. Additionally, we are not affiliated with\nthe Flare Network or TowoLabs Team or any of it’s afilliates. We are\nan independant third-party team. We are not in any way partnered with\neither of them either. We are, however, doing everything possible in\nthe book to raise the chances of becoming an official partner to\neither ecosystem. For now though, we are in discussions with Flare\nNetwork, and we are doing all requested to ensure we bring a good\nproduct to the netwok that can support it and not damage it.<\/p>\n\n\n\n Q9 from Telegram user @ Amila19932<\/em><\/p>\n\n\n\n What\nis your major product? What are you going to develop for the users?\nAnd how are you going to get that product famous? @TheCryptoFrenchie<\/strong><\/p>\n\n\n\n CryptoFrenchie:\n<\/strong>We\nbelieve our largest product will be FlareWrap.<\/p>\n\n\n\n FlareWrap\ndelivers what has been long awaited for. A bridge to bring XRP to\nEthereum. Flare Network pulled the heavy load getting XRP to it’s own\nnetwork, not we will bring XRP to Ethereum and Ethereum Assets to\nXRP.<\/p>\n\n\n\n With\nFlareWrap, you will be able to wrap your USDT on the Ethereum Network\nand mint it on the Flare Network. Additionally, you will be able to\nwrap your FXRP on the Flare Network, and mint it to WXRP on the\nEthreum Network!<\/p>\n\n\n\n We\nwill finally be able to help bridge over $20B in locked liquidity to\nEthereum and over $50B in liquidity to XRP!<\/p>\n\n\n\n Q 10 from Telegram user @supper_star_2<\/em><\/p>\n\n\n\n Every\nprojector has a special aspect. If you have anything like that, what\nis it?<\/strong><\/p>\n\n\n\n CryptoFrenchie:\n<\/strong>We\nstrongly believe our special aspect is being the first user-friendly\nand carefully designed decentralized finance platform to offer\ninstitutional defi to a mass of traders and investors who are yet to\nsee any innovation to the asset they hold. Flare Network is able to\nspark this innovation, while Flare Finance is able to help ease in\nsome of that innovation as well.<\/p>\n\n\n\n Flare\nFinance will be the first institutional DeFi platform to hold the\ngrunt of over $20B of locked liquidity waiting to burst out and seek\na truly trust free means of becoming their own bank and yield\ngenerating custodian. Flare Network is the key to unlocking value.\nFlare Finance is the key to unlocking decentralized finance.<\/p>\n\n\n\n As\nusual, for the third part, Satoshi Club Team asked the chat 4\nquestions about the crypto project. A link to a Quiz form was sent\ninto the chat.<\/p>\n\n\n\n For\nmore information and future AMAs, join our Social Media channels:<\/strong><\/p>\n\n\n\n English\nTelegram group: https:\/\/t.me\/Satoshi_club\/<\/a>\n\n<\/p>\n\n\n\n Russian\nTelegram group: https:\/\/t.me\/satoshi_club_ru\/<\/a>\n\n<\/p>\n\n\n\n Spanish\nTelegram group: https:\/\/t.me\/satoshi_club_spanish\/<\/a>\n\n<\/p>\n\n\n\n Telegram\nChannel: https:\/\/t.me\/satoshi_club_channel\/<\/a>\n\n<\/p>\n\n\n\n Twitter:\nhttps:\/\/twitter.com\/realsatoshiclub\/<\/a>\n\n<\/p>\n\n\n\nPart\n2 \u2014 live questions from the Telegram community<\/strong><\/h2>\n\n\n\n
Part\n3 \u2013 Quiz Results<\/strong><\/h2>\n\n\n\n