Flurry Finance is a protocol that finds the best transaction fee-adjusted yield for all user-backed stable coins. Their IDO is scheduled for September 3, 2021 on Cardstarter.
The year 2020 marked an important milestone in the development and growth of decentralized finance (DeFi). Currently standing at 19 billion in worth, DeFi has become an integral part of the financial sector. In the current ecosystem, crypto owners now can make significant returns on investments.
Although the market looks healthy, with amazing growth in just a year, various aspects of its development are lacking. The active yield generation mechanisms in most solutions are difficult to understand, as they often require specific technical backgrounds and requirements that the average crypto enthusiast lacks.
Among other problems, the Ethereum network has become saturated, causing transactions fees within the network to increase considerably. This often disadvantages users with a small number of cryptos in various networks. Funds lock-ups have become an issue for users as of late, caused by deposited tokens having a changing value with accrued interest. Since these tokens cannot be used as instruments for exchange, users have to lock them up, this becomes costly whenever they have to be unlocked. Flurry Finance is the latest solution tackling all these issues, while giving users an outlet to earn, trade, and spend.
Table of Contents
Background
Introduced in 2021, blockchain solution Flurry aims to make a difference within DeFi. So far, the platform has tackled numerous problems faced by the sector, such as high gas cost, funds allocation, and lacking user experience. Composed of a team of brilliant engineers and financial experts, FLURRY is thriving within the ecosystem.
So far, Flurry finance has partnered with the likes of DUCKDAO, Soul Capital, Dutch Crypto Investors, and Shima capital, ensuring a user-friendly mechanism to tackle all problems faced by the blockchain.
Lawrence Wong, founder, and CTO of the platform has a rich experience as a Derivatives Trader and is one of DeFi brightest minds. He has lead companies like Daiwa Capital Markets, KBC Financial Products, and served as a Trading Systems Developer at Barclays Capital Markets.
Similarly, Co-founder Mike Ting has had 10 years of experience in traditional finance and DeFI. As a financial expert, Mike has been part of numerous renowned financial institutions, like J.P. Morgan, Societe Generale, Daiwa Capital Markets, and KBC Financial Products. Furthermore, Mike is also one of the co-founders of C-trade, a platform offering cryptocurrency derivatives trading.
Now leading Flurry, they are spearheading one of the most ambitious blockchain projects of 2021, offering a cross-chain, user-oriented, and flexible decentralized solution. The platform has for mission to enhance the usability of DeFi products, by allowing participants to benefit from various DeFi opportunities to get considerable returns on investments.
What is Flurry Finance?
Described as a “novel yield aggregation platform”; the FLURRY protocol allows users to mint rhoTokens in exchange for the numerous altcoins supported within the platform. Flurry finance searches and finds the best transaction fee-adjusted yield for all users-backed stable coins. rhoToken is the medium of exchange within the platform with a 1:1 proportionality for all tokens exchanged.
Through rhoTokens, the decentralized platform gives users a rather simplistic approach to the dragging processes that come with crypto transactions. Users can generate yield efficiently, bypass locking/unlocking steps, and are can eventually avoid switching between numerous DeFi products during yield farming.
Flurry Finance relies on an automatic and transparent mechanism to ensure trustworthiness within its community. All users can continuously track their wallet balance directly reflecting all earned interest.
Additionally, the protocol offers low gas costs for all funds, powered by an efficient risk diversification mechanism and a highly interactive user interface. Through its decentralized algorithm, FLURRY pools assets together allowing for the movement of funds in a single transaction.
The risk diversification mechanism enables the protocol to diversify given smart contract risk(s), where Flurry automatically allocates a specific pool of assets in different DeFi products. In contrast to other yield aggregators, the yield generated within Flurry is produced in the form of rho Tokens with 5% of interest in return. So for every 100 USDC deposited in the protocol, users will receive 105 rhoUSDC in return.
Furthermore, the increasing supply of rhoUSDC ensures that the value of all altcoins pegs 1:1 to their corresponding synthetic versions, whereas for competitors, the value may often decrease due to the increase in interest. This in return can cause a locked up in funds, as the change in value will make deposit tokens unusable as a medium of exchange.
In general, typical yield aggregators within the market are often restricted to Ethereum based services and products. However, FLURRY strives to be active across multiple chains to search for the optimal yield after cost on different Defi Protocols.
rhoToken
The rhoToken is actively being used as a promotion tool within the FLURRY ecosystem. Through the token, participants can benefit from yield generation and the flexibility of using funds without unlocking them. Overall, it is a cross-chain token with all the benefits of a stablecoin, coupled with continuous yield farming capacity with lower fees, lower risks, and faster speed.
Furthermore, the token enables the platform to further boost the yield by the distribution of governance tokens to rhoToken holders as a reward. rhoTokens are presently available on centralized and decentralized exchanges. C-Trade or Crypto derivatives exchange is among the first centralized partners of the token, where token owners can purchase Ethereum and Bitcoin with rhoToken, or even use it as collateral.
As for decentralized exchanges, the token is available on major exchanges like Sushiswap and Uniswap. The protocol aims to take it one step further, by approaching well-known payment services and providers, which include MasterCard and Visa.
FLURRY
Known as the governance token within the platform, FLURRY is responsible for the centralized control of the algorithm. This includes removing and adding all types of yield-farming strategies, stakeholder control, community management, and risk factors assignment for given strategies.
Currently, FLURRY finance users have to pay minting, management, and redemption fees, where governance token holders will receive a considerable percentage of those fees.
More Protocol Mechanisms
Flurry Finance’s overall mechanism revolves around 3 key practices within the platform; namely minting rhoTokens, Automated Yield Farming, and Rebasing.
Minting rhoTokens – participants can convert stablecoins like USDT, USDC, and BUSD to rhoTokens, backed 1:1 respective of the value.
Automated Yield Farming – FLURRY’s decentralized ecosystem actively and automatically generates yields through the issuance of stablecoins, which are backed into different DeFi protocols. Namely, Aave, Dydx, CREAM, Harvest, and Compound; all of whom are well-known borrow/lending solutions.
Rebasing – Under this feature the price of rhoTokens is always ensured to stay constant and directly proportional to the value of backed tokens. The feature ensures that the growth of rhoTokens successfully reflects the yields earned by the protocol in every user’s wallets.
Conclusion
The recent emergence of DeFi has gifted the blockchain world with efficient protocols like FLURRY, facilitating yield generation and stablecoins backed transactions. This provides different avenues for blockchain enthusiasts, allowing them to make the most of their investments.
The platform’s governance and promotion tokens (rhoToken and FLURRY) allow for simple and automatic mechanisms benefiting the entire FLURRY community. FLURRY finance effectively addresses the problems currently dragging DeFi; as its team of engineers managed to implement successful strategies in regards to gas cost, user experience and funds lock up.
The protocol’s continuous consistency, marked by price stability, income, and flexibility sets the solution ahead of its competitors. Without any shadow doubt, FLURRY is the best yield aggregator on the market.
