Hugo interview with Bearable Bull

[Seoulite]

Very interesting interview with Hugo. Lots of key points to pull out:

- Hugo talks about Flare as a L1 chain but also a constellation of things, not one thing

- He talks a lot about 'insurance', Flare as a form of insurance for bridging, " trying to 'de-risk' the user experience"

- Flare is like an 'insurance market', through the state connector it can confirm and sanction what happens on other chains

- observation mode is intended to allow the network to be moved from Flare Foundation validators to the FTSO, so the network becomes decentralised and launches completely decentralised

- FTSO voting power cap will be 2.5% (reduced from 10%, great news to have a wider range of FTSOs getting rewards, more decentralised)

- plans to propose that the distribution of the first 15% of tokens is done as normal but then subsequent distributions are done through the FTSO, which will mean that people are not relying on exchanges and reduces the danger of exchanges going bankrupt in the distribution period

- Songbird may be able to function in the future as an 'overflow' for computational demand on Flare, if demand for the state connector/layercake protocols gets onerous the demand can be met through Songbird

- talks about Songbird governance, a kind of staking competition where people would stake value on Songbird for various proposals, and the 'winning' proposal (with the most value staked) would be rewarded with a greater proportion of the total FTSO rewards, while the losing stakers would take an opportunity cost hit because they would receive less of their FTSO rewards during that period. Not sure what that I like the idea of this, the opportunity cost seems too high and I'm not sure people would be particularly enthused about locking their tokens for a long time and also potentially missing out on FTSO rewards just for governance (governance does not get people's blood pumping, it just doesn't)

- Hugo estimates the number of individual people getting the distribution could be in the millions

- F-asset collateralization would only be in danger if there was a 60% drop in the price within 3 minutes

- commenting on Terra and MakerDao, he says stable coins should have a minting cap in stages to allow the network to smoothly launch, will do the same with F-assets, there will be a cap in the beginning of how much each account can mint

- encourages people to think about what they can build on flare, suggests a swap platform on flare