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Satoshi Club

Flurry x Satoshi Club AMA Recap from 2nd of August

Hello, Satoshi clubbers! Another AMA took place in Satoshi Club and we would like to introduce to you the AMA session with our friends from Flurry and our guests were @Mike_Ting, and @lawrencewong — representatives of Flurry. The AMA took place on 2nd of August.

The total reward pool was 500$ and has been split into 3 parts.

In this AMA Recap, we will try to summarise the most interesting points for you.

Part 1 — introduction and questions from the Website

Hello Satoshi Club! We are happy to announce our AMA session with Flurry! Welcome to Satoshi Club

Today our guests — @Mike_Ting and @lawrencewong !

Hey guys, glad to have you here !

Hello Everyone!

Thanks for having us

Welcome here

Hi everyone! Thanks for having us!

Nice stickers

Haha, excited to be here. happy to share more about Flurry.

We are happy to see you here today guys! And… Let’s go and start our AMA

Sure. Looking forward to it.

Could you please introduce yourself and tell us more about Flurry?

Sure. Let me start first.

My name is Mike Ting. I am CEO of the project. I came from the traditional banking world. Spent most of my career in trading stock and derivatives in the Hong Kong, Korea and Singapore market. Worked at banks such as JP Morgran and Societe Generale

Wow, familiar names

how did you get involved in crypto?

Around 3 years ago, I entered the crypto space around 3 years ago because i was impressed with blockchain technology. and in summer 2020, DeFi was really hot and I started to feel Defi started to bring a lot of application scenario to Blockchain

Oh, i see

I believe there is a lot of opportunities that we can recreate traditional financial products in a decentralized way using blockchain. that is why started to look into DeFi.

and it was when we start Flurry.

Awesome background!

Hi guys, my name is Lawrence Wong and I am the co-founder and CTO of Flurry. I have a mixture of tech and trading experience in developing trading systems, pricing and trading fixed income and equity derivatives from various positions held in trading finance institutions such as Barclays Capital, KBC Financial Products and Daiwa Capital Markets.

I also founded my own trading company, doing low latency trading in equity derivatives.

I was first exposed to crypto and blockchain in 2017. Didn’t take part in the 2017 BTC rally but I saw the potential in blockchain and I knew it was going to be a game-changer.

In 2018, I started exploring the crypto and blockchain space in 2019 and I joined FinFabrik, a startup based in Hong Kong to develop a digital assets platform on Corda, a private blockchain. I wanted to understand first-hand the challenges to digitise off-chain assets and also explore whether a public chain or a private chain is more suited for tokenising real-life assets. This is going to be a big deal as the trend is already showing more assets will be digitized and exchanged online.

The explosion of DeFi is really encouraging and opening a lot of opportunities. The success of DeFi shows that gradually, each function in traditional finance is being reinvented in the crypto space.

With our tech and trading background, we are in a good position to do something innovative and help contribute to the growth of DeFi and overall in this emerging crypto industry!

Flurry is about enhancing the usability of DeFi and making the yield generation process as simple and convenient as possible so that everyone can participate!

Definitely yes

That is a brief description of Flurry and the team. Thanks.

How big is your team?

We are a team of over 10 people and we are expanding.

Nice number!

Thank you for your detailed intro, guys!

And we choose 6 questions for the first part of our AMA

are you ready to start with them?

Q1 from Telegram User @h1drX

Sure. There are two main features that differentiate us from others. First, it is our unique way of distributing interest. In other yield aggregators, interest is usually paid through the deposit token value

since the deposit token value changes with the accrued interest, the deposit token is thus not usable and users have to redeem, which incurs cost and the experience is not good. however in Flurry, we are paying interest through a rebasing mechanism. we pay users through increasing the supply of deposit tokens (we call them rhoTokens in Flurry). in this way, we keep rhoTokens pegged 1:1 to the underlying stablecoin and our rhoTokens thus are stable and can act as a medium of exchange.

In other words, users can spend the deposit token directly while earning interest. As a result, there is no more lock up!

The other unique feature of flurry is that we are a cross chain solution. Flurry is the first protocol that offers yield farming cross chain. For example, holders of our stablecoin rhoUSDT, can hold his coin on Ethereum, while earning DeFi interest from Binance Smart Chain, MATIC or SOLANA

Flurry takes care of managing user deposited stablecoins as one global pool of funds across different chains.

Interesting system! Are you first who is implementing such kind of system or it was already used by another project?

Yes, we are the first to wrap around single stablecoin.

I think o3swap offering something like this already, did you heard about this project?

Yes. but they are cross chain swap.

we actually are talking to them to work together and transfer funds cross-chain using their cross-chain swap function.

announcement will be made soon. please follow us on Telegram to stay tuned

It would be nice collaboration

Yes, they are cross-chain token swapping, whereas Flurry is a yield aggregator and gives you the best return in terms of best lending return.

Nice news, guys!

It’s really something new in yield farming

Hope we will be able to try all your features very soon! @Cool_as_Ice a big lover of farming

Ready for the next question?


Q2 from Telegram User @kimzyemma

I think our plan is to migrate to DAO in 18 months. After that, flurry tokens owners will vote on the addition/removal of yield products and also the management fee level and exit fee.

Flurry is a decentralized open source protocol. Anyone can see how our smart contracts are implemented on-chain, so our logic and completely transparent.

We are building the DAO logic, which will eventually allows FLURRY holders to vote on important parameters of the Flurry protocols such as Fees, which DeFi protocol to integrate next, and how the logic can be improved.

Which rights you will leave for yourself?

I mean after that 18 months period?

But first, we need to implement all the functionalities first! And we will be doing that in an incremental fashion.

There will be no rights left for ourselves after we migrate to DAO.

totally decentralized from that point onwards.

Real DAO

Our smart contracts are upgradeable. During this period, the team has the ability to upgrade the smart contracts to roll over more functionalities and features

We currently integrate to 5 DeFi protocols, some on Ethereum and some on BSC.

But we aim to support a big list of protocols (in order to give our users the best return!).

What will happen next? Contracts will not be upgradeable? Or you mean all upgrades will happen only after DAO decision?

Also we still building out the cross chain capability, so at this current stage we need the admin control to upgrade our contracts.

Yes once all the functionalities are stabilized we shall be renouncing our control. I imagine that would be within the next 18 months.


Do you want to add something or we can go to the next question?

We are done. thanks.

Appreciate for the great answers! let’s go to the next question!

Q3 from Telegram User @orlemys

In the beginning, we will have Aave, Compound on the Ethereum chain and Cream on the Binance Smart Chain. We are also looking to implement Aave on the Matic network and be the first cross chain yield aggregator between Matic and Ethereum.

We have plans to add Venus on BSC as our next product to add.

On the yield farming side, to encourage users to adopt rhoTokens, Flurry will distribute extra rewards in Flurry tokens for rhoTokens owners. rhoTokens owners can then stake the Flurry tokens to earn extra Flurry tokens (we call it “SnowBall”).

How this yield farming will happen, can you explain in details?

did you already prepared some guidance for your users?

We also have uniswap LP staking reward for users who provide liquidity on uniswap.

Sure. For the rhoToken staking rewards, user basically has to do nothing.

As long as they hold rhoToken, they will earn the flurry token in reward.

Simply hold, right?


What mike mentioned is the first kind of staking. Yes simply hold rhoToken and you will be reward FLURRY tokens

Ohhh, i like it!

The 2nd kind of staking is FLURRY token staking. In order to encourage users HODLing FLURRY, if you stake your FLURRY tokens to our smart contracts, we will reward you with more FLURRY!

A fixed amount of FLURRY is given out per block, and FLURRY stakers will be rewarded according to the portion of their stake to the total staked amount.

Rewards everywhere

The 3rd kind of Staking rewards is LP Token staking.

People who will join your project earlier will get more chances for more rewards in Flurry token?

We encourage users to engage our ecosystem, if you supply liquidity to an AMM pool like uniswap, on a trading pair that involves either the FLURRY token or one of our rhoTokens.


Nice! I see you prepared a lot of incentives for your users

As long as any of our tokens are involved. If you take that LP Token and stake it in our smart contracts, we will reward your participation, again with more FLURRY!

as for the question on when we will reach our full potential…. currently we are only integrated to a few protocols.

but we will be adding more protocols, not just on ethereum but on other chains. We anticipate more DeFi pools will pop up on newer and faster chains

By the way, do you take any fees from users for aggregation of all those protocol on Ethereum and BSC?

Then we will be able to achieve our full potential, as we always give the users the best return across the whole DeFi market!

We take fees. but we pool assets together and do it in one transaction.

that result in average lower fees for our users.

Which fee do you charge? Can you tell us?

That’s nice

We are initially charging 10% on the yield Flurry generate for our users

Got it

Thank you, guys! Very detailed explanation! Ready to jump to the next question?


Q4 from Telegram User @Highpee

The difference in consensus mechanism is not the reason we have duo MVP testing on 2 testnets.

The main reason for multiple testnets is due to the fact that we are integrating with different DeFi protocols.

On testnet each of this protocol deploys their own stablecoin, e.g. USDT. The USDT used by Compound on Ropsten is NOT the same coin as the USDT used by Aave on Ropsten. Hence we are not able to fully replicate the scenario where one underlying stablecoin is supported by both protocols.

Because of this, on Ropsten we only use our strategies with Compound, and on Kovan we only use Aave V1 and Aave V2 strategies for testing. This is a side effect of how the testnet for other protocols are set up.

The result of this is that users would not be able to test how the algorithm switch funds between 2 defi protocols. To do that we have created our own testnet — the flurry testnet, which is initialized by forking from the mainnet. That deployment would be the closest simulation to production and we will be opening this testnet to designated testers.

Still, on public testnets, (i.e. Kovan and Ropsten), user can easily get some test stablecoins (USDT, USDC) and try mint rhoTokens (rhoUSDT, rhoUSDC). They can play around with our interface to see how the money is managed by the Vault smart contract. They can also see our rhoToken balance grow automatically everytime the rhoToken is rebased (currently set to every 5 mins for testing purposes on Kovan).

In regards to benefits / rewards for earlier testers, yes we will be announcing a reward programme on one of the testnets. Please stay tuned for announcements on our official channels!

So, everyone can test your platform now

can you give us a link to it? And also, can you tell us where we can get test coins to try it?

Sure our testnet is on

On there we also provide a link for users to easily get test stablecoins. We have also written a walkthrough article on Medium, explaining step by step instructions on how to test the flurry protocol!

That’s a great incentive to try

right, Satoshiclubbers?

Thank you for sharing!

Now we are ready to test! Btw, how long do you plan to stay in testing stage?

We are having our smart contract audited now. Mainnet launch should be ready after the audit is completed. Should be around end of Aug

In curious if some of the protocols which you aggregate got hacked, and hacker stole some USDT from one of those protocols since USDT is underlaying asset for rhoUSDT, will this hack affect value of rhoUSDT? and this asset will be not tradable?

So, not so long to wait

unfortunately, this will affect us, just like any other products that use that particular protocol. However, this is the only risk that Flurry is exposed, whereas other yield aggregators are exposed to more than this risk, like their peg maybe broken as in other algorithmic stablecoin, the peg is not 100% backed by the underlying stablecoin, like Flurry. So in this sense, Flurry is exposed to less risk than other yield aggregators

Got it! big thank you for the answer!

Honest answer! Hope nothing like this will happen

Thank you, guys! Ready to proceed?

Q5 from Telegram user @Visher_keen

Yes. First of all, we use stable coins because we want the value of the rhoToken to only increase, and NOT decrease.

This enables use cases such as using rhoToken on a limit order in a centralized exchange.

imagine if have a limit order on Binance to buy BTC at a certain price. The exchange has to put aside certain rhoTokens to guarantee the settlement of the limit order, should it get filled.

this would not be possible if the thoToken’s value can decrease.

on engaging in only stablecoins, we are able to guarantee that rhoToken value is always AT LEAST worth 1 or more than 1 underlying stablecoin.

Flurry is rewarding users who provide liquidity but not the one to provide liquidity in an AMM pool. So rhoToken owners will not be exposed to the impermanent loss.

Which volatility do you expect for thoToken ? Will it be more like stablecoin with minimum volatility?

Very good to hear this

for many IL is an issue.

Yes, rhoTokens are stablecoin pegged 1:1 to the underlying stable. so there will be minimum volatility with respect to the underlying stablecoin.

It’s a pleasure to have such asset in portfolio

Ready for the 6th and last question from this part?


Q6 from Telegram user @ambbobb

I am quite sure about what the question is asking. But to avoid spammers, we make regular announcment on our Twitter and TG channel when we found any scam.

We have both private and public round. btw, we have not made any announcement about first come first serve. so be aware of that.

we will make announcement regarding public sale soon. Please follow us on Twitter ( and join our announcement channel ( on Telegram to stay tuned.

Ok, guys! I hope we will see that announcement soon

Part 2 — live questions from the Telegram community

Q1 from Telegram user @jocelyn_franky

Yes, we charge 10% on interest earned from DeFi protocols. Out of the fees collected we will be using part of the profit to buy back FLURRY from the market and redistribute to Flurry stakers. This not only further rewards FLURRY holders, but also support the market price of FLURRY.

Q2 from Telegram user @Gutike95

absolutely not. we will add more stablecoin to our list as long as the stablecoin is safe, liquid and popular. This is the beauty of Flurry. We can wrap around any emerging stablecoin to grant them the interest generation capability.

Q3 from Telegram user @KASG95

I think the size does not really matter. it is more the risk profile of the stablecoin owners. We understood that currently, Defi is used by mainly traders (or we call them degens) who are chasing the best yield through leverage and other riskier strategies. however, there is a big group of stableowners who are not as tech savvy and who are interested in stable income with lower risks. This is the group Flurry is targetting and we want to help all these non tech savvy people because we believe DeFi should be for everyone!

Q4 from Telegram user @jonathan_tross

Smart contracts on program on the blockchain. On its own they cannot modify the state of the blockchain. They require an external party to trigger an execution by submitting a transaction. However our solution is decentralized, so we do not want to rely on any centralized party to trigger our smart contracts. The rebasing mechanism in our smart contract needs to be called via a daily on-chain transaction in order to execute. This function is operated on Chainlink Keepers in order to decentralize and automate the process which is reliable.

The Chainlink Keeper service is a new service recently launched on Chainlink and they provide a decentralized solution to trigger smart contract execution. We have partnered with them and will be using this feature to fully decentralize our solution! Their network of nodes are reliable enough to keep prices ticking, even durable the last 2 down swing of BTC. So we have the confidence that they will be the most reliable decentralized infrastructure we can utilize!

Q5 from Telegram user @Wong2008

Yes visit

and also read our walkthrough article on medium!

Q6 from Telegram user @Lena_V10

Just BUY and HODL rhoTokens from uniswap! then earn interest automatically in your wallet! Can it be any simplier???

Q7 from Telegram user @Annodam1_0

There are 3 main long-term goals in Flurry. First, as we said, we want to bring in non Defi users to the Defi space. We want to bring in more TVL to the DeFi ecosystem such that the whole Defi space benefits from having Flurry. Second, we want to bring rhoTokens to mass adoption. We believe the old way of minting, redeeming to earn interest is inconvenient and costly. If rhoTokens is mass adopted, then users do not have to redeem anymore but can trade and settle directly in rhoTokens. In this way, users stablecoin are never idle and earn interest for their owners all the time. We think this is a much more cost efficient and convenient world for stablecoin owners. And finally, we wanna achieve cross chain such that users do not have think about what chain they wanna be in. they can earn interest on different chains automatically and continuously.

Q8 from Telegram user @Tanas0707

Flurry will charge initially 10% on the yield generated for our users. Part of this income will be used to buy back Flurry tokens in the market and put them back in the staking pool to reward Flurry owners who stake. In this way, the buyback is providing support to the price. the distributed part is encouraging people to stake and not sell the flurry tokens.

Q9 from Telegram user @orlemys

No, the value of a rhoToken does not change at all. Its always backed by 1 underlying stablecoin. e.g. 1 rhoUSDT is backed by exactly 1 USDT always! when you earn interest, you will just get MORE rhoUSDT! . At any moment, you can take your redeem rhoUSDT by burning rhoUSDT and get back the underlying USDT. No conversion price is involved!

Q10 from Telegram user @cung54

Yes, we do take into account of community feedbacks and demands. that is why we will have different campaigns for users to try out our product and give us any comments or suggestions. We appreciate users feedback a lot and please feel free to let us know your thoughts. that is how we can keep improving and achieving our goal. That is to make DeFi user friendly so that everyone can participate.

Part 3 — Quiz Results

In the final part, we tested your knowledge in terms of Flurry. They’ve prepared 4 questions for this part. The total reward pool for the quiz was 300$.
English Telegram group:
Russian Telegram group:
Spanish Telegram group:
Telegram Channel:

Flurry Telegram community:



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