Flurry Finance is announcing an exciting development in the world of DeFi, as the successful launch of the rhoToken marks a next level evolution in yield aggregation! Users are now able to freely earn, trade, and spend deposit tokens while farming without restrictions or lockup periods. The future of yield farming has arrived!
The Debut of the rhoToken
rhoTokens are pegged to stablecoins on a 1:1 basis and support 3 kinds of stablecoin deposits. Users can now use the Flurry Finance DApp to convert USDT, USDC, and BUSD stablecoins into the corresponding rhoTokens of rhoUSDT, rhoUSDC, and rhoBUSD in order to earn passive income through the Flurry Protocol’s yield aggregator without the usual hassle, complications, and high gas fees associated with lending tokens to different DeFi lending protocols and exchanges directly.
To fully explain this momentous occasion, it’s important to know how the rhoToken differs from other yield farming deposit tokens. At its most basic form, the rhoToken is a deposit token that operates on the basis of a pegged value and elastic supply. This means that while earning yield, the number of rhoTokens in a user’s wallet changes, with freshly earned rhoTokens rebased into users’ wallets at 8:00am UTC everyday. This differs from most traditional yield farming deposit tokens, whose values change while earning yield, and are therefore subject to lockup periods where they cannot be exchanged, spent or redeemed. Since the rhoToken’s base value is pegged and has no lock up period, it can do all of these things at any time!
Beyond the great usability it offers users, the rhoToken is also flexible in that it supports cross-chain functionality. The debut launch of rhoTokens will be deployed on Binance Smart Chain. Going forward, the rhoToken will soon be available on Ethereum blockchain, MATIC (Polygon) and newer generation of blockchain networks for more yield options available in DeFi space! The Flurry Protocol automatically monitors cross-chain conditions to assess and identify the best yields possible across all networks.
To exchange for your rhoTokens and to earn passive hassle free yield, check out the Flurry Finance DApp.
The Road to rhoToken
Flurry Finance set out to create the future of yield farming by breaking down user barriers in the DeFi space, with the ultimate goal of helping spur on mass adoption. To this end, in July 2021, Flurry Finance raised $3 million in seed round including AU21 Capital, Genblock Capital, CoinUnited.io, One Block, Soul Capital, and Dutch Crypto Investors, in order to scale the Flurry Protocol Yield Aggregator.
One month later in August 2021, Flurry Finance formed a partnership with Polygon to scale up cross-chain yield farming functionalities. Ultimately the partnership helps the Flurry Protocol solve the issue of yield farming fragmentation across siloed networks, and greatly reduces fees involved at the same time. In the same month, Flurry Finance began working with Kyber Network in order to further optimize cross-chain yield farming by making use of Kyber’s Market Maker – KyberDMM, which offers ample liquidity at low slippage rates and transaction costs.
Now, as of October 11, 2021, rhoTokens are available for exchange on the Flurry Finance DApp.
About Flurry Finance
Flurry Finance was launched to make the DeFi user experience as convenient as possible and improve the usability of DeFi products. Flurry issues rhoTokens that are pegged 1:1 to their underlying stablecoin. rhoTokens are cross-chain interoperable, stable, flexible, and generate profits for users. The Flurry protocol is designed to work across chains and present the optimal fee-adjusted returns for users, automating the tedious task of switching in and out of DeFi products on different chains.
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Source : Bitcoin