Flurry Finance

FLURRY is the governance token of Flurry protocol, originated by Flurry Finance. Flurry is a DeFi protocol offering cross-chain yield aggregation with rhoToken, which is pegged 1:1 to its underlying stablecoin. It automatically farms for yields across different DeFi protocols without locking up funds or interest earned by diversifying DeFi product risk, resulting in lower gas fees.

Flurry Finance (FLURRY) is a DeFi protocol offering cross-chain yield aggregation with a rhoToken that is pegged 1:1 to its underlying stablecoin. It automatically handles crops across various DeFi protocols without locking up funds or interest generated by risk diversification of the DeFi product, resulting in lower gas fees.

Flurry Finance (FLURRY) is a protocol that aims to provide a token with the following features:

-Stable: The price does not fluctuate.

-Profitable: Automatically and continuously generates crops.

-Flexible: Can be spent as a medium of exchange, yielding interest, Cross-chain token with all stablecoin commodities plus continuous crop farming with diversified DeFi product risk and lower farming fees.

The rise of decentralized finance (DeFi) in 2020 has been so rapid that many are calling 2020 the year of DeFi. At the moment, the total value of blocked DeFi protocols is over $19 billion. This is almost a 20-fold increase in 11 months. DeFi protocols offer crypto enthusiasts various ways to profit. With the growth of Defi products, cryptocurrency holders can now earn a decent

return on their investment. However, there are several pain points in the current market landscape that need to be addressed:

Different DeFi products yield different yields, and each one has a different yield generation mechanism. This mechanism is not easy to understand without a certain technical background. The associated risk also varies from product to product.

With the rapid growth of DeFi, the Ethereum network is overwhelmed. Ethereum transaction fees skyrocketed to new highs in early 2021. High gas fees are not justified by the cost to users of moving small volumes in and out of various DeFi products.

The user experience of DeFi products is inconvenient. The process of participating in different yields of agricultural products, such as providing liquidity in liquidity pools or providing tokens in a lending protocol, is not convenient to use. Technical knowledge is also required to understand crop generation.

Users get back a deposit token (which is similar to a deposit receipt) when they deposit their fund into different DeFis. Because the deposit tokens have a fluctuating value along with accrued interest, the tokens cannot be used as a medium of exchange and thus users lock up their funds while earning interest. Users must unlock their fund when they want to use it, which comes at a cost.

Introducing the FLURRY protocol. FLURRY is issuing stablecoin-backed rhoTokens and looking for the best yield with transaction fees for your supporting stablecoins. With rhoTokens, users don't have to go through the tedious process of locking/unlocking and turning on and off various DeFi products to increase yields. FLURRY does everything for you automatically and continuously. The process is transparent to users and users will see their wallet balance increase to reflect the interest earned. Because rhoToken is pegged 1:1 to the underlying stablecoin, rhoToken has the same value as the underlying stablecoins and thus can be used as a medium of exchange.

In addition to automating the crop generation process, FLURRY offers other benefits that users cannot enjoy if they do it themselves:

Because FLURRY pools assets and moves funds in one transaction

FLURRY can diversify certain smart contract risks by spreading the pool of assets across different DeFi products, although it is not practical for individuals to do this on their own.

FLURRY provides a nice user interface to give users a clear idea of ​​how interesting they have earned, how interest is calculated and the distribution of funds in different pools, etc.

FLURRY is better than existing yield aggregators in two ways:

No blocking

FLURRY's interest distribution mechanism is different from existing yield aggregators. The income generated by FLURRY is distributed in the form of rhoTokens. For example, you deposit 100 USDC and earn 5% interest. In return, you will receive 105 rhoUSDC in your wallet. By increasing the amount of rhoUSDC, FLURRY ensures that 1 rhoUSDC is always equal to 1USDC, whereas in conventional yield aggregators like Yearn you get deposit tokens (yTokens) in return, which unfortunately has a fluctuating value due to accrued interest. With the change in value, deposit tokens cannot be used as a medium of exchange and therefore your funds will be locked up earning interest. But in FLURRY 1 rhoUSDC is always equal to 1 USDC and therefore rhoUSDC can be spent in the same way as USDC. FLURRY will work on providing use cases (such as trading on centralized and decentralized exchanges) for rhoTokens. In other words, users do not keep their funds under lock and key. They can trade, earning intermediate interest.

cross chain

Current yield aggregators are limited to Ethereum-based products, while FLURRY aims to work cross-chain to find the best return after spending on different cross-chains on the Defi protocol.

1. Minting rhoTokens

Users convert their stablecoins into rhoTokens using the FLURRY protocol. In step 1, we will launch rhoTokens on 3 stablecoins: USDT, USDC and BUSD. Each rhoToken is backed 1:1 by the stablecoin it represents:

-rhoUSDT backed 1:1 by USDT

-rhoUSDC backed 1:1 by USDC

-rhoBUSD backed 1:1 by BUSD

2. Automated crop cultivation

FLURRY generates revenue by distributing supporting stablecoins across different DeFi protocols:

Borrowing / lending

-Compound

-aave

-Dydx

-CREAM

-Harvest

Bonus tokens from DeFi platforms

-Comp

-Farm

3. Rebasing

The income received is distributed among rhoToken holders by increasing the number of corresponding rhoTokens. This allows the price of rhoToken to remain pegged to its backing token 1:1. Users will see the number of rhoTokens in their wallets grow to reflect the yield generated by the protocol. For example, if a user grows by 1000 rhoUSDC and assumes APY is 12%, he will see his wallet balance grow from 1000 rhoUSDC to 1010 rhoUSDC (he earns interest of 1000 * 12% / 12 = 10) in a month. Thus, 1rhoUSDC is always equivalent to 1USDC in value, while in other yield aggregators, the deposit tokens will change in value with accrued interest, which makes the deposit tokens unstable in value and, therefore, unsuitable for use as a medium of exchange. this distinguishes FLURRY from other harvest aggregators.

4. Activate rhoToken

Users can redeem the underlying rhoToken at any time with a withdrawal fee.

In the first phase, FLURRY will be built on Ethereum as Ethereum continues to be the largest DeFi ecosystem with the best source of income.

However, if the gas cost issue persists with all the upcoming upgrades, we will move our project to Binance Smart Chain to take advantage of the lower transaction cost and therefore higher return after cost. Since Binance Smart Chain is EVM compatible, switching should be easy.

In the long term, we aim to deploy FLURRY on other chains such as Cosmoand Polkadot which offer cross-chain capability so that FLURRY can seek cross-chain fee-adjusted yields across different chains to provide the best return for our rhoToken holders.

The value of FLURRY lies in the profitability and flexibility of using the fund without unlocking. Thus, we will promote rhoToken from two points of view:

1. Generate yield

In addition to finding optimal risk-adjusted returns for our users, we will further increase returns by distributing our governance token to rhoToken holders as a reward at the outset.

2. User cases

The current main use case for stablecoins is still trading. Therefore, our first step is to create markets where rhoTokenown holders can trade whenever they want:

Centralized exchange

We will have C-Trade (crypto derivatives exchange) as our first partner to have markets for rhoToken compared to other cryptocurrencies.

rhoToken holders can buy Bitcoin, Ethereum with their rhoToken. They can also use their rhoToken as collateral to trade

Bitcoin/Ethereum derivatives.

We are talking about more centralized exchanges to have markets on rhoToken. We think it's not hard to convince market makers to provide liquidity because the risk involved is the same as for underlying stable pairs.

decentralized exchange

We will list our rhoToken on popular DEXs like Uniswap, Sushiswap, etc.

Our second step is to contact payment service providers with a request to accept payment in rhoToken. Popular payment service providers such as Visa and Mastercard already accept payments in stablecoins such as USDC. Since our rhoToken has inherently the same value and risks as the corresponding stablecoins, we can use basic eligibility to reach out to payment service providers.