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Frequently Asked Questions

What is Firepot Finance?

Firepot Finance is a decentralized finance (DeFi) platform focused on bridging the usability and UX gap for new users and degens alike. Today, DeFi is very complex and confusing: between multiple chains, bridges, tokens, protocols, and more, users are often overwhelmed. We are making crypto and DeFi more approachable and understandable for everyone while maintaining decentralization and non-custodial solutions. These include our AI-driven Copilot, a robust Robo-advisory, and an Omnichain dWallet with some advanced security and compatibility features.

What sets Firepot apart in the world of DeFi?

What truly sets us apart is our commitment to simplifying the DeFi experience for everyone. Our AI-driven copilot assists users in navigating the complexities of DeFi, making it accessible and user-friendly. Our unique omnichain approach ensures seamless interactions across multiple blockchains, and our focus on user education and safety reflects our dedication to fostering a thriving DeFi ecosystem. It's all about revolutionizing the way users interact with decentralized finance, and we can't wait to show you how!

What are the key features of Firepot and how do they function?

Firepot boasts a range of key features that redefine DeFi. We are non-custodial and decentralized. Our AI copilot provides personalized guidance and support, helping users make informed decisions based on their risk tolerance. This also serves as a revolutionary UX, where transactions can be made and conducted conversationally and approved by biometrics tools. No more worries about transaction setup and execution. The Robo-Advisory feature optimizes portfolios automatically, ensuring users get the most out of their investments. It is powered by a robust risk-assessment algorithm and community approval system. The Omnichain dWallet simplifies access to various blockchain networks, while the intuitive UI design streamlines the experience. It is powered by next-generation security and access tools such as FIDO2, AA, and MPC. These features work together to create a seamless, user-friendly environment where DeFi becomes approachable for all.

Can you provide some information about the yield farming opportunities available on Firepot finance? What are the potential risks and rewards associated with these investments?

Firepot serves as an access aggregator - meaning as we onboard more and more dApps, our users will have access to the yield farming and LP opportunities native there. We do not intend to have any organic opportunities from Firepot at launch, but will consider these as the platform grows. We are providing one app to access many chains and opportunities in an automated fashion. Our Robo Advisory tool considers a user's financial goals, risk tolerance, and investment horizon before recommending a yield opportunity to them. The risk score the AI uses is determined using on-chain data (block explorer data and insights) as well as off-chain data (social listening and insights). These are used to create a general risk score for an opportunity or asset, and then our community can vote to confirm and is rewarded for doing so. Community-based risk assessment and confirmation builds trust. Firepot simply provides recommendations and insights with the tooling for our users to act quickly. Users should always be confident and knowledgeable about their portfolio decisions. We offer opportunity, users can confirm and move on if they approve. As always, NFA and DYOR apply.

In the Firepot Litepaper you mention that "Firepot Finance has identified three major issues holding back DeFi from major global adoption." Can you explain more about this?

We see three major opportunities to revolutionize Web3: simplicity, interoperability, and ownership. 1) Simplicity - Let's admit it, crypto today is flat out hard to use. People like our moms could never jump in and use it as a mainline tool without a lot of education and learning. Between juggling multiple wallets, chains, bridges, yield mechanisms, and more it is overwhelming. Add in the amount of technical knowledge it takes (understand our verbiage, etc.) and most users (over 75%!) turn away from DeFi. This is where our AI Copilot simplifies the experience. It is what we call conversational crypto - any chain, any asset, through a chat. 2) Interoperability - most Web2 users do not care that blockchains are different tech, they want to trade them as they would a stock. No bridging, no mess. That is why CeFi is so big. We are bringing that CeFi experience to users, with the decentralized and noncustodial backend. Our wallet enables users to leverage the best of Web3 without worrying about cross-chain complexity. 3) Ownership - we know the mantra "Not Your Keys, Not Your Crypto". This is where noncustodial wallets and services are key. We offer our users flexible consent management on how their portfolio is managed. They retain custody and control of their assets and keys at all times. CeFi feel, DeFi backend.

Will Firepot be available globally?

Yes, Firepot is designed to be accessible globally. As a decentralized platform, it can be accessed by users from different regions, subject to any legal restrictions or regulations in specific jurisdictions. Users can check the availability of Firepot in their region and comply with applicable laws and regulations when using the platform.

Does Firepot have any customer service?

This is the beauty of LLMs and advanced AI. Our AI has been (and continues to be) trained on a huge data set of Web3 knowledge and understanding. Not only does this make technical interactions easier, but also provides a huge tool for customer service and education. Most questions regarding the status of transactions, what an opportunity or token entails, or wallet-related questions will be able to be sorted by the AI. From there, any further escalations will come to our team. We hope to enable our users a level of self-service that doesn't exist with other platforms. Users can delve into curated educational content as well so their decisions are made confidently. Given the size of our team (small but mighty), live support will be limited at launch but is a top priority as we continue to grow.

Are there any partnerships or collaborations that Firepot Finance has established with other projects or organizations in the blockchain space?

We have an extensive list of partners that have helped accelerate our tech and community. Some of the most notable include Chainlink, Filecoin, Unigrid, Odsy, Lens, Gotbit, and AirDAO. We continue to build our network and partner ecosystem. As our protocol matures, we will be onboarding a TON of DeFi protocols for our users to leverage in their portfolios. Some exciting partnership announcements coming soon there.

What are the most exciting achievements Firepot Finance reached at the latest time? And what is the further great step on the roadmap?

We have a robust roadmap that pushes the boundaries of web3 in a lot of ways. Our product delivers two core features: an AI copilot and Robo-advisor, and an Omnichain dWallet that enables users to transact any asset, any chain, at any time. This is backed by biometric-driven security and innovative user interfaces. To date, we have the first iterations of the dWallet powered by biometric security and of our AI Copilot Ember. Users will be able to interact with early versions of the products soon with more complete iterations upon launch. Beyond that, we have a very ambitious roadmap to continue our vision of DeFi for Your Mom. This includes a massive expansion of the training data set for our AI, deep analytics and reporting on user portfolios, advanced trade capabilities, automated noncustodial portfolio management, and more. Additionally, the wallet will receive a number of improvements including more integrated chains, best-in-class security with new AA tooling, and seamless cross-chain interactions. The entire platform will be audited consistently over time to ensure security and confidence for our users.

Does Firepot have a Token?

Yes. HOTT is the dynamic utility and governance token that powers the Firepot ecosystem and empowers users to unlock a world of decentralized financial possibilities. With HOTT, users gain access to an array of cutting-edge features and benefits, including DAO voting power, priority AI-driven transaction execution, personalized learning modules, and exclusive insights into DeFi strategies.

What is the role of the Firepot Token $HOTT in the Firepot Finance ecosystem? How is it used for governance, and what other functions does it serve within the platform?

What sets HOTT apart is the innovative rHOTT mechanism, benchmarked from the popular Camelot DEX and their GRAIL token, with our own spin. Firepot enables users to stake their tokens for rHOTT and dive into a realm of gamified rewards, DAO participation rewards, personal yield boosters, and stake-for-service discounts. As you accumulate HOTT and participate in the Firepot journey, your rHOTT holdings become your key to a thriving DeFi experience, where every interaction is enhanced, every decision is empowered, and every opportunity is maximized. Users holding HOTT can directly vote on certain governance elements, contribute to our community risk score, and earn for being avid users.

Is there a community or forum where I can engage with other Firepot Finance users?

Yes, Firepot Finance maintains an active community on Telegram and Discord, where users can engage with fellow users, ask questions, share experiences, and stay updated on the latest developments. You can join our community through our official social media channels.

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