The following is a summary of the topics and events mentioned and discussed during the Fluid Finance AMA, on the 24th of September.
The start of the AMA featured Amadeo Brands.
Amadeo had been invited to the mainnet conference in New York, where he discussed with multiple interesting people & organizations our vision and coming products.
The response was overwhelmingly positive, having generated a lot of interest from different parties who we will be talking with in the near future.
The web app then featured starting at minute 2:03, where all the plugins, technicalities, and issues the tech team had run into and overcame were discussed, and the progress of the development team for allowing users to send fiat in and out of the app to any SWIFT & IBAN account. Because you’re dealing with legacy traditional finance infrastructure, this takes more time & effort than a simple MetaMask transaction.
The main goal is to be able to provide a traditional bank account with a super fast & cheap bridge to DeFi, and back. The web app is one of the biggest steps to date in this space, and the on-chain verifiable stablecoin DUSD is simply revolutionary.
Some further points discussed:
- Theoretically we could create Digital Cash coins of up to 25 different major currencies, as of today with our current structure, however during the initial launch we will be only releasing DUSD to the market. We’re considering fiatEUR, fiatCHF, fiatGBP in a later stage.
- Our Digital Cash coins empower each and every user to take control and ownership of their funds transparently, immutably verifiable on-chain. Not only do users actually mint their own Digital Cash coins, yes you heard me, you become the mint.
- The smart contract enforces the 1:1 creation and redemption of our Digital Cash coins. No more DUSD will ever be able to be produced than US dollar reserves that are held in client safeguarded accounts. Don`t believe me?
Like any person concerned about their funds and the tools they use, verify it yourself on-chain.
- The smart contracts that have been audited by Solidified, are written in solidity for any evm based chain, which allows us to deploy on any network.
We’re currently focusing on Arbitrum, and you can read why here.
- Funds are held within client safeguarded accounts, which are further insured by Lloyds against fraud and theft to provide the highest security.
- We’re working on virtual cards to allow users to spend funds, useful in combination with Apple Pay for example.
Amadeo also mentioned that the beta testing of the web-app was now open to all users who wanted to join. The steps are explained in the Telegram announcement channel, and you can look to the following channel, “beta testers” in the discord which will include a step by step sign up process.
Already we’ve had some amazing feedback from our testers, and so far there were no major bugs. We invite everyone to try it out, the sign-up is very smooth. We wanna make this web-app perfect, and we need every little suggestion you can think of.
An in-depth review into the application then followed, explaining the dashboard, the concept of DUSD, further the plans to link the web app with a digital card provider, to allow users to spend directly. This will be more centered on the mobile app package.
The team then followed up with an explanation of the Arbitrum network, and the benefits that it brings to the users of FluidFi web app. The whitelisting and minting cost on average cost between: 0.0000032-0.29AETH – (USD: 0.10 – 0.097$.)
We have also seen a massive increase in different protocols moving towards Arbitrum, which is looking very promising for the future. The main reason the development chose to operate on Arbitrum was mainly due to gas fees, and its fast speed, as well as the fact that the web-app from its first steps had been created to operate multi-chain, and had already been deployed to the Polygon testnet.
The current structure and bridge that has been built will allow us to deploy onto any EVM compatible chain, and in the near future non-EMV compatible chain. We are looking to deploy on to Polygon, Amadeo has also had conversations with Moonbeam from Polkadot, Terra network, and others.
Another big focus point made by Amadeo was the future structure of the Defi Bridge DAO, “DBD”, the structure of the minting and redeem function will be put into the “DBD”, and in the future banks will be able to plug-in and integrate this model. The next AMA will feature more information regarding the DBD DAO, the website and more.
At the time of the video, there were 41 beta testers, at the time of writing considerably more as it has been opened up to the community. There have also been a number of crypto ‘celebrities’ that have joined the beta, such as; Nick Carter, Coopahtroopa, Chainlink God, and Lucas 0x who is one of the core members of the bankless team.
After an in-depth review of the web application, Robert discussed in detail the future of the company, and his commitment to the community.
He wants to bring the community with him, to help build the global vision, and help make it happen. Already many of our team members come from the community, and a community content/ambassador program will be launched shortly.
However he understands that not all will want to continue the journey alongside us. With the airdrop of the FLUID tokens, Robert and the tech-team decided not to instantly fund a liquidity pool on Uniswap or Sushiswap, as this would be beneficial to no one.
“It’s like someone screaming fire in a theater; the first one at the door gets the best deal, the others not so much”.
It incentivizes a race to the bottom, where everyone loses (FluidFi, buyers, and even sellers) except bots.
This is why the team is building a “rage quit” mechanism for users who want to exit their FLUID tokens, so that all sellers may exit at the same price, allowing for a fairer market mechanism, unlike what can happen with an AMM model.
There will be more details on this mechanism, as well as the future steps and benefits to holding FLUID, very soon. We hope to have informed you well. If you’re interested in more detailed content, we’ve added some here for you to check out:
In-depth article on our DigitalDollar ($DUSD):
CTO Amadeo Brands explaining why we picked Arbitrum: