Q1: Can you briefly introduce yourself as well as the Fire Bank Finance ?
Firebank is a simplified version of deflation yield farming with TWIST!
DeFi staking LP token mechanisms that can “level up the pool” with the help of NFT as booster.
Well to avoid confusion, it is a yield farming project where token supply is decreasing in real time!
Q2: Firebank is designed for deflation yield farming, can you specifically explain what the burning rate is? How many tokens are burned per farming?Firebank is designed for deflation yield farming, can you specifically explain what the burning rate is? How many tokens are burned per farming?
Also what is APY for Farming?
Token assets used are Firebank (FRK) and Robbery Token (RRY) they are both deflationary and only designed in deflation yield farming.
FRK – main token got 1% burn rate
RRY – NFT booster got 2% burn rate
Each time a user creates a transaction, 1% of its transactional value is burned out. It will not recover leading to reduce of supply.
The concept comes here.
When we add liquidity in pool, we both add ETH and FRK. In long term, you slowly selling or buying tokens in that pool. But the tokens are burning, leaving more ETH.
If you stake your UNI-V2 in our Balancer pool.
We added NFT as booster. The rewards are:
- FRK – swap it to ETH
- RRY – swap it to FRK then to ETH
As early stakers, since we are very early. It will go up to 200% in APY.
At Uniswap ranges in 38-75% APY.
Plus the balancer pool, where: ETH/(FRK/ETH)/(FRK/RRY)
We will limit it to 200% APY and low as 80% APY.
The good thing is, you have the decision of your staked assets. You can withdraw it anytime you want, just make sure you’ve had enough profit.
Q3: I see that you mentioned ‘NFT as booster’ so how is Firebank’s NFT scarcity? Will you launch a DAPP for users who hunt NFT tokens?
Yes, we added NFT as booster.
Low supply of 680 RRY with 2% burn rate.
This will encourage users to stake their assets, since this NFT can be swapped to FRK only.
Then the FRK can be swapped to ETH.
We have 990 FRK locked 🔐 in smart contract for a period of time, please check etherscan.
Our RRY can be obtained thru staking and by purchasing it on RRY/FRK pool using FRK.
For dapps, I think we will have partnership for that. We have locked reserved, and once RRY is totally burned out, we can add new staking tiers.
What is your background and how did you come to the idea to create FireBank project? Why did you choose the name FireBank? Does it
I’ve been in crypto space since 2017, and studied several projects, I started working as mod and finally came up to this project.
As innovation move towards the future and many people jump in for the opportunity, Firebank will be part of it in a rising economy of “decentralized finance”.
Then we come up to an idea where it is much based on reality and adopted in crypto.
The Firebank Finance!
Firebank – from the word “fire” – where the token assets used were Deflationary, means it burns on every transactions.
And “bank” – this is where you store your tokens, by:
- Adding liquidity in Uniswap
- Staking in Balancer
“A yield farming project using deflating assets were very profitable because it decreases it’s supply leading to price increase!”
Why use a system with multiple tokens (RRY, FRK) instead of creating a currency that integrates all the features you need? Features of Both tokens are deflationary, so why do 2 tokens have disproportionate write-back rates (1% and 2%)?
We are in deflation yield farming. It’s like any farming projects.
But we choose Deflationary, where ETH will be dominant in the pool for a long term. We used most common and widely used in DeFi space.
The uniswap, balancer and Unicrypt.
Main token is FRK and got 1% burn, so it will not be burned out easily, we will have new staking tiers when the NFT is burned out to decimals.
RRY is the NFT which have burn rate of 2%.
We intentionally did this, so that stakers will like panic staking to get the most rewards in the pool.
By staking, the pool will level up and can avoid market crash in the future.
Could you tell us about some recent commercial partnerships that FIRE BANK has acquired?What are you most excited about on the roadmap of 2020 ? When defi supermarket will be integrated into $FRK wallet?
We have partnership in discord community.
BCC “BEST CRYPTO CHOICE” community.
This was for the project introduction, also we’ve conducted AMA last November 10.
The next partnerships will be, mainly on next staking tiers.
4.I read your whitepaper and found that one of the key features of
is the Locking of liquidity. Can you tell us what is the advantage of this feature? What will users get from this feature?
We are in 4th stage in Q4 – 2020
We’ve just listed in Uniswap with locked 🔐 liquidity for 1 year through Unicrypt.
Everyone can stake now.
We submit application in Coingecko so we will gain more exposure.
Staking program is live!
Procedure here. Follow these link.
Subscribe to our channel @Firebankchannel to get more info and updates.
5.Can you tell us about Fire Bank staking program? How to stake our $FRK? What minimum amount to stake and what maksimum amount of APR?
There is no minimum, as long as gas ⛽️ fees will not kill you.
Stake above 100$ worth of FRK and 100$ worth of ETH, total of 200$.
In that way, the profit will be reasonable and the loss will recovered in weeks. And the profit starts in months.
We added NFT as our booster and our assets are Deflationary, thus it will take more gas ⛽️ fees, more transactions.
In terms of locking assets in a pool, I forgot to mention it at question #4.
When he successfully stake his assets, he will keep in his mindset that me must stay in the pool for a long term.
Of course, he can withdraw it anytime but he will suffered impermanent loss.
He can gain more profit in long term, don’t worry, liquidity is locked 🔐 in 1 year, so you can stake your assets in a month or two or even more.
Yield farmers will be most benefited and we will limit it to 200% APY.
End of AMA Summary, Thanks Fire Bank Financeproject for trusting and organizing AMA with us !!
We are delighted to announce the Next AMA:
BCCORE x FIRE BANK
⏰Time: 23 November , 08:00 PM GMT+7
AMA will take place in 3 parts:
💬Part 1: The host will ask a question for the guests
💬 Part 2: List and answer a list of 5 questions on twitter
Ask question here: Link
(https://twitter.com/bccorecommunity/status/1330328891030790144)💬 Part 3: People ask questions about FIRE BANK project to guests directly (will choose 5 questions to award)
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