rhoToken or $FLURRY?
DeFi has taken the world by storm…
The crypto space witnesses the rise of exciting projects geared towards creating an open, blockchain-based ecosystem. Concepts like crypto-backed lending/borrowing, staking and yield farming have opened up a plethora of financial opportunities for participants. Thanks to DeFi, anyone with an internet connection can now become actively involved in the space without hassles.
How is the Flurry protocol supporting the crypto ecosystem?
RhoTokens
rhotokens are cross-chain stable tokens designed to earn interest for holders through continuous yield farming. RhoTokens are pegged 1:1 to their underlying stablecoins. The Flurry protocol follows an automated process which searches for the most profitable strategies for generating yield automatically and continuously, so you don’t have to worry about swapping tokens to retain value in your investment.
Stage I: Launching rhoTokens (i.e. rhoUSDC, rhoUSDT, and rhoBUSD) on Ethereum mainnet and Binance Smart Chain (BSC).
Stage II: Attaining cross-chain interoperability through support for ETH, BSC, Polygon (formerly Matic), Solana and up-coming DeFi-friendly chains.
The protocol handles everything automatically. Simply mint for rhoTokens by depositing corresponding stablecoins (USDT, USDC BUSD). Flurry will actively monitor yield products cross-chain to generate the best yield at minimal risk to rhoToken holders.
The protocol will cycle through various yield products, including Compound, Aave, Curve, Venus and dYdX and m. More liquidity sources will be added, so everyone can maximize crypto profitability.
However, rhoTokens are one half of Flurry’s system. The other equally important half is $FLURRY.
$FLURRY
$FLURRY mainly serves as the governance token of the Flurry Protocol. FLURRY holders will participate in protocol governance through a decentralized voting process. Among other decisions, token holders will be able to vote on adding/removing new yield farming strategies and assigning risk factors to different strategies.
Over time, the governance model will migrate to complete community and stakeholder control once the platform builds up the momentum.
$FLURRY holders will also enjoy a share of the fees paid by users (0.5% minting fee, 10% yield management fee and 0.5% redemption fee). The remaining income generated from these fees will go to buy back and burn $FLURRY tokens.
Typically, yield aggregators give out tokens with a changing value, and users are forced to lock up their holdings. Flurry’s unique proposition lies in its reward mechanism: generated yield is distributed in rhoTokens. Say, you deposited 500 BUSD at a 5% interest rate. You’ll have 525 rhoBUSD in your wallet, redeemable anytime.
Rebasing mechanism
The Flurry protocol employs a rebasing mechanism to adjust the rhoToken supply, ensuring 1 rhoToken is always equal to 1 unit of its corresponding stablecoin.
In other words, you can use your minted rhoTokens as a medium of exchange and you don’t have to lock up your funds since rhoToken is pegged 1:1 to the underlying stablecoin.
Flurry aims to improve the usability of DeFi products with its smart solution to enable everyone to reap the benefits of investment opportunities & boost DeFi adoption.
The myriad opportunities present in the crypto space should be enjoyed by everyone, both crypto rockstars and newbie investors.
For more details, checkout our Whitepaper!
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