AMA content review
💗 Host:Cyrus, Hotbit AMA Host
💗 Guest: Trooper Prime, Protocol Lead of Handle.fi
Cyrus: Let’s welcome Trooper Prime, Protocol Lead of Handle.fi @troopr_eth to introduce【Bringing multicurrency stablecoins and foreign exchange to decentralized finance】to us in AMA. Thank you for being with us today!
Could you introduce yourselves to our community?
Trooper Prime: sure. I am the protocol lead of handle.fi. We are building a multicurrency stablecoin protocol. Where users can create and trade non USD stablecoins. A global defi FX protocol. I have over 20 years’ experience in tradfi and our engineering team 15+ years
Cyrus: Tell us what handle.fi is, how it works, and what kind of value the protocol adds to the ever expanding DeFi ecosystem?
Trooper Prime: handle.fi allows users to mint or borrow stablecoins in their local currency — initial currencies will be CNY, KRW, JPY, EUR and AUD
Users can mint these stablecoins, for trade settlements, borrowing or local currency stablecoin farming
Users can earn from providing local currency stablecoin liquidity and from funding protocol liquidations and also via our governance token FOREX
USD stablecoins have grown and proliferated, now with handle.fo users can access stablecoins in their own currency for settlement, currency speculation and payments
Cyrus: How many stablecoins will handle.fi be supporting?
Trooper Prime: initial currencies will be CNY, KRW, JPY, EUR and AUD. however our community grow we will issue in other currencies too — we are currently looking at Indonesian PHP to satisfy increased demand from in game earnings. We initially accept eth as collateral for the coins, however we will rapidly grow this to multi collateral acceptance
Cyrus: Do you have intention to expand the reach of more stablecoins in the future?
Trooper Prime: yes we will expand across Asia and Europe — the USD currently holds the global reserve and is the predominate stablecoin in defi — but as defi grows we believe, that like tradfi users will want opportunities to operate in their local currencies. This is a huge opportunity. Over 6.6 TRILLION trades daily in global FX markets. And by creating multi-currency stablecoins. We are bring this FX market to defi
Cyrus: How does fxtokens differ from other stable currencies? What are the benefits of fxtokens?
Trooper Prime: there are very few non USD stablecoins — it is very early — and by offering this we already strongly differentiate from other participants. Additionally the handle protocol has unique properties that are not existent in other stablecoin protocols. Key benefits of handle.fi fxTokens include:
Multi-collateral vaults allowing capital efficiency, decreased liquidation probabilities so users can make use of more of their assets. 1:1 redemption facility helps ensure fxTokens maintain their peg value. Handle protocol ‘fxKeeper’ pools ensure efficient liquidations to maintain system collateralization. Partial vault liquidations ensure users don’t forfeit more collateral than is required to maintain their debt positions. The protocol controlled treasury generates additional returns on users’ staked collateral. And finally we are operating on layer 2 solution — minimizing transaction costs, increasing speed, whilst maintaining all the security and decentralization benefits of ethereum blockchain
Cyrus: Being a multicurrency stablecoin protocol that aims to encourage trades in local currencies, what ways will Handle.fi use to achieve global adoption of its fxtokens?
Trooper Prime: we already have strong demand for our initial stablecoins CNY, KRW, JPY, EUR and AUD. we are working with metaverse projects, NFT projects like animoca and payment rails like haloDAO
So partnerships with payment projects, NFT projects and gaming projects — where their users would like to operate in local stablecoins will drive strong growth. Additionally our launch of FX leverage perps — will drive even more users to the protocol — the global FX markets dwarf the size of crypto. And now with L2 solutions we can bring high speed, cheap and secure and decentralized FX trading to defi and the cryptoverse
Cyrus: How does handle.fi intend to increase the liquidity for FX tokens?
Trooper Prime: we have very strong institutional partners — these can be seen at handle.fi — they will provide protocol support. Additionally we have allocate over 41% of the token supply to reward liquidity providers across the protocol and all currencies. There will be strong arbitrage opportunities between trad FX and defi FX that we believe will also drive significant liquidity to the protocol
Cyrus: What events are coming up soon in handle.fi?
Trooper Prime: we the most exciting is our TGE — followed by protocol launch!! On protocol launch we are awaiting our final audit. And after this we will begin a staged protocol rollout. This is planned for the next 4 weeks. On the TGE we are running this 21st Sep 21 and all the details are at https://handle.fi/tge
Demand has been exceptionally strong so far. In addition to TGE token distribution we are implementing a range of community rewards for TGE participants — these can be seen here https://docs.handle.fi/token-generation-event-tge/rewards
One of the most exciting is our t0-Trooper NFT drop. To celebrate our TGE we’re releasing a limited edition NFT series: t0-Troopers. The first 63 “t0-Troopers” will be allocated by TGE contribution order, with the remaining 147 randomly distributed to the balance of all the TGE contributors. More details as of this are here https://docs.handle.fi/rewards/t0-troopers-tge-nft-series
Cyrus: Now we move to the last segment of the AMA session public Q&A, Now let’s invite @troopr_eth to pick some good questions to answer.
@OlenCoble: Where can I buy your tokens now and how can I buy them? And what are your current contracts? Where can I buy your tokens now and how can I buy them? And what are your current contracts?
Trooper Prime: tokens are NOT FOR SALE NOW — please do not buy any tokens that say they are handle.fi. TGE will be on 21 SEP 21 — and all details will be announce then via our twitter account https://twitter.com/handle_fi and website handle.fi
@josbatlar11: Do you have Whitepaper if yes please share it with us and secondly do you have plans for pre-sale? Where can we join it??
Trooper Prime: the best place to get information on the project is via docs.handle.fi. Join the discord at https://discord.gg/nbSdYCDGhh and try the testnet at app.handle.fi
@waltsonmr: Currently binance smart chain, polygon chain, Solana chain are very trending tropic in blockchain space. Do you have any plan to interrogation these chains?
Trooper Prime: yes we believe in a multichain future — initially we will start on ethereum and ethereum L2 solutions — thereafter a rapid rollout to polygon, Solana and potentially BSC
@Dis2330: Is your project available to individuals all over the world, or is it restricted to a certain region? Are you guys planning to make it available internationally?
Trooper Prime: US residents and residents of OFAC sanctioned countries are excluded and CANNOT participate.
@Bangladesh2eeee121: Where does the project name come from? What does it mean for you and why did you choose that name for your project?
Trooper Prime: In forex trading, ‘handle’ refers to the part of the quote that appears in both the bid price and ask price. For example, if a currency pair can be bought for 1.6456 and sold for 1.6400, then its handle is 1.64.
@benhuk1: What steps have been taken to make your project secure and reliable? Have you completed any audit?
Trooper Prime: the contracts are currently being audited — once finalized we will release these audits, going live in a staged rollout — with an ongoing bug bounty — all the code will be publically viewable on our GitHub https://github.com/handle-fi
@SHOYON75: There are so many RUGPULLS and SCAMs in crypto. Why should we trust your project will not be a scam? How are you going to make investors believe on your project?
Trooper Prime: Handle Fi, backed by some of the world’s leading cryptocurrency investors, traders and operators — we have the support of these participants who have all conducted extensive due diligence — nothing is without risk so all participants should consider all risks
@xxxxxxxxx12112: As a community based project, how can I donate my quota for your success? Do you have a Global Ambassador Program or a Referral Rewards System??
Trooper Prime: we have extensive community rewards programs — we call these Protocol incentive experiments — or PIEs in short. You can participate and read more about them here https://docs.handle.fi/rewards/protocol-incentive-experiments
@asif862: Do you have tutorial videos so we can get to know your project more clearly or do you have a YouTube channel or something? Can you share it with us?
Trooper Prime: we have you tube channel that contains community and official content — project information and instructions — it can be viewed here https://www.youtube.com/channel/UCRzJOlfs5-MPZEvlxm3W9Xg
@Anwar14821: I am a professional vulnerability finder on the web, do you think your system is secure enough from hackers? Does your project have a program that rewards individual vulnerability detection of the system?
Trooper Prime: we have engage professional auditors to review all code, further we will be launching bug bounty rewards to increase security — we are always looking to improve security, decrease vulnerabilities
Cyrus: Thank you. The above is all for today’s AMA. If you want to know more about Handle.fi or have more questions about Handle.fi, please check
Handle.fi’s website and community links can be found here.
Official Website: https://handle.fi/