Gate.io AMA with Flurry-The Future of Yield Farming

Time: Sep 3rd, 2021, 14:00 UTC
Gate.io hosted an AMA (Ask-Me-Anything) session with Mike Ting,CEO of Flurry and Lawrence Wong,CTO of Flurry in the Gate.io Exchange Community.
Official Website: https://www.flurry.finance/
Telegram: https://t.me/FlurryFinance_Official
Follow Flurry on Telegram and Discord

Guests

Mike Ting — CEO of Flurry

Lawrence Wong — CTO of Flurry

Q&A from Gate.io

Q1: Ok so first could you explain to us…What’s Flurry Finance?

Mike: Flurry strives to enhance the usability of DeFi products. Despite the blinding speeds of innovation in the DeFi space, advances in technology often outpace the equally crucial improvements in user experience resulting in entry barriers and adoption hurdles. Our team at FLURRY believes that investment opportunities should NOT be reserved only for tech-savvy crypto enthusiasts but for everyone.

In this journey to make DeFi operations user-friendly and accessible for all, we introduce rhoTokens. We call it rhoToken because rho is a greek alphabet representing interest rate. It is a cross-chain token that will use the underlying stablecoins to continuously participate in yield farming with lower fees and diversified risks. We automate the tedious task of locking/unlocking and switching in and out of DeFi products on different chains to generate yield.

Most importantly, rhoToken is pegged 1:1 to the backing stablecoin and thus can act as a medium of exchange. In other words, no more lock-up!

Q2: But there are other offerings…How is it different from what’s on the market?

Mike: One of the most significant features of Flurry is its Rebasing Mechanism. Flurry has a different interest distribution mechanism from existing yield aggregators. The yield generated in Flurry is distributed through increasing the supply of rhoTokens.

With a changing value, deposit tokens cannot be used as a medium of exchange and thus your funds are locked up while earning interest. But in Flurry, 1 rhoUSDC is always pegged and backed 1:1 by the underlying USDC and thus rhoTokens can be spent the same way as stablecoin. In other words, rhoTokens can act as a medium of exchange and owners do not need to unlock funds before spending them.

Lawrence: Apart from the rebasing mechanism, another significant feature of Flurry is cross-chain interoperability.

Current yield aggregators are limited to Ethereum based products or work on a single chain, whereas Flurry is targeting to work cross chain to look for the best yield after cost on different chains.

Think about it. Ethereum stablecoin owners can earn interest on another chain e.g. Matic without worrying about all the hassle of transferring their stablecoin cross-chain through bridges and the complicated minting/ redemption process. All they have to do is to convert their stablecoin to rhoTokens. It is super simple and convenient to use.

Q3: Now tell us, how would the users who hold rhoTokens on Ethereum be harvesting yield from Aave on Matic or other chains?

Lawrence: We have two tokens: rhoTokens and Flurry Tokens.

rhoToken is the cross chain stablecoin with continuous yield farming capability. rhoToken owners enjoy the flexibility, stability and passive income of rhoTokens.

Flurry token is our governance token. Flurry tokens owners will be entitled to vote on the yield generation strategies addition / removal in the long run. Flurry token owners can also stake to enjoy the management fee income generated by the Flurry protocol.

Now let me explain how interesting earning on the RhoToken works.

Let’s say we deploy users of stablecoin into Aave on MATIC.

When interest is generated, the rhoToken will be “rebased”. This works by issuing more rhoTokens to reflect the appreciated value of the stable coins held under the management of the protocol.

The global supply of rhoTokens increases and hence we use the term ‘rebase’ to represent rebasing of a currency.

We use bridges (fx-portal) between the MATIC and Ethereum chain to synchronize smart contract states and this effectively rebases the supply of rhoTokens on the Ethereum network as well.

Each rhoToken holder will be allocated more rhoTokens according to their share of the total supply, and hence they will see their rhoToken balance increase in their wallet.

Q4: And to wrap it up before we move on to questions from our audience…what has been the latest for you guys and where are you going now?

Mike: The latest news of Flurry Finance is definitely the public sale of FLURRY tokens.

We are excited to have the launch of Startup IEO on Gate.io in the coming week on 5 September.

Registration begins from 8am UTC to 6 September, 8am UTC. Do check it out on our medium page and of course the Gate announcement as well. (https://medium.com/flurry-finance/flurry-startup-ieo-launched-on-gate-io-8074a51bebfb )

FLURRY will be live for trade on Uniswap, Pancake & Gate.io on 6 Sep!

Other than that, we just announced a new collaborations with kyber network, ensuring the sufficient supply and demand from the KyberDMM liquidity pool: https://coinmarketcap.com/headlines/news/After-Polygon-partnership-Flurry-Finance-joins-hands-with-Kyber-Network-to-optimize-yield-farming/

Plus the partnership with Polygon - where the Flurry protocol will be able to automate the yield farming on DeFi products on Matic: https://cointelegraph.com/press-releases/flurry-finance-partners-with-Polygon-for-optimized-yield-farming

Meanwhile, our testnet is launched on https://testapp.flurry.finance/ for interested users to have a sneak peak into the use of rhoTokens & Flurry token. APR rates are tapped into the testnet network. As Lawrence has mentioned before, we will launch an updated testnet version before we launch the product.

As for our community, we have successfully built up to over 50K community group Flurry Finance (Official) at https://t.me/FlurryFinance_Official . What we’ve anticipated, but felt quite helpless on is the part where we see the scammers using our identity to lurk for funds, which we are doing the patrol ourselves as well, warning communities about this frustrating news of “new fake groups” or “new fake identity”, everyday.

We hope to bring the goods to the community, and that reminds me, our community admin won’t DM you whatsoever, in anyways, please beware! All notable dates have been published on our medium IDO session as well, do check out the details from there: https://medium.com/flurry-finance/ido/home