These trends make me feel very glad that we chose Polygon as our ‘home chain’ for DeFIRE and I think Polygon has done an excellent job earning its spot in the top ten of crypto by market cap.

MaticNews x DeFire AMA Recap and Transcript

MaticNews: Let’s kick start with an introduction of you and your team, what are your past experiences and roles?
DeFire: Firefly, Wilder, and I all have experience founding, growing, and selling companies in real life. We’ve also all participated in DeFi as both investors and contributors to other projects.

Firefly ― Responsible for operations, governance, policies, and partnerships. Entrepreneur and manager by profession with 15 years of experience.

Phenix ― Responsible for blockchain technology and community. 5 years experience building communities and teams of contributors.

Wilder ― Responsible for design, content creation, and asset management. University Academic with 20 years of experience in Marketing, Advertising, and Project Management with deep understanding of DeFi mechanics.

MaticNews: Out of curiosity, why did you choose this name? Is there any background story?

DeFire: A little sketch from back in February when we first started publishing Medium articles:

Impressive how far we’ve come in terms of branding since then ― just check https://defire.org Anyways, we believe DeFi is globalising the FIRE movement and bringing opportunities to everyone. For us, “retirement” doesn’t mean a life of leisure, but rather the freedom to pursue projects we consider meaningful. Read more here: https://medium.com/@defire.org/defire-your-journey-to-financial-independence-through-defi-30b2c209f4bf

MaticNews: Please give us a brief introduction of defire.org!

DeFire: DeFIRE is building an ecosystem of synergistic protocols. The first protocol we’ll launch is BLAZE, which we think of as a “Strategy Marketplace”: you pick one of our automated DeFi strategies, deposit funds, and a smart contract automatically manages your funds according to the predefined and immutable strategy. You retain complete control over your funds and can withdraw at any time.

The next protocol on our roadmap is called IGNITE. It will allow people to use their deposits on BLAZE as collateral and take out overcollateralised self-repaying loans. Together, BLAZE and IGNITE allow investors to get exposure to the market and DeFi yields, all while keeping their funds liquid.

MaticNews: What chains does defire.org currently support? Do you plan to add support for new ones?

DeFire: During our initial launch, all of the strategies will operate on Polygon. But, we’ll accept deposits from multiple chains. For example, if you have AVAX on Avalanche and you want to deposit to one of our strategies that uses MATIC, you don’t need to do any swaps or bridging. Our UI will accept the AVAX as a deposit and handle everything for you!

The next set of strategies we release will operate on other chains like BSC, Avalanche, Fantom, etc. We can deploy our strategies to any EVM-compatible chain and plan to support non-EVM chains in the future. We’re also a member of IOTA’s Touchpoint program and we’ll be one of the first protocols to release on their Shimmer EVM.

MaticNews: Speaking of Touchpoint, we saw you had multiple grants. Would you like to tell us more about them?

DeFire: Of course! Touchpoint isn’t exactly a grant because it didn’t come with direct financial support, but the IOTA Foundation has been supporting us in many other ways and we’re very thankful for that. IOTA is the 64th largest crypto by market cap ($600M+) and for a long time was in the top ten, so their experience is extremely valuable to us.

We also received a grant from Polygon DAO for $2000. In addition to the direct funds, that grant came with many vouchers for auditing services, AWS, crypto service providers, etc. We’re taking advantage of them to strengthen our B2B (business to business) relationships.

The first grant we ever received was from AAVE Grants DAO for $15000. We’re using AAVE’s protocol as a key component of some of our more advanced strategies which are either delta-neutral or involve stop-loss triggers. Here’s an example for MATIC:

Again, BLAZE automates all of this for the user. All the user needs to do is deposit and withdraw any supported token. This diagram is just a ‘peek under the hood’ of how powerful BLAZE’s strategy smart contracts are!

MaticNews: Key Question: what is BLAZE? Looks like a unique platform.

DeFire: BLAZE is definitely innovative! It’s not a fork of anything that exists currently, and working on something new really excites us. If I had to compare BLAZE to something that exists, I would say BLAZE is the next logical evolution from autocompounders like Beefy Finance which became popular during the last bull market. Autocompounders allowed users to deposit LP tokens and automatically compound the rewards.

They were successful because they automated something which users found tedious. But most of them only supported a single category of strategy: LP farming. And they didn’t really offer any protection to the user: if the value of your LP went down you had to notice, withdraw, and sell all by yourself.

BLAZE offers complex strategies and strategies including automated stop-loss triggers. We also offer delta-neutral strategies, for example:

By offering simple access to complex strategies, we aim to create a truly low-touch solution where users don’t need to worry about managing their positions.

MaticNews: Speaking about your core, your own native token, what is its use case in your ecosystem?

DeFire: DFIRE is our native token, and it follows a ve model similar to Curve that allows users to lock their DFIRE and receive gDFIRE (governance DFIRE). In addition to governance power, gDFIRE holders receive a share of all the fees generated in DeFIRE’s ecosystem. Rather than creating a new token for every protocol we launch, we’re creating one token that governs an entire ecosystem. So IGNITE and all future protocols will add more revenue streams for gDFIRE holders.

MaticNews: Now that everything is clear, how can we join your protocol? In which phase are we right now?

DeFire: We’ve already completed smart contract development and front-end design. Right now we’re developing the front-end and on schedule to launch BLAZE by the end of this year. The best way to participate is:

Join our Discord server to become part of the community: https://discord.gg/DeFIRE

Participate in our Community Sale so that you can receive a share of the revenue generated by DeFIRE’s ecosystem: https://sale.defire.org

MaticNews: Let’s talk about the tokenomics, which is yours and why did you choose this?

DeFire: One thing we knew from the very beginning is that we would have a fixed supply. Our frank opinion is that projects which rely on an expanding supply to offer an “APY” based on inflation are never sustainable. DFIRE has a fixed total supply of one million tokens.

We adapted a ve model from Curve because we believe it creates value alignment. Those who lock for a longer period of time demonstrate more commitment to the protocol and receive a higher share of the revenue. But of course, it’s up to each user how long they want to lock for, it could be as little as one week.

MaticNews: Besides this, how is revenue being generated for the project itself that could be used on future development?

DeFire: BLAZE offers a unique and powerful service, so of course there will be some small fees for using it!

There are four categories of fees on BLAZE:

Deposit: Range of 0% (default) to 2% (maximum).

Withdrawal: Range of 0% (default) to 2% (maximum).

Performance: Range of 0% to 20%. Default is 10%, but is only charged on the realised gains of the strategy (i.e. if the strategy doesn’t beat the market, the user pays 0%).

Management: Range of 0% to 10.4%. Default is 5.2% (yearly).

All of these fees are collected together and shared amongst gDFIRE holders and DeFIRE’s treasury.

MaticNews: Everyday in maticnews we analyze multiple projects, some of them are scam or just not safe. How safe is defire.org, I guess before doing any investment this is one of the area of concern that one will check upon. Is there any audits or KYC planned?

DeFire: We noticed the same thing when we were users of DeFi projects, and it inspired us to strive for a high level of trust and transparency. Namely:

We completed a KYB with Synaps.io before we raised any funds in our first sale round.

We document every use of funds in our #transparency channel on Discord.

BLAZE will be fully audited by a trustworthy firm.

We’ve also involved the community by making our sale and token contracts open-source, to allow for decentralised review.

MaticNews: We saw multiples partnerships with top protocols in the chain and we shared all of them, as recap with which projects do you collaborate and do you have in plan to add any new ones?

DeFire: In terms of formal and announced partnerships:

Symbiosis ― Symbiosis is a cross-chain AMM DEX and interchain communication protocol. We’re integrating their SDK as part of our technical solution to cross-chain zapping.

AAVE Grants DAO ― As mentioned, many of our strategies will use AAVE, and their Grants DAO has supported us with a grant.

We’re also receiving support from IOTA in the form of their Touchpoint program, and we’re going to be using Chainlink as part of our technical solution for automated stop-loss triggers. There are many other protocols that we’re in advanced discussions with but haven’t announced yet, so stay tuned to our Twitter for the latest updates: https://twitter.com/DeFIRE_org

MaticNews: Talking about the future, do you have a road map or long term plans that you can share with us?

DeFire: Of course! BLAZE is launching later this year and IGNITE launches next year. Check https://defire.org/#roadmap for more details.

MaticNews: And last question, what do you think about the current market moment?

DeFire: Of course, nobody likes to see a bear market, and this year has had some nearly black swan events with the collapse of UST and FTX. I expect two results from these events and the current market:

  1. Weak projects are going to get crushed, especially those that don’t generate ‘real yield’. On the other hand, those that survive are going to consolidate their position.
  2. Users are going to realise the importance of controlling their own assets instead of trusting CEXs (centralised exchanges).

BLAZE is perfectly positioned to take advantage of these trends: we offer a real service (automation and management of complex DeFi strategies) which generates fees and this service is achieved through smart contracts, meaning it’s decentralised and maintains self-custody. Furthermore, our token has a fixed total supply.

When the next bull market comes, we’ll be ready.

MaticNews: Would you like to add something more before I open the chat to users questions?

DeFire: Just to end on a more positive note, two other trends I’ve seen this year are:

Increased adoption from institutions in general: https://twitter.com/0xPolygon/status/1588007605213036544

In particular, Polygon establishing more partnerships with huge ‘real life’ companies: https://twitter.com/0xPolygon/status/1575210876227170304

These trends make me feel very glad that we chose Polygon as our ‘home chain’ for DeFIRE and I think Polygon has done an excellent job earning its spot in the top ten of crypto by market cap. I’m excited to be here with a community of MATIC enthusiasts!

MaticNews: Thank you for joining us this was a great and informative AMA!
DeFire: Thanks for having us!

Written By

Petrache Ionut

Nov 19, 2022