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As users deposit stablecoins to the Flurry Protocol, the smart contract places them in the USDT vault, USDC vault, or BUSD vault, and the vaults’ contract mints the corresponding rhoTokens on a 1:1 basis. These rhoTokens are deposited in the users’ wallets.
All stablecoins received will be rebased and deployed everyday according to the Flurry Protocol algorithm.
The Flurry Protocol will maintain a certain amount of cash on hand in order to facilitate smaller redemptions.
When users redeem their rhoTokens for stablecoins, the corresponding vault will burn the rhoToken, and return the underlying stablecoin to the user’s wallet.
More can be referenced on the flow of funds about Lending Protocols of Flurry by the portal below: