DeltaAMA Series AMA ID 002 - Transcript of AMA with Fire Protocol
By: Deltahub Capital
Tags: Dhc, Bitcoin, Cryptocurrency, Btc, Crypto

FireProtocol AMA

Shifu: First of all very welcome to you Danny from AMARoom, its members and DeltaHub. Hope this is gonna be a fruitful session.

Danny: I hope so too. A big fan of DeltaHub since 2018 or so…

Shifu: Also congratulations to Fire Protocol being the first project on Huobi chain.. Its a nice achievement… How do you feel about it?

Danny: Awesome — when my friend intro the idea to me — I said right away lets do it! This is a great opportunity in my opinion.

Shifu: Alright so lets start the formal Q&A session 😃

Can you please make a brief introduction of yourself and your role in Fire Protocol?

Danny: Yes. I’m Danny, CEO of Fire Protocol.

A MBA graduate from Strathclyde Business School in the UK, and experienced professional in FinTech, eCommerce and Blockchain. I started my involvement with Blockchain back in the year of 2009 when I led several technology projects and digital transformation with companies across Asia…. no OG but definitely deep inside 🙂

I am also a Partner in XCEL Asia, a Pan-Asia Startup Accelerator and VC Firm focusing on FinTech, and founded Moonwhale Ventures, a Blockchain consultancy and incubation fund.

As CEO, I coordinate all efforts of our teams from tech to marketing, community management, and product development.

Shifu: That's nice! Please introduce Fire Protocol to us. / Can you share with us a little bit about Fire Protocol?

Danny: Fire Protocol is the first infrastructure to Huobi (Smart) Eco Chain (HECO). We are the first batch member of developers invited to test HECO (an Ethereum compatible Public Chain for Blockchain Developers).

Key products are:

1-Cross chain wrapping solutions to bring non-Huobi Chain assets via our cross-chain solution into the Huobi Ecosystem from various chains; eg Ethereum, and XRP, Tron, Polkadot (in future)

2-DEX/Swap: fast and secure trading services;

3-Money Market which combines liquidity provision, lending and borrowing into one platform; > Liquidity providers’ LP for our DEX can also use that liquidity assets as collaterals on borrowing/ lending protocol. This is unlocking the unused LP tokens and improving capital efficiency.

Essentially, Fire Protocol is like the combination of Uniswap plus Compound with better performance thanks to HECO — low gas fee, high speed and security.

Shifu: This is so exciting…. Looks like you are aiming for Moon and beyond 😃

Danny: hahaha yes — with a small cap and a ready product why not..

Shifu: Ready product being the key word here…

So why Huobi Eco Chain? Why not Polkadot or Cosmos that are more established?

Danny: Yeah…. We had a unique opportunity — We know some HECO developers and took the opportunity.

Fire Protocol is the first infrastructure to Huobi (Smart) Eco Chain (HECO), which helps onboard non-Huobi Chain assets via our cross-chain solutions, an integrated trading and money market with lending and borrowing services.

We are the first batch member of developers invited to test Huobi Eco Chain (an Ethereum compatible Public Chain for Blockchain Developers).

Shifu: That can be a real differentiator and your USP! Hope our members get to use it and like it.

Danny: Yep — Huobi chain looks promising mate. Can read later here https://www.hecochain.com/

Shifu: For sure. How does Fire Protocol realize cross-chain functionalities such as wrapping?

Danny: Fire Protocol brings innovation cross-chain technology to bring hundreds of digital assets onto the HECO ecosystem. We aim to be the infrastructure to other projects too in this regard (imagine an insurance project need assets wrapped from other chains).

The DEX component of Fire Protocol — FireSwap provides the cross-chain assets wrapping bridge for HECO and supports the exchange of multiple assets from various chains. This process is realized by the cross-chain mechanisms, which are the wrapped H-Assets: all series of Huobi Smart Chain assets, for example, HBTC, HUSD, HT, etc.

Fire Protocol Wrapping Mechanism

Shifu: We are beginning to get the idea now.

Danny: FireSwap builds a decentralized protocol of Cross-Chain Wrapping between Huobi and Ethereum by locking ERC20 assets on Ethereum with the application of insurance, then minting one-on-one with HECO. In regards to withdrawal, HECO will burn the new assets and unlock the ERC20 assets on Ethereum. Looking toward the future, FireSwap is committed to support other blockchain systems, including XPR, Tron, Polkadot, and more.

Shifu: This can be huge… Is DEX ready to be deployed on mainnet?

Danny: Yep DEX launched tonight. Lending and borrowing on 25th.

Shifu: WoW! One of the few projects with a ready product before TGE.

Danny: Yes — bootstrapped too. We didn't have any grants — we only raised last 3 days.

Shifu: DEX marketplace is quite saturated.. How FireSwap will be different? What advantages does FIRE have regarding the functioning mechanism?

Danny: DEX is an important component of Fire Protocol….

Its not just a normal DEX— Compared to other DEXes in the market, FireSwap (the DEX component of Fire Protocol) acts as the infrastructure to the HECO ecosystem, providing fast and secure trading services of all H-assets.

Plus it is fully integrated with the lending/ borrowing which is another cool aspect means you can provide liquidity at the DEX— earn rewards at the same time — the same LP token serve as collateral for borrowing/ lending. It is capital efficient — should enable more liquidity overall.

FireSwap DEX Features

Shifu: Sounds really good and the only thing you need is adoption I guess

We are opening the room now so if anyone has to ask any question can post question text along with twitter link.

Community Round

Q: I’m curious about the team’s record. I think it is important to invest on a project who has a reliable workers. Do the team already worked on something related to crypto industry?

Danny: Yes — in the intro I mentioned my background. Our tech team is strong (based in China) and our CTO is a cryptographer — teaching on Hong Kong university. Our CMO worked with Aubit and other successful projects.

Q: You firstly tweeted just 11 days ago and you are very active in joining AMAs etc. Considering being listed one of 5 blockchains to follow up, are you trying to close gap in your communication plan? How will you shape your communication plan in 2021?

Danny: Yes we only started twitter n telegram a few days ago — is that relevant? We worked on the product since mid Nov.

We have to up our community engagement — we were focusing to get the product done at the same time like HECO mainnet!

Q: What are your major goals to achieve in the next 3–4 years? What are your plans to expand and gain more real-adoption? How do you elevate crypto participants’ understanding about the project?

Danny: Our roadmap is exciting — You can see on our website. As for adoption , I think the ‘real-world’ is moving on-chain…. institutions and fund putting money into btc and soon DEFI to earn yields vs negative interest rates in the ‘real world’.

Shifu: That's a good answer Dany.. Injective did really well to bring equities in crypto recently…

Q: Do you have any plans to attract non-crypto investors to Fire Protocol because it is the success of a project to get more investors who are still not in the crypto world. What are the plans to increase awareness around your in non-crypto space?

Danny: I think we focus on users. We aim to bring more users to the HECO ecosystem, investors — you guys got in — we had a tiny rounds — that's its — no more.

Q: Is your aim to become the number one (leader) in the Next-generation DEX platform? and if so what will you say is your biggest strength to achieve it?

Danny: I think Huobi Smart Chain will be a substantial part in the overall game of chains…. They will try to make sure to be at least as competitive as Binance Chain. Hence they will try their best to onboard more developers…users etc. And we have the infra to help 🙂.

https://t.me/fireprotocol ​ ​

https://t.me/fireprotocol_ann

​https://twitter.com/FireProtocolOS

Shifu: Danny, Would you like to share more and some exciting news and your launch plans with us before we conclude it.

Danny: Yeah man! Got some sneak peak stuff, We launch dex tonight on HECO….. We launch on Uniswap tomorrow then CEX we obviously aim at Huobi first.

Shifu: 🔥 Are you saying you are gonna list on Huobi? 😃

Danny: Very likely…..

Shifu: That's really really bullish man. Once again, we thank you Danny for your time here and hope you enjoyed our intriguing AMA.

Danny: Thank you too Shifu! See you soon mate.

Shifu: See you on Huobi!

Ok guys, AMA is over!

We will announce the rewards within a week. Thanks everyone for joining.

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