Recap of AMA with OKExChain: Round 2
Thank you to the OKExChain Community for hosting another AMA with us!!!
If anyone missed the AMA earlier in the OKExChain Telegram due to technical issues, here is your chance for a recap!
OKExChain Community|Host
Hello everyone!
Chris | Co-Founder: Zero One Foundation
Thank you for inviting us here for the second AMA in the OKexChain community!
OKExChain Community|Host
Let’s start the first question.
Chris | Co-Founder: Zero One Foundation
Let’s do it!
OKExChain Community|Host
1. Flux Protocol has already launched on OEC, and has been welcomed to the 2nd AMA in the OEC community, could you please let us know about what has happened since?
Chris | Co-Founder: Zero One Foundation
You guys really pay attention to your ecosystem projects!
Since the last event, our design update has been launched on all chains, now partnerships have been formed, and Flux V2 — leveraged farming platform — has been successfully deployed.
Currently, we’re fully engaged with developing Flux V3, which will be a real game changer!
We welcome everyone to check out Flux V2 here: http://v2.flux.01.finance
OKExChain Community|Host
2. What is on the upcoming roadmap of Flux Protocol?
Chris | Co-Founder: Zero One Foundation
Since the beginning of Flux, we’ve set our target on innovation within the lending and borrowing vertical, specifically, to innovate within.
The roadmap has been clear:
- Flux V1 — lending and borrowing;
- Flux V2 — leveraged lending;
- Flux V3 — multi-chain supply and withdrawals;
- Flux V4 — new generation lending architecture design for everyone
With the four determined versions, which will be launching soon, we hope that Flux Protocol will really become a flagship and go-to place for the lending and borrowing of digital assets. Flux Protocol will be targeting 2B and 2C customers in the next versions!
We’re pretty sure that you’ve all understand how our V1 & V2 versions work in the Web3 era, however, V3 — rapid multi-chain supply and withdrawals — is something no one else was able to deploy until now!
Many other multi-chain use-cases can be shaped into reality with Flux V3, e.g. cross-chain LPs; true cross-chaining of native assets, and more!
OKExChain Community|Host
3. We’ve heard that Flux V2 is only deployed on one network, and is the team is already focusing on Flux V3. Why is that, and why aren’t you deploying V2 on multiple chains before working on V3?
Chris | Co-Founder: Zero One Foundation
There are existing products that are similar to Flux V2 (Alpaca, Alpha, …) and there isn’t much room for disruption anymore. Yes, you can play with the leverage amount, add new farms, but it’s not really innovative or mind- blowing.
Since we develop everything from 0 to 1 in-house, with V3, we want to prove to everyone and ourselves that we can enable features for the multi-chain era and innovate for the decentralized future!
OKExChain Community|Host
4. Every DeFi platform’s asset security is the holy grail in DeFi, and many attacks have been initiated through flash loans in the past, what are the security measures Flux Protocol has?
Chris | Co-Founder: Zero One Foundation
Yes of course, let me start with a couple of things that we’re doing for the platform’s safety, and more importantly, the safety and security of all users assets
1 — We are currently developing a liquidation robot that includes a suite of technologies for risk assessment, network congestions, chain attacks, contract exploits and more. It has been very difficult to develop, and after one year of development it’s finally in it’s beta phase. Hopefully we can share it with the industry in the upcoming month!
2 — Our liquidation smart contracts make liquidations easier accessible so they’re not prone to bottlenecks causing un-balanced money markets
3 — CertiK is our trusted and long-term partner for audit of all our products. It’s important to us that everything we deploy will be screened by a reputable 3rd party expert
4 — We use industry-leading oracle price feeds from Chainlink
If you have studied historical attacks on lending and borrowing platforms, you must have noticed that most of them started with a flash-loan that manipulates the in-house oracle price fee.
In addition to us using Chainlink, Flux Protocol has unique collateral rates and liquidation rates that are safer than our competitors.
The max borrow of a user is close to 20% of the liquidation ratio rate, this means that the user has a 20% buffer of price fluctuation before the user’s assets will get liquidated.
Since Flux Protocol is only deployed on high-performance networks, users will have time to repay any outstanding borrowings in time without the need to worry about network congestions!
All assets listed on Flux Protocol are reputable crypto-assets that are hard for a small group of people to manipulate, and the collateral rates for tokens are different. If the community thinks collateral rates are too low, their voices can be raised in upcoming DAO votes!
OKExChain Community|Host
5. Flux Protocol is already deployed on Conflux, OEC, BSC and Heco, what is the current FLUX emission weightage?
Chris | Co-Founder: Zero One Foundation
Flux Protocol currently distributes 20 thousand $FLUX across all networks.
Depending on each network’s TVL, the $FLUX release on each chain is determined dynamically.
The current distribution weightages are: 6.5% on Conflux; 4.5% on Heco; 7.5% on BSC; and of course 49.5 % on OEC. Since Flux V2 is deployed on Heco, 7.5% are reserved for Flux V2 on Heco.
If you have any questions, please join our community on
- Telegram: https://t.me/flux01 /
- Discord: https://discord.com/invite/ZKgxNhdWrD /
- Follow our Twitter: https://twitter.com/zero1_flux
- And stay updated through our Medium: https://01-flux.medium.com.
- You can also always browse through our documentations here: https://fluxdoc.01.finance.
OKExChain Community|Host
Free questions now!
Selected Questions
1. Who are the FLUX ecosystem stakeholders and what mechanism has FLUX put in place to help ensure that all these stakeholders participating in the protocol jointly maintain the normal operation of the protocol?
Chris | Co-Founder: Zero One Foundation
Everyone who has gotten their hands on $FLUX through liquidity mining or purchasing the token will be able to participate in the governance. Even without a DAO in place right now, we encourage everyone to participate in the development of Flux Protocol. Technical and community support is always needed. Feel free to join our Telegram group https://t.me/flux01 if you want to actively participate.
As DAOs are complicated, we are exploring different options and will announce the final DAO mechanism with everyone, so everyone with $FLUX can participate in the ecosystem development!
2. You recently released Flux V2. What are the main advantage of V2 over V1? Should users worry about more risk in V2? How can this risk be minimized for users?
Chris | Co-Founder: Zero One Foundation
In V2 when users borrow, they can only choose to interact with whitelisted smart contracts to level up their farming. It’s true: multiplying the yield farming principles comes with higher risks through the leverage! When the collateral cannot cover the platform’s necessary transactions or fees, liquidation of the loan will occur. The liquidation rules state: when the debt ratio reaches a pre-defined rate, liquidation will be triggered. The depth ratio is defined as the debt value divided by position value. The debt value is the value of a user’s borrowed assets, and the position value is the value of a user’s farming position (collateral + borrowed assets + value of LP tokens)
You can read more about it here:
https://fluxdoc.01.finance/flux-protocol-v2-leverage-farming/v2-leveraged-yield-farms
3. Staking is the new trend. What staking options are available for FLUX token? Are there any incentives for staking? What are the various ways to earn FLUX token and are there any limits to amount of FLUX I can earn?
Chris | Co-Founder: Zero One Foundation
We already have staking implemented on Flux V1 on all chains, you can stake them there! We encourage and incentivize users to stake :D
We’re also in discussion with other partners to provide FLUX with more use-cases!
Since Flux Protocol is developed by ZeroOne Foundation, and there are other ecosystem projects developed by ZeroOne, $FLUX will also have use-cases within the ZeroOne ecosystem for sure!
As for how many you can earn, that depends on the circulating supply and the max supply. Since Flux Protocol’s max supply is set for 21 million (4 year release), you will never be able to have more than that! :P
4. Are the smart contracts error-free? Have your project done an audit of the platform? What are the test results?
Chris | Co-Founder: Zero One Foundation
We try our best to keep it error free! Since we’re developing everything in-house from 0 to 1, we know our contracts inside out. Which cannot be said for the thousands for forked projects!
Yes, all our audits are done by CertiK! You can find them here: https://www.certik.org/projects/flux
5. As an individual user ,In what ways can I contribute to the development ? Do you have Ambassador programs and what are its benefits?
Chris | Co-Founder: Zero One Foundation
That’s a great question! We have plenty of things to do for community members to further develop the Flux Protocol Ecosystem! Join us in https://t.me/flux01 and message our admins for further details!
6. How to make Flux easy for anyone? Including those who do not understand crypto will also use Flux ?
Chris | Co-Founder: Zero One Foundation
If you have any questions on how to use Flux Protocol you can always check our documentation here: https://fluxdoc.01.finance . Not to brag, but it’s one of the most detailed in the industry! In addition, always feel free to ask questions in our communities:
Telegram: https://fluxdoc.01.finance
Discord: https://discord.com/invite/ZKgxNhdWrD
We are also planning on video tutorials, to make it even easier for everyone!
Thank you so much for today’s AMA!
