Fireswap — The DeFi Portal to Huobi Eco Chain

Fire Protocol AMA

EncryptClub: I received an auto alert of the market’s skyrocketing just now.It seems that every Mt Gox incident provides the best opportunity to buy the dips. Today, besides of the burning of HT, we are also informed of the upcoming launch of Fire Protocol, the first DeFi infrastructure to Huobi Eco Chain. Is this a great time to get rich? Should i participate it?

We are honored to have the CEO of Fire Protocol Danny Christ with us today, to share the very minds of why the team founded the project and their future plans.

Danny Christ: Hello, everyone! Very happy to be here today.

Yes. I’m Danny Christ, CEO of Fire Protocol. A MBA graduate from Strathclyde Business School in the UK, an 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 from then. I co-founded XCEL Asia, a Pan-Asia Startup Accelerator and VC Firm focusing on FinTech. Then I founded Moonwhale Ventures for Blockchain consultancy and STO Advisory.

My role in Fire Protocol is more like a coordinator with and between different arms, to bring the best teams together to make our mission happen. As CEO, I will personally push the teams to deliver what’s been in our blueprint to make mass adoption of DeFi possible.

EncryptClub: Thanks for your self-introduction. Here comes the question of our AMA.

Q1: I am very glad that we can deploy projects on Huobi Smart Chain now, which means besides BNB, HT can also meet its holders’ demand of developing new projects on its xchange’s public chain, giving more opportunities to create wealth apparently.

As the first project launched on Huobi Smart Chain, what is the strategic significance of Fireswap to the entire HSC (Huobi Smart Chain) ecosystem?

Danny: Well, good question!

I would say that Fire Protocol is set to be a pivotal building block in the HECO ecosystem as every ecology needs DeFi and trading protocols as the infrastructure. Fire Protocol is the first infrastructure to Huobi Eco Chain, 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).

In the future, with the support from Huobi and HECO, all sides will work together towards the growth of a shared ecosystem. As the first protocol coming live on HECO, we are super excited and confident over the bright future of both FIRE and HECO.

Q2:Fireswap will use its token FIRE for decentralized community governance. What is FIRE’ potential to activate the entire HECO with Fireswap Protocol?

Danny:

As the Governance Token of Fire Protocol, FIRE token represent voting shares which could be initiated by the token owner or delegated to others. Staking tokens is required to participate in governance and receive the ability to cast vote and create proposals.

The use cases and token economics are as follows:

1. Stakeholders vote in allocation of funds and protocol improvements, incentive structures and new product development.

2. Changes to the Governance process include changing vote thresholds, majority requirements for any proposal, or even the minimum amount of FIRE tokens required to publish a proposal.

3. The token could be obtained by users from liquidity provided at FireSwap Exchange and the lending action at the FireSwap Loan Platform.

Besides the aforesaid use cases, FIRE tokens will be more applied in the whole HECO ecosystem as Fire Protocol acts as the infrastructure of DeFi and trading protocols.

Q3:What’s the feature of FireSwap when compared with swap projects on public chains of other exchanges? Can FireSwap gather more traffic and attention to push Huobi DeFi ecosystem to a climax?

Danny: What makes Fire Protocol stand out is the keynote components of Fire Protocol as a combinator of DEX and DeFi solutions.

Fire Protocol is like the combination of Uniswap plus Compound with more powerful tools such as cross-chain wrapping, better performances of scalability and transaction etc, enabling efficient and low-cost on-chain environment for Dapps, smart contracts and digital assets.

Key components of Fire Protocol include:

⁃ cross chain solutions to bring assets to Huobi Ecosystem from various chains;

⁃ DEX/Swap: fast and secure trading services;

⁃ money market: combines trading, lending and borrowing into one platform;

⁃ services & products with low gas fee, high speed and security.

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.

Based on the technical basis of HECO and the team’s independent development work, FireSwap is equipped with several technical highlights stated below:

⁃ High Scalability: By virtue of the HECO technical basis, FireSwap offers users with high speed, high scalability and high performance trading experience.

⁃ Multi-asset Exposure: Any asset can be traded on FireSwap, with the support of Fire Protocol’s cross-chain wrapping hub.

⁃ Liquidity Mining: Users have infinite liquidity and can freely convert between assets. Rewards will be paid to users who provide liquidity for trading pairs or use it as collateral for lending.

Q4:How will FireSwap support DeFi projects listed on Huobi? How will FireSwap facilitate new projects launched on Huobi Smart Chain?

Danny: As a DeFi protocol combining DEX and cross-chain wrapping based on HECO, Fire Protocol will bring new values and innovations to DeFi projects listed on Huobi:

1. Fire Protocol’s loan platform will support all HECO assets (H-assets) including HT, HBTC, HUSD and more, giving the traders the access to a wide range of credit products fast and easily. Liquidity providers’ LP shares on DEXes can also be used as collaterals on Fire Protocol, unlocking the unused LP tokens and improving capital efficiency. As H-assets trading on FireSwap can also be used as collateral for lending and borrowing from Fire, the liquidation of aforesaid assets can be easily managed and well maintained.

2. The DEX component of Fire Protocol — FireSwap provides the cross-chain assets wrapping bridge for HECO and supports the exchange of multiple assets from variable 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.

3. Fire Protocol will act more like the infrastructure of DeFi and trading based on HECO, enabling trading of these listed DeFi assets, with larger user base, more accessibility and fast speed of transaction.

Q5:Lots of people are under the delusion that the new year is coming earlier due to the Covid-19 epidemic. FireSwap’s work in 2020 comes to an end soon, so what is FireSwap’s development plan in 2021? What is the most significant and influential milestone of FireSwap Portocol to the entire ecosystem?

Danny: Indeed COVID-19 brought the year 2020 with havoc and disaster. In the meantime, the world sees more and more needs for DeFi services during this special period of time as travelling and going outside are not that convenient as before. And, the world witnessed many defects of centralization.

As one of the first developer teams invited by HECO, Fire Protocol started development work with first-hand codes and data. With the upcoming launch of HECO main-net soon, we are expecting that the MVP of Fire Protocol will also be launched pretty soon, probably by the end of this December. In the meantime, Fire Protocol will also enable the basic functionality of DEX and lending protocols.

As for the eco-system development, we will be working closely with Huobi and HECO for the mutual growth of the ecologies. As a pivotal building block of HECO ecology, all sides will mutually leverage on each other with community growth, product development, technical support as well as marketing resources. The two parties aim to jointly create a decentralized world with a sustainable and accessible DeFi network.

EncryptClub: Here comes our free QA session, our guest will choose 2 lucky questions to give a brief answer.

User1: As we all know, community and users play an important role in project development, what are Fire Protocol’s incentive plan and promotion plan?

Danny: Incentive and rewards for community is via staking — those who will not sell their token will be able to earn more — the beuaty of DEFI. Further, Liquidity provider will also be able to earn by providing their assets! — and these assets can even be used as collateral to lend! Amazing…. hence many ways to earn. We also consider airdrop (MAYBE), buy backs etc but first we need you to join us!!!!

User2: Does the token have a destruction mechanism, or is there another token deflation plan?

Danny: Destruction for deflation :) nice one.

Not yet — perhaps, however I think we have our token model computed to be able to provide fair incentives to users of the platform…. we don’t want to run out over token neither hahaha — imagine everyone is staking — and supply is already low! But as said we are considering buyback and burn.

EncryptClub: Thanks Danny for joining our AMA and sharing so much valuable information with us. Thank you all for watching this AMA. EncryptClub will work hard and bring more wonderful content for you in future.

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