Fluidity AMA Transcript

Imagine If Money Rewarded You To Use It. Fluidity Is Super Powering Cryptocurrencies To Reward You When You Use Them.

By
Solana News
on
June 21, 2021
Category:
AMA

Andrew:

Hello all and welcome to the Fluidity AMA

Thank you for joining us today @shahmeerch

Shahmeer:

Hi everyone, glad you all could make it here, I am Shahmeer from Fluidity

Andrew:

Awesome so just let me know that you are "done" at the end of every answer so that I do not interrupt you 🙂

But let's get started


1. What is Fluidity and your overall mission and goals in the Solana Ecosystem?


Shahmeer:

Fluidity is a system that allows the creation of Stable Coins and Cryptocurrencies that reward users when they use them, similar to a lottery but with no risk. In the Solana ecosystem we are aiming to create a new asset that users are getting rewarded when they use their Cryptocurrency for using different dApps and features.

Andrew:

What did you mean by allowing the creation of Stable Coins and Cryptocurrencies? Can any user create their own token?

Shahmeer:

So we allow users to (wrap) their Cryptocurrencies into a Fluid version. They give us one stable coin for example: USDC, we give them a Fluid-USDC. Now everyone time they spend a Fluid-USDC, they can potentially win thousands of dollars in Fluid-USDC, which they can always redeem back for USDC. (done)

Andrew:

Oh wow what a concept, thank you for that introduction


2. What is your background and how did that lead to the development of Fluidity?


Shahmeer:

I have a background in Game Development and with that an understanding how feedback loops and virality works. My games have been downloaded over 1M times.  Fluidity came about me thinking about a way to gamify how users use money and to change the way how money is used. Most people hold onto their Cryptocurrencies because they are assets that are inherently valuable which is against the motive of utility, we are essentially incentivizing utility by rewarding users like a lottery. They concept makes sense, I am going to spend this currency anyways, why not potentially change my life doing so. 

Andrew:

Gotcha, so you are essentially trying to change that mindset of "let me hold on to this forever" and instead make users more acceptable to actual spending through the use of dApps and other means that Fluidity will provide?

Shahmeer:

Exactly, we are aiming to change the preception of money, it is an asset that is "to be spent" by incentivising the spending part by offering the potential to change your life (at no extra cost). 

Adding on to the previous point: A unique feature of fluidity is that it also rewards the receiver, so as a merchant, if my customer wins on the transaction I also win, so I am inherently incentivised to accept Fluid Assets.

Andrew:

Great, and who doesn't want to change their life with more money! haha

3. Can you tell me more about your team and how they fit into the big picture of your project’s mission?


Shahmeer: 

We are a large team (12-13) of young university students, most of us are about to graduate but have had years of experience programming. Most of the team members have been offered internships at large Market Making firms and Tech companies. We get proactive advise from many professors and get advise and insights from the protocols we've received grants from. This allows us to build and ship fast yet be able to consult for feedback from people with decades of experience

Andrew: 

I see, so once a majority of your team does graduate from Uni, will they all still stick with Fluidity?

Shahmeer:

That's the plan, but a lot of them have offers already or a track to receive them from very large Financial Institutions or the likes of FAANG. (done)

Andrew:

Awesome, glad to see there is a solid team behind you with a long term vision on the project

So moving into the project itself...


4. What are the features that users can utilize on your platform?


Shahmeer:

So the platform itself is not much other than Minting and Burning Fluid Assets, where the real magic happens is in the background.  So you can 1) Mint a Fluid Asset, you give us a Stable Coin or Cryptocurrency and we give you a Fluid Version or 2) Burn a Fluid Asset, which is vice versa of 1.

Once you have your fluid asset, you are free to spend and use it like any other token, but it has this magic in its programming that every time you spend it, you could potentially change your life. So you can choose to the use our front end to move your assets around or another wallet like Sollet, Phantom Wallet or on Ethereum Metamask.

You'll also be able to see the current prize pool, the previous winners, and  eventually your odds for winning on a given transaction. 

Andrew:

Awesome, so this leads me into the next question about your "magic" that I think everyone will love


5. What is the prize pool, and how can you “fluidify” your funds?


Shahmeer:

So it's pretty simple, you deposit your assets into the Fluidity Protocol and in that transaction we mint and send you Fluid version of those assets (fluid asset).

We take your assets  that you deposited and utilise them  in multiple yield strategies such as: Defi Protocols, LP on Dexes and the yield gets sent into the prize pool.

The prize pool is where the prizes come from, you can only access this prize pool when you move your fluid asset around. The prizes are random and range in value based on what is in the prize pool.

If you ever want to get the original asset back, you return the Fluid asset, we then swap it back for the original asset. 

Andrew:

Got it, and just to make sure. To enter the prize pool, all users have to do is spend their money correct?

It would cost them nothing extra

Shahmeer:

Yep, there are no extra fees such as transactional,or even  extra gas fees (not like it would matter on Solana). It's a unique way to get exposure to Defi without holding your money  idle in Defi. 

Andrew:

That's great


6. How will Fluidity collect the winnings for the lotto program?


Shahmeer:

So we naturally will be harvesting the yield cyclically to ensure that the prize pool is always growing.

When a user wins, we basically airdrop a portion of the prize pool to both the send and receiver. (done)

Andrew:

Understood, thank you for that clarification


7. Can you tell us more about $FLUID and how it will be utilized on your platform?


Shahmeer:

So our governance token is unique.

1)  because holding it over time improves your chances of winning when you transact using Fluid assets.

2) we will have weekly governance decisions on improving a specific set of smart contract or protocols chances of winning when users interact with it. By this I mean: Imagine for one week: every time you trade on a Serum based exchange, you have a 5x higher chance of winning than just sending money to another address. We believe this would have unique economic outcomes where liquidity and volume may shift towards the winner of the weekly vote. Users will want to interact with the winner as their chances of winning is higher.

We believe that this may cause a second order effect where protocols may buy $fluid to influence the vote, especially if a lot of liquidity is shifted towards the winners. (done)

Andrew:

Is there a specific reason as to why when you trade on Serum there is a higher chance of winning?

Shahmeer:

That was an arbitrary example: governance could decide that trading on serum is a high quality transaction (since serum has fees and less likely to suffer from abuse) and hence wants to reward users with a higher chance of winning to prevent abuse but promote genuine transactions. 

The theory is that potentially this also has significant implications for protocols as well - as liquidity is the life blood of Defi,  so the protocols want to win this weekly or cyclical vote.

Andrew:

Ahh okay okay got it


8. You are set to receive funds from the Solana Foundation, can you tell us more about what that means to you and the future of your project?


Shahmeer:

We extremely nurture our relationship with Solana. The funds help with development but the relationship is invaluable. Team members at Solana have opened doors by making introductions, helping us navigate the ecosystem, answering technical questions and bring validation to the project, this will help us significantly as we work towards launching on Solana and growing once we do. 

Andrew:

Yeah I bet it is a huge advantage as well when you are partnered with Solana themselves and having that relationship when you are developing a platform for the Solana Ecosystem


9. What about your other partnerships?


Shahmeer:

So we have received grants from Compound Protocol and Polygon as well. We aim to make this a multi chain ecosystem as we believe all protocols can benefit from Fluid assets. These partnerships also help a lot with validating the product and between the protocols, similar technical and operating challenges are faced, the more support we have improves the change that eventually everyone can change their life by just spending their money as they normally would. 

We are also in talks with different oracle solutions, wallets and other partners that will help fluidity grow.

Andrew:

Great very solid partners to keep on developing your project!


10. Where do you see this project in 5-10 years?


Shahmeer:

In 5-10 years, we see Fluidity as an asset that has changed the preception of what money is (to a degree).

We want to paint this picture: Imagine a person in a developing country or even a first world country paying for their groceries like they normally would, and all of a sudden they have just won $100,000 or more. They paid no extra fees, never risked their principal, never had to keep their money locked up, yet they gained all that by going about their day. (done)

Andrew:

That's awesome

and for most people anywhere $100k is life changing

but yes that is an amazing concept

So last but not least


11. Any exciting news you would like to announce here today?


Shahmeer:

We have a lot of updates coming out soon, not just ready to announce publicly yet. We are going to be opening up our discord chat for discussion (make sure you join!). Keep a peek for our socials as well since we may be looking for testers to test fluidity soon.

Andrew: 

Haha can't reveal everything right

Can you drop all the links to your social media accounts so that our viewers here can stay updated with your latest developments?

Shahmeer:

Our Social Media Channels:

Make sure to give us a follow.

Twitter:

Telegram:

Discord:

Andrew:

Awesome, everyone go give those a follow!













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