Anthony, The CEO and co-developer of the exciting new Flex Finance project dropped by to talk about their new project, as well as to discuss their plans for the future. To celebrate the Flex Finance AMA, five members from the community who take part in the question-and-answer segment at the end will be selected to win a share of prizes worth $200!
TheDev100x – BSCTimes.com: Welcome everyone!
Thank you for joining us today for the BSCTimes Interview / AMA with the CEO and one of the many developers for Flex Finance, @AntChap. Welcome @AntChap, my name is Joe, it’s a pleasure to meet you! I have made you an admin and have muted the chat until our community question segment at the end.
I’ll begin by asking you some questions about you, your team, and Flex Finance, and will then open up the chat for the community to ask questions. Please choose as many questions to answer as you’d like, however the first 5 will be our winners for today!
The prizes today are $200 shared between 5 people, so make sure you pay attention and ask some good questions to improve your chances of winning! 💵
With that out of the way, let’s begin!
Ant Chap: Hello everyone
TheDev100x – BSCTimes.com: @AntChap Could you please begin by introducing yourself, and tell us about your background? How about your team, could you tell us about them?
Ant Chap: Yes, of course. Foremost, thank you for having me on your platform to talk about Flex Finance and I hope everyone forgives me if there are any spelling errors as I am trying to try my answers quickly so there isn’t a bunch of lag time in between questions.
TheDev100x – BSCTimes.com: No worries, please take your time 🙂
Ant Chap: My name is Anthony and I am the CEO and one of the developers of Flex Finance. Myself along with Steve and Reed are the main developers (fully doxxed) along with another 5 individuals who make up our inner circle at flex finance. I started out my adult career investing into real estate until early 2018, when the market became more favorable to home buyers and not investors. I took my passion for investing and risk taking and entered the crypto currency scene. After starting out with stable coins for some time, I became more and more intrigued with the Defi space as it became more and more popular. The ability to innovate is what drove me into this space and it continues to do so. Steve and Reed are much like me in the sense that they see unlimited potential to bring products out to the defi world and beyond. Our specialties and individual passions within this space make us a perfect team. Our inner circle comprises other well accomplished individuals ranging from capital raising, web development, solidity, graphic design, etc.
TheDev100x – BSCTimes.com: Oh wow, very interesting. So you have a background in finance, as well as development, and you guys are all fully doxxed? That’s pretty rare, and if true that’s a tremendous benefit to your project. You guys seem to have an accomplished team over there.
Now that you have told us about you and your team and your strengths, could you please tell us about Flex Finance? How did Flex Finance come to be? What is Flex Finance trying to solve?
Ant Chap: Flex Finance came to fruition because while we each love the Defi space, there are glaring problems with it that many people are not trying to solve. Foremost, being fully doxxed and accessible to our holders seems to be a luxury in this space but it shouldn’t have to be. We should not be ok with coming across rug pulls and honeypots on a daily basis, so that became the foundation of Flex Finance, complete transparency. On top of that, We looked at what other tokens were doing in this space, admired their aspirations/ tech/ innovations and saw an opportunity to combine a few key elements we liked from other tokens while putting our spin on them and building on top of it. Flex Finance in the short term is looking to reward holders for being in an innovative project like this at its birth while in the long term, creating an ecosystem for Flex Finance and other great projects to thrive.
TheDev100x – BSCTimes.com: That’s pretty inspiring to hear. As we have all seen, weeks feel like months or quarters sometimes in DeFi, but it’s not constant, there seems to be times of significant innovation, and times where that innovation lulls. What intrigues me about what you said, was that you guys seem to have a good pulse on the DeFi scene, and its weaknesses, and intend to improve on them, which is something that we can all be thankful for.
I will get into some specifics in a moment, but what you guys are working on seems to be a big innovation on what’s currently on the market, so maybe a “next-gen” kind of feel to it.
On the Flex Finance website, flexfinance.network, there’s a section that reads;
“$FLEX Token is a reflection token, where you can invest your funds safely, earn passive income and gain premium access to a growing number of financial products within the Flex Network.”
Could you please tell us about the $FLEX token and its tokenomics? Will the token contract be audited, and will liquidity be locked?
Ant Chap: To answer your last questions first, we held our presale through dxsale, so at the close of dx, the liquidity was locked. We have already been audited by nexus and once we complete our vault contract, we will be submitting both contracts to certik for our audit. With that out of the way, our tokenomics is a 15% tax. 12% goes to auto liquidity, 2% to marketing wallet and 1% goes to redistributions to our holders. We found, for now, a healthy balance of liquidity to market cap is 50%. For example, if we have a 1 million dollar Market cap, then we want to see a 500k liquidity. So with every transaction, the 12% auto liquidity fills that pool. Now here is where the fun starts….. once our liquidity reaches 50% of the market cap, the 12% tax stops feeding to liquidity and routes to the Main Flex Vault Wallet. This wallet collects the tax in preparation for our vault system. Now when our vaults are released to our holders, the holders will have the opportunity to lock up their tokens for a period of 3 months, 6 months, 1 year and 2 years. Only the people who locked their tokens up in the vaults will be able to receive distributions from the Main Flex Vault wallet. This is the main incentive to our holders, and it creates a win-win scenario for everyone.
TheDev100x – BSCTimes.com: Ah your presale was through dxsale, that’s great! I am glad to hear that; I have had only pleasant experiences there, and I am glad to hear the liquidity is locked, that seems to go along with your teams theme of transparency and doing the right thing.
We’ve seen the rise of tokens with transaction taxes, and reflections, and a plethora of different tweaks to those mechanics, but I haven’t heard of one that uses the reflections at a determined time to deposit into a vault that will then pay out the token holders, that sounds really really cool. This seems to be a good technique to incentivize holding. Well, thought out 👏
That leads me to the next question that I am sure everyone is wondering….. How do we buy $FLEX, along with when did $FLEX launch, and what type of launch did you have?
Ant Chap: Flex is currently available on the BSC network through Pancakeswap. Our presale started Friday night at 9:00 EST with a 1500 BNB hard cap. We filled it in roughly 1 hour and 5 minutes. We then spent 20 hrs between the conclusion of the dxsale to continue marketing. We launched Saturday at 4:00 EST time, so a little over 24 hrs ago.
TheDev100x – BSCTimes.com: Congratulations! That’s really cool. Could you share with us the token contract address, or the Pancakeswap link to buy $FLEX?
This is our token address to purchase through pancake swap
TheDev100x – BSCTimes.com: Awesome, so that’s https://exchange.pancakeswap.finance/#/swap?outputCurrency=0xa806c32e7d7324f8b0bdceb2209e3fc59d3926b2
Ant Chap: Yes, sir!
TheDev100x – BSCTimes.com: Now let’s get into why users should invest in $FLEX. Your website has a roadmap on it, and it mentions a bunch of really interesting things, the first I’d like to ask about is the Flex Finance App. When do you expect that will be ready to launch? Could you tell us more about it?
Ant Chap: Yes, the flex finance app will have the initial architecture complete in about 5 days’ time. After that we will open up beta tester applications to our holders and it should be ready for beta in about 10-12 days’ time. The application will feature charting, analysis tools, announcements and everything pertinent to Flex Finance. Shortly after the vaults are released, there will be a tab on the app to view your individual vault and reflections.
TheDev100x – BSCTimes.com: Very cool! If anyone is interested in beta testing, what should they do? Will you make an announcement via social media?
Ant Chap: We will release beta applications through all of our social media platforms. Everyone will get a fair chance to apply!
TheDev100x – BSCTimes.com: 👍 Cool, I’d love to check it out, as I am sure many other of the readers here. Look forward to that.
Your website also mentions some other really cool things like a Flex Swap with the Flex Stake vaults, and even mentions Flex Finance will launch a card, could you expand on this and how they all fit into the ecosystem?
Ant Chap: Yes, sir. We already covered the flex vaults, but our phase 3 is the introduction of our flex card. The flex card will allow users who have their tokens locked up in their vaults to be able to spend their reflections with their debit card. We realized that some holders may be apprehensive locking up their coins, so if they had a way to access their reflections through a debit card, it would give them flexibility to make every day purchases just like you would with a regular debit card!
On top of that, our phase 4 will be on boarding new projects into the Flex Finance ecosystem. Since our goal is to have our own project be fully transparent and worry free, we want to help other projects do the same. Anyone who has an idea for a project and doesn’t know where to start OR they have a contract and don’t know how to bring it to the world, they will have access to our team and contacts to bring them from conception to fruition. We will help them write a contract or review their contract to make sure it has no rug pull function, honeypot function, back door entry and it’s as safe as possible. We will then help them build websites, graphics, marketing items, applying for coin voting sites, etc. Our flex swap is also a vision for us to be able to incorporate as many different tools all in house.
TheDev100x – BSCTimes.com: Very clever, with tokens locked up, the ability to spend at least the reflection rewards is a very cool feature. Speaking of the card for a moment, will this be a virtual card and/or a physical swipe-able card? Does it just get automatically topped up periodically with the rewarded reflections?
Ant Chap: We want the card to be a physical card you can carry with you during normal life. We want it to be automatically reflecting, but with the implementation of the vault on the app, there may be a delay. So we mention on our website that we will do it every 120 minutes. We aim to smash that goal and make it instant!
TheDev100x – BSCTimes.com: That’s perfectly fair! And I’d imagine all the currency conversions would happen on the backend seamlessly.
I must say… the innovation that Reflect Financial introduced with RFI, has seen many iterations, and the idea of blending traditional DeFi tools like a swap, vaults, launchpad, and even a card to spend tokens, has me intrigued. I can’t wait to see it all come together.
With that said, as you’d be handling users funds, I must ask…. security has become an issue of increasing importance to investors nowadays. What plans does Flex have regarding platform security?
Ant Chap: Especially with the implementation of the cards, security will be a big concern. We aim to partner with a company who has experience in this realm already to assist in our vision. We are currently contacting these companies, such as simplex and getting the ball rolling ahead of time, so we can get our ducks in a row when the time comes to put this phase in place.
If there is any additional security, we need that they don’t cover for us; we have colleagues who specialize in cyber security and we will bring them in to make sure flex finance and its users are safe
TheDev100x – BSCTimes.com: Well Anthony, I could talk all day about this really intriguing project, but I’d like to give the community a chance to ask some questions, too. Are you ready for me to open up the chat and for you to begin answering community questions?
Ant Chap: Absolutely!
TheDev100x – BSCTimes.com: OK! I am going to open up the chat, remember everyone, there are $200 in prizes that will be shared with the top 5 questions that @AntChap answers! I am going to turn on “slow mode”, and set it to 30 seconds, so get your questions ready, I’ll keep the chat open for 1.5 minutes, enough time to ask 3 questions each.
Community Question #1
jose ramon: Many projects like to talk about “long term vision and mission”, but what interests me are your short term goals? What are you focusing on right now?
Ant Chap: In this space, we know that getting investors fast and early is the key to survival. We could have a billion dollar idea, but if that idea came 2 years down the road, no one is going to buy our coin now and participate. So our short-term goals are to get the app out in about 12 days’ time. The next goal with our vaults should be out and functioning in about 14-18 days’ time. We are at the mercy of regulations to get the flex cards in place, so we will see how we can best tackle that situation while still allowing users to access their reflections. Our short-term solution may be to have the reflections unlocked and payable in BNB, so the holder can cash it out for fiat if they so choose. Once we have the card in place, we can stop that system and continue with the card. The other phase with bringing in new projects I see as an early fall project. I definitely want to create that system and have it operational with a few projects already on board by the end of the year.
Community Question #2
J. Marin: Do you only want to be on BSC blockhain ecosystem or are there any plans for Flex Finance to create cross-chain integration between other blockchains?
Ant Chap: I’m glad someone is thinking outside the box and we’ve had the same thoughts. The only thing I will say is…. Doesn’t Flexchain have a nice ring to it?
Community Question #3
Wilny Wilhelmina: Bugs are a reality of any software & App. And you say ongoing build Flex Finance App
And I think have any BUGS on App,
In the case of potentially high impact/security issues.
Is there a special process to raise those to the development team?
Is there a bug-bounty program planned for security bugs?
Ant Chap: Yes, we plan on having a bug bounty program in the future. As our coin grows, we will have full-time staff to assist in our daily coding, security and app/web design needs with our team being the senior leaders over them.
Community Question #4
analindy BSCX HeroSL: when your vaults are released to your holders, the holders will have the opportunity to lock up their tokens for a period of 3,6,12,24 months. only the person who holds have recieved their token from main flex wallet. so i need to ask, is there any offer who locked 3 months than 24 months holder? have any interesting offers do you have?..
Ant Chap: This has been an ongoing discussion internally. One option is we give the 3 month holders 25% of the 12% tax. 6 mo will get 50% of the reflection, so on and so forth. We are actively talking on how to balance everything.
Community Question #5
Marjerlin Buitrago: Many projects only talk about their strengths; But can you tell us the current weaknesses and/or challenges facing Flex Finance?
Ant Chap: Yes. Every project has weaknesses and those that tell you they don’t are lying. One of the biggest weaknesses we have is trying to get everything out as soon as possible in order to keep interest in our project. If we were a team of 30 people, this wouldn’t be nearly a problem compared to 3 main partners and 5 other team members. I think we as a team need to hit certain milestones in an orderly fashion instead of trying to get all of our phases pushed out at the same time. I am confident we are heading in the right direction and will continue to do so, but bringing on help right now to get us to our goals is going to be key. We will never be to too big than to say we need help and accept that help.
Community Question #6
J. Marin: The project is interesting from a Marketing point of view. But, How does the project logo relate to the name?
Ant Chap: The logo came about because we wanted a flexible platform in the short term and long term. We wanted to be able to move and adjust things as the market moves. So flexible turned to flex and the body builder logo is a nice name/logo to get the initial attraction from a potential user and then we sell them with our tech and innovation.
Community Question #7
Crypto!!Lord: Typically, investors buy tokens that are likely to rise in price in the future. I see that the total supply of tokens is huge. So do you have any plans to burn tokens in the future to reduce the token supply and increase its investment attractiveness?
Ant Chap: We burned 70% at launch
You may go to our website. www.flexfinance.network and from there you can visit our social media platforms. I would say the telegram is the place where I spend most of my time in text or voice chat. I feel it’s important to be able to connect with the community and get questions answered ASAP to combat any fud or anything like that.
With that said, I invite everyone who didn’t get their questions answered on this platform to come to the telegram or send me a DM and I will respond. I make it a point to respond to everyone who has a legit question.
TheDev100x – BSCTimes.com: Great questions everyone, great answers as well! Congrats to the winners!
I’d like to thank you all for attending our interview/AMA today, and I’d like to thank you @AntChap for joining us. I know you are extremely busy, so we appreciate it! A recap of today’s interview will be posted up on our website at BSCTimes.com within the next 24-36 hours. We will reach out to the winners and collect your wallet addresses!
I am going to open up the chat again, and remove slow mode, if you’d like to stick around @AntChap please feel free. Thanks for joining us everyone!