Friday, September 24, 2021
HomeCryptoNewsZCross-Chain Yield Farming Platform Flurry Finance Completes IDO and IEO

Cross-Chain Yield Farming Platform Flurry Finance Completes IDO and IEO

The cross-chain yield farming platform Flurry Finance has announced the successful completion of its recent IDO and IEO on September 6, launching its FLURRY governance token on the Ethereum and Binance Smart Chain networks initially.

Following the IDO and IEO launch, the token is now available for trading on the popular Ethereum DEX Uniswap, the largest Binance Smart Chain DEX PancakeSwap, and the well-established Gate.io cryptocurrency exchange.

The public sales come after a seed round investment from partners such as Genblock Capital, Black Dragon, One Block, and AU21 Capital.

Delivering Cross-Chain Yield Aggregation

Developed by a team composed of graduates from Cornell University, Stanford University, and Imperial College London, with prior experience at JP Morgan, Barclays Capital, KBC Financial Products, Daiwa Capital Markets, and Societe Generale, Flurry Finance is a DeFi protocol aimed at offering future-proof cross-chain yield aggregation across major decentralized finance networks. 

In contrast to many yield aggregators limited to Ethereum, Flurry Finance uses its 1:1 stablecoin-pegged rhoTokens (rhoUSDT, rhoUSDC, and rhoBUSD) to automatically farm for yields across different DeFi protocols. It does this without locking up funds or interest earned by diversifying DeFi product risk, resulting in lower gas fees and maximum yield generation for its users.

All users have to do is hold the rhoTokens, and their wallet balance will grow to reflect the interest earned over time. The whole yield generation process is fully automated and transparent to the user.

According to the Flurry Finance team, the platform was built to solve four key problems in DeFi protocols today. Firstly, different DeFi products have different yield generating mechanisms, causing fragmented yield strategies, whereas Flurry has a unified strategy that optimizes yield growth. 

Secondly, while the congestion on the dominant DeFi network Ethereum causes excessive gas fees, Flurry is built to work without generating high fees as yield is earned. 

Thirdly, the user experience on many DeFi protocols can be highly complicated, whereas Flurry has prioritized UI and UX development to ensure a low barrier to entry. 

Finally, while most DeFi products use deposit tokens that incur fees when users want to unlock their assets, Flurry does not use a lock-up mechanism, leaving investors free to access their funds without additional fees.

Staking Rewards Program

Since FLURRY token trading went live, the platform has launched its Snowball Reward Program, enabling FLURRY holders to stake their tokens to earn additional FLURRY rewards.

User rewards are counted per block and accumulated proportionally to the amount of staked FLURRY tokens held in the combined staking pool. Users can unstake from the program at any time but will not be able to claim their rewards until after the program finishes on November 30.

Future Yield Generation Strategies

With its mainnet set to launch in the near future, Flurry Finance already has a working prototype that generates interest from Compound and Aave on Ethereum, with Cream Finance on Binance Smart Chain and Solana dApps to be integrated soon.

Flurry Finance is also planning to connect to Polygon’s layer 2 Ethereum network so that users can hold rhoUSDT on Polygon but still earn interest from Compound on Ethereum, for example, leveraging the speed and transaction costs of layer two technology to lower fees.

Popular Articles