On 4th February2021, we had an AMA with CoinFLEX – is the first physically delivered $crypto futures exchange.
This AMA was held by CryptoFamily Group – the top crypto community in Vietnam, where investors and traders can obtain the lastest news and signals from bot/ admins, as well as discuss and share investment experiences in the crypto space.
At this AMA session, Co-founder of CoinFLEX – Mr Mark Lamb went live to greet the community and provide detailed information about CoinFLEX as well as several ourstanding key products and features.
Time: 08:00 PM (UTC + 7) on Thursday, Feb.4th 2021
Airdrop 100 USDT includes 2 parts:
– 5 Questions in Google Form and Twitter ($10 each)
– 5 Questions in Free-asking ($10 each)
Hereafter I will summarize some main points of the AMA session:
Part 1: Introduction of COINFLEX
CF: @markdavidlamb Now let’s start with some ice-breaking questions in Part 1 !
1. Can you introduce your team and CoinFLEX briefly? What are some features that make CoinFLEX different from other platforms?
Mr Mark Lamb: CoinFLEX is the platform behind flexUSD, the only stablecoin to pay interest on-chain. flexUSD pays interest every 8 hours on the BCH and ETH blockchains and has been paying 5-20% APR while users hold it in their own wallets.
CoinFLEX believes that interest rates should be set by the market and accessible by all. We’ve built perpetuals and futures markets that pay interest directly to stablecoin holders. The end result is the best experience for traders and savers who get to interact directly with each other at best possible prices.
CF: Wow, that’s a very detailed introduction
2. Please tell me what value that CoinFLEX aims to bring to its users.
Mr Mark Lamb: We are aiming to transform the DeFi and crypto trading landscapes with flexUSD by giving traders, investors and users of the space a base layer of USD yield they are earning while they interact with DeFi apps and crypto trading.
As flexUSD and other yieldcoins we launch (such as note tokens) take off, they will make CoinFLEX more and more attractive to a wider and wider swathes of traders and trading firms who seek to take advantage of these opportunities.
Ultimately all of this feeds back into FLEX coin value accrual as 20% of all profits go to FLEX burning and all trading fees on CoinFLEX are paid in FLEX due to the discounts associated with it.
CF: 3. Next, what are the objectives and goals of CoinFLEX in the near future? Do you have any plans do achieve mass adoption in the crypto space?
Mr Mark Lamb: As banks drive rates to zero and some central banks even go negative, the whole world is chasing yield. Safe sources of yield will bring in new capital into the crypto space and our belief is that once that capital is into the space, it becomes a meaningful contributor to crypto’s growth and the ecosystem’s growth. So flexUSD, Note Tokens and future projects are all part of making that happen.
We see a $20B+ arbitrage opportunity between stablecoins (which all pay 0%) and futures premiums which are usually higher than 10% and often 30%+. If stablecoin holders were earning those futures yields then the capital that the crypto economy attracted could easily grow an order of magnitude. We think this is how to scale crypto to a multi trillion dollar economy.
Part 2: Pre-collected questions from Google form and Twitter
CF: Thanks for all the questions you provide. I believe all the members here would love to hear more about the project, and they have many questions submitted to Twitter! Let’s dive into Part 2 with some good questions from the Twitter! I have chosen 5 best questions carefully for you to answer them directly here in this group @markdavidlamb
CF: 1. It’s easy to make a token but it’s really hard to make this token valuable? So what’s your startegy to make your token more valuable and what’s your plan to maintain token price and supply? @huskyxzx
Mr Mark Lamb: Ultimately we could try to grow the exchange by doing incrementally different and better things, like a faster matching engine or a better UI or whatever, but the real value comes from doing something that’s both completely unique and fundamentally valuable.
There are simply no interest bearing stablecoins today. Whereas crypto yields (from futures and perpetual premiums) are consistently high and enormously scalable markets. So we noticed an edge where we could create a monopoly in the stablecoin market, take over the stablecoin space and by doing so, take over the derivatives exchange space.
CF: That’s quite a huge ambition but I believe you will make it step by step!
2. With CoinFLEX platform, how can I limit the risks when using 250x leverage on derivatives markets? Are you planning to your leverage even higher in the future? @HuynTrn09527255
Mr Mark Lamb: Absolutely looking to increase this going forward. What’s important to note here is that 250X leverage is for our “Spread” markets, like our Perp/Quarterly market. (https://coinflex.com/markets/BTC-USD-SPR-210326P-LIN)
Users in the spread are buying quarterly futures and selling perps, so they are making a bet that futures premiums increase. This is a highly popular trade in traditional futures markets, trading spreads. Because it’s a “hedged” trade, the leverage can go way higher than with normal crypto perps or futures markets. So as a result we can see much higher leverage, larger position sizes and more liquidity.
CF: Haha just can’t wait to experience a higher leverage on CoinFLEX platform
3. In which way can I get flexUSD? How can CoinFlex’s FlexUSD compete directly and outperformed other stabelcoins like USDT, USDC? @Nguyen5826708
Mr Mark Lamb: Ultimately crypto is a global market. Right now we are focussed on the pool of users that earn yield on stablecoin assets. FlexUSD and note tokens. On the other side of the trade we are talking about people trading perps and futures. Both of these are largely global userbases where our customers are connecting in from all around the world.
CF: Let’s move to the 4th question pre-collected from Twitter
4. Please explain how to secure and ensure the value of flexUSD as well as minimize its inflation, in order to avoid devaluation like many other stablecoins are facing (esd, dsd, …) @BiBi14704699
Mr Mark Lamb:
flexUSD is centralised in terms of issuance and backed by real assets which means that unlike algorithmic stablecoins, it maintains it’s value through direct convertibility and redemeability with USDC. That means that anyone can mint or redeem any amount of flexUSD 1:1 with USDC. That creates a stable against the USD. ESD, DSD all are algorithmic and can change drastically compared to 1 USD.
CF: Sure that will help flexUSD become more competitive in the crypto market
5. One of the first features that users evaluate in a project is security. What technology and tools does CoinFLEX use to ensure that your platform is really safe for users? What strategies do you implement in this aspect? @cryptoenr1que
Mr Mark Lamb: The CoinFLEX team has been running crypto exchanges for 8 years, since 2013. We take security extremely seriously, it is always the number one priority. All user funds are held in cold storage safe from hackers and thieves. We run tests and have a research team of bounty hunters and hackers that are constantly improving every element of our system. We also manually check withdrawals that go out and have a risk team monitoring the system 24/7. Through this we ensure that funds are extremely safe.
Part 3: Best Live Questions in CryptoFamily Group
Question 1 from @Spott: What is the long-term vision of CONFLEX for its users ?
Mr Mark Lamb: Becoming the biggest stablecoin (flexUSD), the biggest borrowing platform (coinflex.com/notes) and the biggest perps and futures exchange.
Question 2 from @John983: CoinFLEX aims to bring innovative technologies, right? So how will these innovative technologies help the blockchain industry to work more transparently and securely against from hackers?
Mr Mark Lamb: FlexUSD and Note tokens bring in more capital to the space as they provide an underlying base layer of yield that everyone holding stablecoins holds
Question 3 from @natarajmarblebackup2: Why should we buy this token? What is the advantage of holding this token for long and short term period? Can you give me 3 key reasons why I should buy FLEX long term?
Mr Mark Lamb: The reason to buy FLEX COIN is that you think more traders will be drawn in through the power of flexUSD to reduce borrowing and funding rates. and through the power of Note Tokens to bring in traders to trade.
Question 4 from @chaiuzbui:
Does CoinFLEX TOKENS have any Coin Burn / BuyBack systems or any Token Burn plans to increase the value of tokens and attract investors to participate in investments? @markdavidlamb
Mr Mark Lamb: Yes we burn 20% of profits. Traders also need to buy FLEX everyday to pay fees.
Question 5 from @zzcuna: As we know, By the Token price many people judge a project, What do you have to Say to investors? What’s the plan to increase the Token Demand??
Mr Mark Lamb: FLEX demand will grow from more users on the platform and more traders needing to pay fees for FLEX coin.
CF: Thank you so much for taking your time to join our AMA today, as well as thanks our members for rasing hundreds of good questions for COINFLEX project 🔥🔥🔥
CF: Many thanks to all of your answers in Crypto Family Trading Group today, we all hope CoinFLEX will expand its ecoystem and gain mass adoption in the future!
Thanks people for CoinFLEX team who have made this possible! Thanks to you, we have gained lots of fruitful information. For all of the questions that have not been answered yet, feel free to search for more information on the links provided below: