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Introducing Flurry Finance
The future of yield farming. Earn, Trade, Spend, and more to come.
FLURRY For The Masses
Flurry Finance is the future of yield farming. The Flurry Protocol is a yield aggregator that provides earn, trade, and spend with stability, flexibility, and ease!
No lockup periods, nor technical barriers, it offers a better user experience on DeFi that allows you to use your tokens as a medium of exchange while earning yield.
There are two types of tokens involved under the Flurry Protocol:
- rhoTokens (rhoUSDT, rhoUSDC and rhoBUSD)
- FLURRY governance token
What is Yield Farming?
Overall, Yield Farming is the process in which lenders are paid interest fees for lending their tokens to different lending protocols and DeFi exchanges, usually for fixed periods of time. This is done at scale in order to create liquidity pools out of the lent tokens that allow the exchange of one asset for another at a rate close to the quoted price on the protocol or exchange.
In traditional finance, Market Makers handle the liquidity necessary to facilitate an exchange between investors looking to buy and sell assets close to a certain price. They can be firms or individuals who quote both sides of the sale and provide the necessary funds to make the exchange happen, earning a margin on the spread.
In Decentralized Finance (DeFi), the process is handled by Automated Market Makers (AMM), a protocol that draws from liquidity pools to facilitate the exchange, where the funds won’t be centralized under the Market Makers but scattered all over in the crypto space.
In other words, Yield Farming is the interest earning process on blockchains using cryptocurrency.
Issues in existing yield aggregation
In many current DeFi products, exchanges, and yield aggregators, users exchange their various crypto-coins for deposit tokens.
These tokens increase in value over time, accruing yield as it is farmed. Once users are ready to exchange their higher value deposit tokens back, usually after a defined lock-up period, they can swap back for a higher amount of their originally deposited crypto coins, or exchange for other assets.
Users looking to gain interest on coins and tokens by yield farming are hit with four main issues:
Fragmentation
Different DeFi products generate different yields and each one of them has a different mechanism of generating that yield. Different yields are presented and calculated using different conventions and mechanisms, making it difficult to compare two yield return figures directly when deciding on which to invest in. In addition, these mechanisms are are not easy to understand without technical background knowledge and the risk involved also varies across different products.
High Gas Costs
With the rapid rise of DeFi, the Ethereum network is congested. Ethereum transaction fees have shot up to new highs in 2021. These high gas fees are simply not cost justified for users to move small amounts in and out of different DeFi products.
Fund Lock Up
When depositing funds in different DeFi products, users are given deposit tokens (akin to a deposit receipt). Since these deposit tokens have changing values that vary with accrued interest, the tokens cannot be used as a medium of exchange. Thus users have their funds locked while earning interest, and incur a cost to unlock their funds when they want to use it.
Unfriendly User Experience
Many innovative DeFi products operate on different blockchains and have different interfaces, leading to a user experience that is often lacking. Users may find it confusing to learn how to use different wallets and dApp interfaces. It often requires technical knowledge to understand yield generation mechanisms to participate in different yield farming products. This is a blocker for user adoption and prevents users from fully utilizing these innovative products and features.
The Solution ❄
Conceived of by a team that comprises of cryptocurrency veterans, serial entrepreneurs, and finance professionals whose experience and educational background include JP Morgan, Societe Generale, Barclays Capital, Stanford University, Cornell University and Imperial College London, Flurry aims to provide solutions to all of these issues by offering a cross chain yield aggregator that includes an interest distribution mechanism that allows you to trade your tokens while earning interest.
Enter: The Flurry Protocol. Flurry Protocol issues rhoTokens backed by stablecoins in 1:1 ratio. rhoTokens also equips the following benefits:
Automation
With rhoTokens, users do not need to go through the tedious process of locking/ unlocking and switching in and out of different DeFi products to generate yield. Flurry Protocol will do everything for users automatically and continuously.
Lower Gas Costs per User
Since FLURRY pool assets together and move funds in one single transaction, the average cost incurred per user is lower
Risk Diversification
FLURRY can diversify specific smart contract risk by allocating the pool of assets in different DeFi products, whereas it is not cost-justified for individuals to do on their own
Nice User Interface
FLURRY provides a nice user interface to give users a clear picture of how much interest they have earned, how the interest is earned and the allocation of the funds in different pools, etc.
Transparency
The process is transparent to users and users will see their wallet balance growing to reflect the interest earned.
Since rhoToken is pegged 1:1 to the underlying stablecoins, rhoTokens have the same value of the underlying stablecoins and can thus be used as a medium of exchange.
Flurry DApp
The Flurry Protocol has been fully integrated and on-chain in the Flurry DApp. Check it out to begin exploring a new and friendly way on crypto yield generation from the portal below:
Flurry | The Future of Yield Farming
Begin your crypto journey with Flurry Finance!
Now let us show you how Flurry works!
Last modified 3mo ago