Freeway Internal AMA Transcript — Tuesday, 7th June 2022
Freeway Telegram Channel
Tuesday, 7th June 2022
06:00 PM UTC
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The weekly Freeway AMA takes place every Tuesday at 6:00pm UTC in the Freeway Telegram channel and gives the community a chance to ask direct questions with core team members.
This week, Founder and Co-CEO Graham Doggart, hosted the AMA.
“Freeway is a project designed to bring traditional and new financial worlds together by using digital finance tech to generate greater total returns on the world’s top investment products and bring new access routes to financial markets for everyone while we do it.” ~ Graham Doggart.
*** AMA begins ***
Q1. “Hi, Sadie. Hi, Graham. Will we ever see an S&P 500 company like Apple or Tesla simulant as a Supercharger? That would be next level.”
We have a lot of thoughts on this, but it is a further-in-the-future thought process, we’re getting out our main targets for 2022 for sure first.
Q2. “Are there any plans to uplist the token to any of the major exchanges? If not, what would be any of the hold-ups in doing so? Thanks, Graham, and great job with everything so far 👏🏼”
We can’t really comment on exchanges. But, yes, I expect we will add more at some point.
Q3. “First and foremost, THANK YOU. Freeway is changing financial freedom for so many. It’s truly unbelievable… I wanted to ask Graham and Sadie how you all came about creating Freeway. How did your past successes (and possibly failures?) lead you here? What have you learned along the way?
Could I get the GRAM+ numbers and the Supercharger buffer number for this week?
Can you give us a number of how many utilities you are planning on incorporating FWT into? I know you can’t give specifics or a timeframe but maybe could give a little peek into how many you are trying to incorporate into your native token.”
I definitely wished there was a Freeway several years ago!
I would say that the most painful lessons are the most powerful ones as an entrepreneur. If it was all perfect and sunny, then you never really learn what it can take.
Also, in my humble opinion, to be able to take advice, then evaluate it and take action based on all factors but take independent action is the number one successful action Sadie and I have fostered throughout the project.
FWT utility is planned to be woven into every aspect of the Freeway ecosystem, same as network effects.
Freeway currently has 23,039 users: 17,651 Freeway Global Users and 5,388 Freeway US users. 5,134 of the total users are active with total Supercharger user balances at $160,587,454.84 and staked FWT totalling 5,824,940,183, 87.37% of the current circulating supply.
Percentages of each Supercharger denomination are 60.90% USD Supercharger, 3.24% GBP Supercharger, 2.64% Euro Supercharger, 0.00% CAD Supercharger, 18.18% BTC Supercharger, 13.95% ETH Supercharger, 0.01% BNB Supercharger, 0.75% ADA Supercharger, 0.18% DOT Supercharger, and 0.14% Gold Supercharger.
Freeway Global currently has 17,651 users of which 4,020 are active with Supercharger user balances of $125,418,769.45 and staked FWT totalling 5,264,613,932. Freeway US currently has 5,388 users of which 1,114 are active with Supercharger user balances of $35,168,685.39 and staked FWT totalling 560,326,251.
Since our buffers are independent data outside of the Superchargers, we have been advised not to communicate with them on a regular basis for now.
Last Week:
Superchargers:
Buy Volume $7,015,914
Sell Volume $1,310,171
Platform FWT:
FWT Buys 29,980,669
FWT Deposits 54,413,201
FWT Withdrawals 27,294,489
(Note: Freeway Superchargers are virtual simulations. Freeway does not offer financial products or investments.)
Q4. “How is your new office space coming along? When will it be open to visitors?”
We got a very nice update with the floors and ceiling and internal glass all very nearly finished. 10 days or so is the estimate for a super soft opening of the place, so I am sure people could go then, but we will do a nice launch I am sure over the summer.
Q5. “Hi, Graham. In the scenario where the FWT price has grown considerably such that the speculators holding FWT begin to sell, which then triggers a falling price due to other speculators doing FOMO selling, the falling price then also impacts the latest newcomers who would have bought their 5% FWT at the high price and now have to continue to buy more in order to maintain 5%, changing their investment return result and investment cost as that 5% effectively could cost them a lot more than 5% and as such they, in turn, decide to withdraw from Freeway as it is a bad experience and sell their FWT triggering further price drop which then impacts previous users who have to buy more FWT changing the total return equation for them too. This could cause a Freeway bank run and an FWT price collapse if there isn’t a plan to manage scenarios like this. I am sure this has been thought of by the team already, so would be interested to hear how this would be handled. Thanks as always for taking the time to answer all our questions.”
So, just to reframe this question and others like it.
Superchargers are not investments.
And we don’t ever speculate, comment or anything else regarding FWT price, obviously.
The utility ecosystem does indeed mean that users would have to get more FWT to maintain 5% for the extra rewards if the value of their FWT dropped below 5%.
This is by design.
(Note: Freeway Superchargers are virtual simulations. Freeway does not offer financial products or investments.)
Q6. “Hi, Graham. What kind of juicy stats, calculators and data are we expected to see in our dashboard in the future?”
The next major iteration of Freeway in the next 9–12 months, hopefully, will open the door to much more granular data access. We will see what features are requested and try to accommodate where we can, technically and legally.
Q7. “For Graham and Sadie: in your opinion, what happened to Worldopo? And for Graham, what happened to Elysian, Alltex, and Programmis?”
I have no idea exactly what happened to those projects, but I suspect they failed in one way or another. These projects were back in 2017 and there was a vibe in the crypto space that it was all a burgeoning and exciting new space. I made a lot of friends and contacts during those times and we all just tried to help each other out.
Of course, huge numbers of start-ups and small businesses fail or remain small, and a lot of these early crypto projects failed or never got off the ground.
I am sure some of the people involved in these projects had to go lick their wounds after the 2018 crash, but a lot of the people I met are still in the space and working hard.
Even now there is still a vibe of helping each other out, the crypto world is a tiny one. I discussed ideas with some of these people as I learned things, and as we got legal and technical advice just like any decent human being would, and we still do, of course.
These projects have nothing to do with Freeway.
Q8. “Hello, Sadie and Graham. I have two questions:
1. Let’s imagine the price of BTC will go up 200% until the end of the year. People will sell out to take profits. How is Freeway planning to handle a sell-off like this? I mean, the revenue is based on fiat currency, so if BTC triples, it would also need to triple to maintain the 43% APY. The buffers of 15% plus will not help in this case.
Are the Superchargers in cold storage and the profits are added daily to handle the volatility or how is it managed?
2. A technical well-adducted friend made a deep dive on Freeway. He also checked you guys on LinkedIn and only found some ghost web pages of your former career steps. He used an Internet archive and found just an abundant, cheap webpage for the company “Dynamic Abundance”, which both of you have worked for. Don’t get me wrong, I love this project and I planned to park most of my assets there, but this is kind of a red flag for me and him. Any explanations why your LinkedIn looks like this and where we can find more information about your past professional careers to gain trust?
Much love, Gideon.”
Supercharger simulants are denominated in their simulated asset.
Freeway has more assets than are in the simulations.
The buffers were just described in terms of USD value for ease of understanding.
We have since had advice not to connect the two, as they are not connected legally whatsoever.
Sadie and I have had many discussions with top finance people with illustrious careers that completely failed to understand what we were building with Freeway. Too long in an industry, in my opinion, means you cannot innovate from first principles so you cannot make major changes for the better.
In our careers, we have consulted for lots of organisations, financial and legal, that come under various regulations and so we have a solid grounding in these areas, some of which were through a consultancy entity that your friend found. And working through 40+ law firms through building Freeway over 5 years to build out our structures and roadmap we have had a full and complete apprenticeship, believe me.
Also, we have surrounded ourselves with some top advisors with incredible careers and backgrounds and we are now about to recruit the top talent to move us through the next 3–5 years of growth phases. Now we find ourselves where we are with Freeway.
As I have said before, any doubts about Superchargers, users shouldn’t use Freeway. There will be new products that may alleviate doubts for those people soon.
(Note: Freeway Superchargers are virtual simulations. Freeway does not offer financial products or investments.)
Q9. “Hi, Graham. I have a question from someone who has been around long enough to see Freeway transform its vision and refine its rewards.
Originally, a large part of Freeway was the idea that tokenised assets (from USD to BTC to Gold and even eventually stocks and shares) would have innate advantages over traditional assets, one of which was Freeway’s genius idea that with every buy and sell of an asset a portion of the fees from the exchange would be distributed to existing asset owners, thus rewarding the long term holders of assets with gains in value just for holding. This was done by having Supercharger exchange rates constantly increase compared to the actual real-world value of the asset, Eg: 1 sUSD originally cost 1 USD, then over time it cost 1.1 USD, then 1.2 USD and so on.
A while back Freeway scrapped its direct in-house buy and sell fees and integrated them into the system. (Great. Who likes fees? No one.)
The question(s) are then.
- Does the exchange rate between Superchargers still hold any significance for Freeway customers?
- Is the exchange rate still growing between real-world assets and Superchargers?
- If it is still growing and Freeway users are still gaining some benefits from long-term holding of Superchargers (beyond the excellent APYs, which are fixed) where are these separate benefits shown or seen and how can we define them?
This growth of asset value for long term holders from the buying and selling of the asset class was a brilliant idea, an update on how it’s running now would be great.
1. The exchange rate is a remnant of the old platform, but yes, I expect to see it resurrected with some new features coming soon.
2. It can do, yes, but it hasn’t moved in a while.
3. Network effects will be further strengthened very soon.
(Note: Freeway Superchargers are virtual simulations. Freeway does not offer financial products or investments.)
Q10. “AMA Question: Will there be a less expensive way to buy Superchargers than USDC or USDT on the Ethereum network? Maybe the answer is Freeway Chain and the Freeway stablecoin?”
Yes, I expect that will be a good option when it is available.
Q11. “Hi, guys! Hope all is well. Question: the US only has access to BTC and ETH Superchargers. What do the lawyers say about adding more? I’m assuming it’s the lack of clarity 🤦♂️. Also, what do your friends and family say about Freeway? Are they all in? Thanks so much!”
Yes, we are limited to the options for Freeway US right now.
And many of our friends and family are using Superchargers 🙂
Q12. “Hi. My questions:
1. About the supply of the FWT token: how many tokens are held long term (team, investors, partners…) now and by the end of 2023? How many tokens are held by the other (regular) users on the platform and off the Freeway platform (exchanges…) now and by the end of 2023? Just to have an idea of the free circulation of the FWT token.
2. What are the 3 best questions of the last AMA? There was only the best question of the month announced, I think.”
The Twitter Spaces AMA changed up the question rewards a bit.
87%+ FWT are staked, I don’t see that number decreasing, but we will see.
Q13. “Hi, Graham (and maybe Sadie?). I appreciate all the detailed answers you provide during these AMAs and other forums. However, for many of the friends, family, and colleagues who I tell about Freeway, this is not enough. They can’t justify making investments based on trust alone, especially in the crypto wild west. So can you please run through all the ways a prospective investor can perform due diligence in an evidence-based way? For example, what tangible proof can you offer (other than your word) that the money used to pay back current investors does not come from money from new investors (aka, a Ponzi scheme)? Or evidence that FX trading is actually taking place? Please understand I mean no offence at all by these questions. On the contrary, I want to help you promote Freeway, but need something more credible than just your assurances. Thank you!”
As stated above, Superchargers are not investments.
Anyone that has any doubts whatsoever about Superchargers or Freeway shouldn’t purchase them.
We will continue to work to strengthen our existing products and add additional products that may be more appealing to other users.
(Note: Freeway Superchargers are virtual simulations. Freeway does not offer financial products or investments.)
Q14. “By my calculations, long before Freeway reaches $1B in Superchargers, there won’t be any FWT available to buy and hold for the extra 10% interest. Since no one will be selling theirs, will you have to start lowering the Annual Rewards? Or come up with some other mechanism for rewarding the Freeway family?”
Fortunately, economics doesn’t work like that so there should be an equilibrium no matter the Supercharger value.
(Note: Freeway Superchargers are virtual simulations. Freeway does not offer financial products or investments.)
Q15. “Hi Graham, just looking for an update on the charity Supercharger and the charities we have chosen. Cheers.”
Flagging for @tonylondon to add to lists of things to get in the weekly updates.
Q16. “In a recent AMA, you mentioned that about 190M FWT was bought last month via OTC purchases. As far as I understand the team tries to rebuy the OTC purchases via Ascendex in a market-neutral manner. The amount of 190M however exceeds the size of FWT in the Ascendex wallet. Can you clarify this process a bit more where the FWT from the OTC buys come from?”
Freeway obviously has a stock of FWT it uses to facilitate on-platform buys. As stated, Freeway is targeting 4bn FWT holdings of its own, so it can utilise staking rewards for operational costs in the fully mutualised and democratised ecosystem we have envisaged. There is no benefit to users to disclose our buy strategies, only speculators, whom we do not support in any way as FWT is a pure utility token, for users.
(Note: Freeway Superchargers are virtual simulations. Freeway does not offer financial products or investments.)
Q17. “Hi. I am very new to Freeway and quite new to crypto.
I have set up my account and done my KYC and I’m now plucking up the courage to put £50k in a Supercharger. I have three questions:
- What is a Supercharger and why is it called a simulated token?
- Why are there different Superchargers available in different currencies?
- As a UK resident would it be best for me to buy the GBP Supercharger?
Many thanks in advance. Gary.”
Superchargers are tokenised virtual simulations that do not exist outside of the closed-loop Freeway ecosystem. Freeway users purchase them and currently as Freeway users want to sell them, Freeway buys them back. It is important to understand that there is no legal obligation for Freeway to buy them back, just purely aligned incentives to grow the ecosystem.
Superchargers are available in different denominations to provide choices for Freeway Users.
Superchargers are completely up to the users to decide which ones they buy or swap to.
Q18. “Is there any further development regarding the ‘Tribes’? I haven’t noticed anything regarding this for a month or so now.”
It will come in a while, not a focus right now.
*** End of AMA ***
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