Fire Protocol AMA Recap With Neng Yuni Forum

5 min readJan 20, 2021

Dear Community, Welcome to the recap of our AMA with Fire Protocol.

Our vibrant and enthusiastic community had a lot question to ask. To those who want to know quickly what Fire Protocol is about, we are sure this recap gonna help you. So without further, continue reading.

Speaker : Danny Christ — CEO of Fire Protocol

First Session Project Introduction

Before we start our first session can you introduce yourself?

Mr. 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.

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

Q1. Can you tell us what is Fire Protocol? And a short story of how came up with idea for Fire Protocol?

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

Key products are:

⁃ DEX/Swap: Fireswap is fast and secure trading service; Liquidity Mining

⁃ Cross Chain Wrapping solutions to bring non-Huobi Chain assets via into the Huobi Ecosystem from various chains; eg Ethereum, Tron, Polkadot (in future)

⁃ Money Market with Lending and Borrowing solution; fully integrated with our DEX > Liquidity Providers’ token on our DEX serve at the same time as collaterals on borrowing/ lending protocol

Q2. Can you briefly describe Fire Protocol’s main advantages over its competitors?

Mr. Danny: Liquidity Providers’ token on our DEX serve at the same time as collaterals on borrowing/ lending protocol > this is unlocking capital for ore liquidity overall also our cross-chain wrapping is another distinction we have over other “only a dex”

We provide a full ecosystem — and infrastructure for other projects to onboard onot HECO.

Q3. What is the name of the token that Fire Protocol has? How much supply is available and where the token allocated?

Mr. Danny: The token is called $FIRE

https://www.coingecko.com/en/coins/fire-protocol

Here are all information.

Q4. To sum up, can you please share with us your nearest milestones that you plan to achieve by the next month/year?

Mr. Danny: Today we will announce a new and updated roadmap!

We launched the DEX Fireswap and the Lending/ Loan protocol already. Also cross-chain wrapping for ETH is available.

Follow our channel and stay up to date! Today new roadmap coming!

Second Session “Twitter Question”

Q1. Please tell us more about the $FIRE staking program, What is the minimum for staking and why choose Ferrum Network to support the $FIRE staking program?

Mr. Danny: Staking program is life — but the full maturity period is not available anymore — up to 42% APY!

We will launch soon our Liquidity Mining / Provision program for the community to earn rewards!

This will be another exciting opportunity to earn!!!

Q2. FIRE protocol supports trading services of digital assets on the Huobi exchange. Do you have plans to support projects from other exchanges in the future?

Mr. Danny: We support assets from HUOBI CHAIN….. so yes we also support Ethereum chain ERC20 assets and soon other blockchains eg Polkadot, Tron etc…..

You can read all about HECO here https://www.hecochain.com/

Q3. I read that Fire Protocol will bring new values and innovations to DeFi projects listed on Huobi, how will it do that? What will Fire Protocol provide to DeFi projects?

Mr. Danny: We are infrastructure on Huobi Chain — other new projects and developments will use our product to onboard users and assets to HECO!

Hence we are integratl part of the Huobi ecosystem.

Imagine another insurance project on Huobi Chain…. they will need asset potentially from Ethereum > our cross-chain wrapping

…they need to be able to trade assets > our DEX

Q4. How does the $FIRE team attract investors so that they can contribute as well as add as liquidation to Uniswap to buy private sale and public sale of $FIRE tokens? And please explain in more detail about the purpose of the private sale and the public sale of the $FIRE token?

Mr. Danny: Public and private sale is over already.

We offer great rewards for the upcoming Liquidity Provision program on Uniswap — LPs and investors can stake their token and earn rewards in FIRE and part of Uniswap fees!

The FIRE token itself seves as governance token, incentive for staking, LP and will have many functions in our upcoming products!

The Third Session “Live Question”

Q1. What is your long-term vision about the industry which you are working on? Are you afraid some day there will be another project with more innovative technology can replace your project?

Mr. Danny: Long term committed team to develop top notch technology — an all in one solution for DEFI lovers. We have a lot interesting stuff upcoming! Stay tunes.

Overall the crypto market is booming and so will DEFI!

Q2. There are 3 core issues prevalent in crypto and blockchain:

Security, Interoperability, and Scalability. so

How does Your Project plan to overcome these issues?

Mr. Danny: Great question

Huobi Chain addresses security, developer friendliness and scalability!

#FireProtocol enables interoperability to other chains! We onboard non Huobi assets to Huobi Chain!

Any asset can be wrapped onto HECO and become an H-Asset

Q3. How does the Your token work in Your ecosystem, and is there any benefit for investors to buy token in the long run?

Mr. Danny: The token serves several functions — staking, rewards for LPs, governance, and in future based on our product more and more utility. We build a whole ecosystem! We also consider to burn token from fees from cross-chain wrapping 🙂 that means we create deflation …. still under discussion too

Q4. Lending, Borrowing and other DeFi services are so much repeated in many DeFi projects, so what is the real innovation that Fire Protocol is bringing to DeFi? What are you able to do that other cannot?

Mr. Danny: The real innovation lies in the details….

On FireProtocol Liquidity Providers’ token in our DEX Fireswap serve at the same time as collaterals on borrowing/ lending protocol > this is unlocking capital for ore liquidity overall

Also many DEFI do not have cross-chain wrapping available yet!

We are also working on cross-chain lending 🙂

Check out our updated roadmap, released later today!

Alright, those are the 4 select question

Thanks to Mr. @FireprotocolCEO who gave us the time to share this knowledge, I hope we will understand more about Fire Protocol.

Well…

We declare AMA’s Series Neng Yuni with Fire Protocol, is Done. 🥳🥳🥳🥳

thank you to the participants who have attended this event to the end.

the winners will be announced soon🥳🥳🥳

Telegram: https://t.me/fireprotocol

Channel: https://t.me/fireprotocol_ann

Twitter : https://twitter.com/FireProtocolOS