KuCoin AMA With Fracton Protocol (FT) — hiSQUIGGLE, Back-to-Back Utilities-for-Utilities
Dear KuCoin Users,
Time: November 3, 2022, 11:00 AM - 12:19 PM (UTC)
Official Website: https://www.fracton.cool/
John — Senior Researcher at Fracton Protocol
Q&A from KuCoin
Q: Why should we use Fracton Protocol instead of the typical NFT market? What benefits can we get from Fracton Protocol?
John: The most obvious answer is when you need more money to afford the blue-chip NFT you want. Then, Fracton is your best and only choice. We are better than other fractionalized protocols because we are on a CEX and easily tradable with low trading fees. No high redemption fees and no gas fees on eth.
Q: What are the benefits of holding a Fracton (FT) token?
John: As Fracton is still a young project (launched in June 2022), the current benefit is getting whitelisted for a new token listing on KuCoin. Fortunately, the return has been good, so if you know, you know. In the future, we will announce more features of token utilities of FT.
- Incentives for more hiTOKEN usage
- hiTOKEN listing voting
- Liquidity pool rewards voting
- Buyback and burn from the treasury, etc.
Let us know what you have in mind!
Q: What are the use cases and utilities of the hiNFT token other than just being a fraction of a particular NFT?
John: Other than just being a fraction of an NFT, our community's key is knowing the hard work we've done to bring more retail investors to trade and own blue-chip NFTs. We are working on new utilities on hiTOKENS as well! Many interesting things and innovations can happen when they are erc20 tokens. We have a community project working on a raffles game building on top of hiNFTs. We are pushing hiNFTs to be a financial infrastructure like collateral for margin trading and borrowing, liquid staking of NFTs, etc. Lastly, we are helping the NFT projects expand their communities as well. I bet the number of our hiBAYC holders will be much more than the BAYC holders. therefore expanding the bored ape community.
Q: What is the income model of your project? Many projects like to talk about long-term vision and mission, but what are your short-term goals? Furthermore, what are you focusing on in the near future?
John: Right now, we make about 0.6% fees from the transaction and redemption fees on-chain. Quite moderate compared to other projects. This is because we have a bigger vision. Through the fractionalization of top NFTs with Kucoin, we also want to incubate new NFT projects with high potential and help them achieve blue-chip status.
Q: We are aware that Fracton Protocol with hiNFTs is ERC-20 based. Are you planning to deploy it on some other blockchains?
John: Yes, and it is easy to do so. But the bigger question is whether we have metrics to see where top NFTs and users are. Right now, we want to stay on ETH as this is where all the actions are happening.
Q: What is a stateless system, and what are its functions?
John: This is a tech philosophy for minimizing state change to save gas fees on ETH. We write most of the logic within ERC-1155, which saves a lot of gas. So that there is no smart contract when interacting with the protocol. People's NFT is the stateless system in Fracton's case – minimized smart contract interactions
Q: Can you talk more about your current project, hiSQUIGGLE? Any previews of the NFTs? Where can users trade them? What is the launch price?
John: hiSQUIGGLE is a fractionalized token of Chromie Squiggle, the biggest generative art project by market cap.
Debuted on November 28th, 2020, Chromie Squiggles is the first-ever project released on Art Blocks, one of the leading on-chain generative art markets. Although each Chromie Squiggle is simple and easily identifiable, they are the soul of the Art Blocks platform, also the most expensive generative art collection to date. The launch price will be at 0.025USDT, available on Kucoin.
Here is a one-pager:
Q: Will Fracton have its NFT?
John: We are considering releasing an NFT series as a "pass" for more utilities. We are well-connected in the space and have some great insights and ideas on trading NFTs and the crypto market through the past years.
Free-Ask from KuCoin Community
Q: What do you consider when choosing NFT projects to get in Fracton Protocol? Can you explain?
John: Simply put, we have two metrics in mind:
- We want to choose NFTs that have the potential to go higher in floor price.
- We want to choose NFTs that are rare and hard to buy for a retail user.
Q: I read that in the Fracton Protocol, there is an NFT reserve. So Can you please explain to us the function of the NFT reserve?
John: You can understand each of our hiNFTs. For example, hiSQUIGGLE is an NTF ETF. The value of one hiSQUIGGLE is backed by 1/1,000,000 of the original NFT, Chromie Squiggle. NFT reserve is the NFTs that are backing the value of our hiTOKENS.
Q: Have you been audited?
John: For sure, security is our top priority. Two auditors have audited us. On top of that, we will announce a bug bounty program. In addition, the smart contract is non-upgradeable at Fracton protocol, meaning we have extremely high confidence in our codes.
Q: Please tell me more details on the IDO. The schedule and contribution for each?
John: We are planning to list one IEO for a new hiTOKENS per week. Stay tuned on our Twitter. We will announce it two days ahead! https://twitter.com/FractonProtocol
Q: Please briefly describe your partnerships.
John: We have recently partnered with EyesFi, the most popular analytical platform/marketplace for generative arts. Work on a research report with joint effort, and stay tuned for more! This link contains the details of the partnership if you are interested!
KuCoin Post AMA Activity — Fracton Protocol (FT)
🎁 Participate on the Fracton Protocol AMA quiz now for a chance to win 1,000 HIMEEBITS!
The form will remain open for five days from publishing this AMA recap.
KuCoin and Fracton Protocol have prepared a total of 180,000 HIMEEBITS to give away to AMA participants.
1. Free-ask section: 5,000 HIMEEBITS
2. Flash Mini Game: 50,000 HIMEEBITS
3. Post-AMA Quiz: 125,000 HIMEEBITS
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