The Mechanisms of Flurry Protocol and rhoTokens

The world of DeFi has grown tremendously in the last couple of years. Today, DeFi products such as stablecoins, yield farming, staking, investing, and liquidity mining are hard to use for newcomers. They are time-consuming, hard to comprehend, and expensive to use for those who are not already familiar with them. Flurry Finance is looking to simplify the complexity while maximizing gains in the stable assets market.

Introduction to Flurry Finance

Flurry Finance is part of a growing ecosystem across different chains. It aims to bring the rewards of yield farming stable assets, while at the same time, remove the hassle of un-staking, re-staking them, and having to pay gas fees when trying to maximize yield for stablecoins.

Flurry Finance is a novel yield aggregation platform. We aim to search across the DeFi space for the best yield ratios for its users. rhoToken is a 1:1 token that’s minted by exchanging tokens on the platform.

How can Flurry Simplify Yield Farming for Stablecoins?

Let’s look at the process with an example.

1. A user deposits stablecoins in the Flurry Protocol (in this case we use USDT), they will get rhoTokens as proof of their deposit at a 1 to 1 exchange ratio. The user deposits 100 USDT, he/she will get 100 rhoUSDT in return.
2. The Flurry Protocol will pool all deposits together and will invest in different yield farming products (protocols) in the DeFi space. We’ll use Binance Smart Chain DeFi products for this example.
3. The Flurry Protocol would access the Annual Percentage Rate (APR%) of different DeFi yield farming protocols. Flurry finance tabulates the risk factors, gas fees, etc. before coming up with an investment allocation on those products to ensure a high-interest return.
4. The Defi products will work on the yield farming, whereas the interest earned will be reflected in the Flurry protocol. Let’s say the user’s 100 USDT was put on two different DeFi platforms on BSC where the total yield farmed (interest earned) was 5 USDT in total.
5. Based on the interest earned, the Flurry Protocol will be triggered daily to mint more rhoUSDT and match the interests accrued. Users will see the rhoUSDT in their wallet grow every day and reflect the yield (interest) earned to that particular point in time.
6. Meanwhile, 10% of the interest earned from the deposits of the original USDT will be charged as a management fee.

7.1 Part of this fee will be used to buy back FLURRY tokens in the market to support the price of the FLURRY token. The FLURRY token bought back will then be placed again in the FLURRY snowball (staking) pool.

7.2 Part of the management fee will be kept as reserve for the sustainable ecosystem.

8. rhoToken users will be able to enjoy the FLURRY reward during the campaign period from the launch of rhoToken on 11 October to 30 November 2021.

In the end, the FLURRY tokens will be benefiting from the 10% management fee. The fee is used to decrease the circulating supply of FLURRY tokens and support its value. The FLURRY tokens holders will be rewarded back with more FLURRY tokens from the snowball pool.

Conclusion

DeFi is one of the great promises of crypto and blockchain technology. Yet, it remains held back by its complexity of use and cost to begin using it. By removing as many barriers as possible, more people will take the first step and enter the DeFi industry.

Flurry Finance’s mission is to eliminate as many barriers as possible from DeFi so new users feel confident enough to use it. By doing so, Flurry Finance is not only expanding the DeFi user base for itself but also contributing to the entire growth of the industry and advancing blockchain adoption.

About Flurry Finance

FLURRY is a DeFi protocol offering yield aggregation with rhoToken, which is pegged 1:1 to its underlying stablecoin. It automatically farms for yields without locking up funds or interest earned by diversifying DeFi product risk, resulting in lower gas fees.

We automate the tedious task of locking/unlocking and switching in and out of DeFi products on different chains to generate yield. Current yield aggregators are limited to Ethereum based products or work on a single chain, whereas FLURRY aims to work cross-chain to look for the best yield after cost on different chains.

Contact Us

Twitter: https://twitter.com/FlurryFi
Telegram: t.me/FlurryFinance_Official
News Channel: https://t.me/FlurryFinance_News
Website: https://www.flurry.finance/