FAQ

This FAQ covers everything you need to know about Firefly! Welcome to the definitive guide to the project, the game-changing decentralized exchange (DEX) set to make its mark on the Manta Pacific

Q: What is Firefly?

A: With firefly, we offer a lightning-fast and low cost DEX powered by Manta’s Modular chain technology. Firefly is a premium Modular DEX launching on the Manta Pacific Layer 2 blockchain.

We have advanced features including Concentrated Liquidity (CL) to optimally manage your digital assets for sale in our pools, Reversible Limit Orders, and order-book type orders.

Want to place limit orders to buy when Token X drops to $0.50? Or Take-Profit orders to sell Token Y at a certain price? You can do that on firefly. We've thought through the needs of your average DEX trader.

For liquidity providers, we feature concentrated liquidity so you get to define what price range you're willing to sell your assets. We also have enabled Flexible Liquidity Provision so we don't require 50-50 LP on a pair. If on an ETH-USDC pair, you just have ETH, you can supply that solely. The goal is to give you more opportunities to earn.

We pride ourselves on serving the community. We've ensured 24-7 support so if the community has questions at any hour, they can get answers. 100% Fair Launch, and distributing 30% of our $FLY tokens right in the beginning to the community.

Firefly aims to raise the standard on Manta Pacific.

Q: Who is the Firefly Team?

A: Firefly is a team of programmers and product managers, who have worked at major Silicon Valley industry leaders in high-tech such as Amazon and Twitter. We have a track record of delivering top-quality products to millions of people. Our educational backgrounds include degrees from UC Berkeley and our head of engineering has a PhD from the University of Portsmouth.

Q: What are the advantages of building on Manta?

A: Manta Pacific is a Modular chain that has technological advantages over pure rollup chains like Arbitrum and Optimism.

One advantage is trading in lower fees, Manta Pacific has an impressive transaction fee of half a cent, while other L2s cost 4-10x as much.

This substantial difference in cost is a game changer for active traders. With this, traders can seize more opportunities, and engage in higher trading frequency.

This cost-effectiveness positions firefly as a Modular DEX as an optimal choice for lowering trading costs and increasing trader profitability.

Unlike rollup chains, Manta stores its transaction data off-chain through a partnership with Celestia. By storing transaction data offline, Manta is capable of being faster and less expensive than even other L2s.

Users can expect the lowest cost trading as Manta's Modular L2 reduces transaction cost by storing transaction data off-chain. As users gravitate towards blockchains that are faster and less expensive, Manta is well-positioned to benefit from this transition

Q: How has Manta Pacific grown and why is it remarkable?

A: Manta Pacific launched in Sept. 2023, and is a leading Modular chain by TVL, according to L2Beat (https://l2beat.com/scaling/tvl). Firefly is poised to be the leading DEX on Manta Pacific. Firefly has the team strength and product quality to be the market leader.

Q: What features does Firefly offer for traders and liquidity providers?

A: With an expansive feature set for both traders and liquidity providers in its AMM Dex, Firefly is well-positioned to draw in dex users.

Traders can place:

• Limit Orders: Traders can set buy orders at desired prices, ensuring they enter the market when conditions meet their preferences.

• Order Book Type Orders: Including advanced orders like Take Profit, allowing traders to automate selling when an asset appreciates to a certain price.

Liquidity Providers on Firefly can use the following:

• Single-sided Liquidity: LPs can provide liquidity with only one of the tokens in a pair (e.g., BTC or USDC).

• Flexible Liquidity: LPs are not bound to the traditional 50:50 token ratio and can choose ratios like 90:10, 25:75, etc.

• Concentrated Liquidity: LPs can define the sell price range for the assets they provide liquidity for.

Q: What are the Airdrop Details?

A: See here for Firefly's Airdrop which we call a D.O.C. (the page will explain why) - https://docs.fireflydex.io/d.o.c.-details/doc-decentralizing-ownership-ceremony-airdrop

Q: When will Firefly launch?

A: It has launched and is live.

Q: What opportunities does Firefly bring to Manta Pacific?

A: Currently Manta lacks unique native projects. To address this, we propose Firefly, a Manta native project owned by Manta users, focusing on trading tokens on Manta.

This initiative aims to enhance the ecosystem with the kind of passionate community that grow around native projects; attracting users and boosting liquidity.

Firefly brings features users demand like Concentrated Liquidity, defining the selling price range for user LPs. It supports single-sided liquidity, allowing users to contribute either ETH or USDC in pairs like ETH-USDC.

Additionally, Firefly offers flexible liquidity, allowing users the freedom to contribute tokens in various ratios, such as 90:10, 25:75, and more, providing a versatile and user-friendly experience. and another thing is Limit Orders, enabling users to execute trades once the price reaches a desired level.

When it comes to fees, Manta’s Modular L2 reduces transaction costs by storing data off-chain.

Firefly is confident to deliver the highest APRs on Manta. LPs keep 2/3rds of trading fees and incentivizing pools with the $FLY token as well as 3rd party tokens offers a unique proposition that sets them apart from other Manta DEXs.

Q: What makes Firefly's team credible and trustworthy?

A: The Firefly has KYC'd with the Manta team. We have commissioned two independent audits. Our GitHub is public and we have verified our contracts. See here for more on Transparency.

Q: How does Firefly ensure security and reliability?

A: FireFly is a modern DEX that builds upon the full-featured Uniswap V3 and borrows its secure code base that is a trusted and widely used platform in the decentralized exchange space. . .

Q: What sets Firefly apart in terms of liquidity and trading fees?

• A: We are committed to recruiting the most liquidity for trading pairs on the Manta Pacific chain with outbound efforts to Manta projects, providing incentives for the project and their community to provide liquidity on Firefly

• We are confident Firefly will have the highest APRs on Manta (LP's keep 2/3rds of trading fees and incentivizing pools with our project token)

Q: How does Firefly leverage its Optimium chain for an enhanced trading experience?

A: Lower-Cost Trading: Manta’s Optimium L2 offers lower transaction costs that are lower than L1’s and other L2’s.

Transaction Speed: Modular chains like Manta transaction data off-chain, the transactions are particularly fast. This means trade transactions on Firefly will be faster than other Dex's on other chains.

We have a roadmap to build clearer APR reporting for LPs and easier-to-access-and-configure limit orders. For more, see Firefly docs: https://docs.fireflydex.io/roadmap.

Q: What is Firefly’s mission and philosophy?

A: Firefly is a user-first, community-driven project.

• We will have modern DEX technology supporting the best experience for users and liquidity providers.

• We will provide 24-7 support to customers. We will ensure that moderators are available at all hours and answer support questions.

• We will communicate often and clearly, respecting the community.

Further, Firefly's mission is "Empower the Investor", expressed in Firefly's introductory Medium post (https://medium.com/@fireflydex/our-yardstick-at-firefly-empower-the-investor-2776294f65f5).

Firefly does this by providing cutting-edge features for LPs such as concentrated liquidity and single-sided liquidity to provide more options and control over their market-making.

Meanwhile, traders can set limit orders to buy at specific prices and use Profit-Taking orders to sell once their token reaches a certain profit. Most other AMM dex's limit traders, who must rely on centralized exchanges instead for even mildly sophisticated trading needs.

Q: Where can I find more information about Firefly?

A: For more details, visit Firefly's Official website: https://fireflydex.io Docs: https://firefly-2.gitbook.io/firefly-docs Discord: https://discord.gg/KzsUCVwe Twitter: https://twitter.com/FireFlydexZK Medium: https://medium.com/@fireflydex