OIG AMA with FLASHLOANS
A new DeFi tool that allows users to create and perform a Flash loan backed trade from an easy to use UI.
Saigon 💎 | OIG: Greetings OIG community! Welcome back to the main stage for our AMA Series with Flashloans! the DeFi tool that allows users to create and perform a flash loan backed trade from an easy to use UI! We have with us today @TheDAG (CEO/Founder).
Please join us in welcoming David! Can you please introduce yourself to our community?
David: Hello everyone 👋
Thanks for having me on for an AMA — I'm David Pedrini the CEO of Flashloans.com a new UI tool for building and executing Flashloan backed trades
Saigon 💎 | OIG: Welcome to OIG @TheDAG!
As we know Flashloans recently launched a few weeks ago, so we are excited to have you here today to discuss everything $FLASH!
Can you tell us a bit about the team behind Flashloans, what are their experience and qualifications?
David: Sure thing — We have been developing Dapps since 2018 and really enjoy creating tooling products that allow users to access the power of blockchain without a development skillset.
Some of the Dapps you may have seen are
We were fortunate to win a prize in the Tron 2021 DeFi hackathon with Tronsender earlier this year
Saigon 💎 | OIG: Awesome products your team has worked on before! We can clearly see that there is a ton of tech and power Flashloans as it is not your first rodeo.
Can you explain in simple terms to our community what a flash loan is, how it works and why people would use it?
David: Definitely — Flash loans we think is one of the undiscovered gems in DeFi and the power of this tech is amazing. In short, a Flash loan is an uncollateralized loan which has to be returned in the same block that it is issued. Users can build a flashloan trade which could be an arbitrage between 2 Dex’s for example or a self liquidiation on a Defi loan position. As long as the liquidity can be returned within the same block the transaction will go through. If for any reason the liquidity being borrowed cannot be repaid in full.. the transaction will be reversed
Because this gives such a high level of security to the Liquidity provider — for example Aave. it means access to the funding can be made very easy — in this case, just connects to a web 3 wallet.. and you can now borrow up to millions of dollars
Saigon 💎 | OIG: A great option for users who want to leverage their existing assets in a safe and reliable manner!
The $FLASH token has already launched, how did the launch go? What things have happened since the TGE?
David: Yes we have now launched which is great, Overall the launch went really well — we had a small bump with a liquidity issue on Pancakeswap which affected the first 20mins of trading — but this was soon corrected and we made the decision to issue FLASH tokens to any of the users affected by it.
Since the TGE we have now launched all of the membership levels, Staking benefits and a countdown timer to the staking go live in 7 days time — https://stake.flashloans.com/
Saigon 💎 | OIG: It was a very smooth launch considering all the variables that could happen at a TGE! Congratulations on that, and clearly your team has been busy on other items since then including this amazing Staking Mechanism!
One of the key barriers to the majority of people being able to utilize and profit from $FLASH is the technical difficulty. Please outline the features you have in place to address this?
David: Yes the staking is going to be great as we have 4 different member benefits which spread across platform features, fee discounts, revenue sharing and also FLASH token rewards issued to stakers.
Totally agree that the barrier to accessing Flash loans is huge. Flash loans are generally sold as a product for developers as solidity programming knowledge is required to access them. The main feature of flashloans.com is to remove this barrier — and replace it with an easy to use UI for building Flash loan trades.
Users will be able to select from options on the drop-down menus — for example, Liquidity supplier — Aave . Then select the Defi partner — Uniswap. and keep adding layers until your Flash loan trade is completed. — The Flashloans.com UI will then inform you if the trade can go through and return the Flashloan liquidity.. and If this is a yes you can execute the transaction straight from the website
We also have a suite of Defi analytics tools on the site as well so you can research potential opportunities. This will be supercharged next year when we also add on the Automation side which will allow users to create event-based trade profiles
Saigon 💎 | OIG: Amazing, great to see that you guys are thinking about the consumer experience with a project like this. Often times that barrier prevents people from entering too deeply into a product, but a seamless UI helps to ease that friction!
What other features will your project have that our community should know about?
David: Awesome thanks — Yes we have some cool new features coming next year, a lot of them aimed at improved usability.
Profile saver — will allow users to find a Flash loan strategy that works for them and then save this as a profile on their account so this can be accessed in a few clicks next time they visit the site
Leaderboards — as a champion of Flashloans we also want to showcase the benefits through different leaderboards
Insight tool — this will be the latest product being added to the analytics section which allows users to see both confirmed and unconfirmed trades on different Dex’s and the gas levels issued to achieve them
Saigon 💎 | OIG: Wow! This is great, it provides a level of gamification to a very technical product that will result in more engaged users! Love it!
What utility does your token $FLASH have? what are the benefits to a user and to a holder?
David: The platform will have 4 different membership levels which will unlock new features to FLASH token holders
Use of the platform requires 0 tokens to provide no barrier to entry — users can then stake tokens to achieve level 1,2, or 3
Stakers will also receive additional benefits such as a revenue share for fees generated by the Flashloans platform as well as FLASH token rewards — The tokens will be issued through the adoption ladder we have designed
Saigon 💎 | OIG: Excellent incentive program! The tiers make a ton of sense and those who wish to be involved will be rewarded rightfully so!
Tell us about what you have already achieved in your roadmap and what things we have coming up to look forward to?
David: the requirements for the different levels are 10k, 30k, 100k tokens
Sure — We have been working on the platform for the last year and a half and we will be launching at the end of December. So all the team focus at the moment is on the completion and testing of the platform ready for the launch. Once this is live we will be adding on new DeFi partners and creating some marketing campaigns around each one.
Saigon 💎 | OIG: Very excited for the live platform launch! Definitely let us know any way that we can help with this process!
Well @TheDAG at this point I’d like to turn it over to our community questions over on Twitter!
Twitter Community Questions:
Twitter Question 1)
David: Great question — the main benefit is you require 0 collateral to access a flash loan — we love this as it creates a level playing field.
The main difference to this style of borrowing is the term which is one block — and this is in place to remove the risk for the liquidity providers
Twitter Question 2)
David: We haven’t launched the rate cards yet these will be going live with the platform. You will also be able to reduce or remove the platform fees altogether with the staking programme.
Flash loans can be used for a number of use cases like arbitrage, collateral swaps, self-liquidation and more. We will be providing a video series around the use cases on the site in the coming months
Saigon 💎 | OIG Again, VERY excited about the platform launch. You guys have a ton of things cooking up over there 👀
Twitter Question 3)
David: This is an interesting one / so the fees for using the platform will all be returned with the principle in one block so they can be lower than most. The calculation will be a fraction of a percentage for the total amount borrowed. This will then reduce depending on the membership level you have.
In terms of what assets can be added to your flash loan trades. This will be anything you can purchase from the defi partner’s we integrate / so as an example Uniswap and sushiswap — you can purchase any asset from one and sell on another.
The platform will factor all of this into your trade summary as well 🙂
Saigon 💎 | OIG: Amazing!! Very robust calculation algorithm, you have put a ton of work into this!
For everyone here, please check out the $FLASH project as it is live now! You don’t want to miss the live platform release 😉
Well @TheDAG thank you for your time here at the OIG main stage! Any final words you would like to leave with our community?
David: Just to say thanks again for having me on for the AMA and for supporting the project
I hope I have answered all the questions for everyone ok but if you have any follow up questions please feel free to head over to our telegram or Twitter and I will happily answer any more 😃
We look forward to making a big impact on the world of Flash loans in the coming years 🚀
Saigon 💎 | OIG: Thank you for your time @TheDAG ! We highly encourage everyone to check out the $FLASH community as it is a great one!
We are excited to be part of this journey from the start!
Well OIG community thank you again for coming out to support! We will be closing off the week with a special AMA planned for tomorrow, so stay tuned as it will be announced later tonight!
As always, stay blessed OIG! ✨