BTC $43844.23 (-7.7%)
ETH $3068.23 (-8.3%)
USDT $0.99 (-0.1%)
BCH $547.80 (-10.%)
BSV $140.78 (-13.%)
LTC $159.66 (-9.0%)
BNB $368.38 (-11.%)
ADA $2.10 (-9.9%)
DOGE $0.21 (-10.%)
BTC $43844.23 (-7.7%)
ETH $3068.23 (-8.3%)
USDT $0.99 (-0.1%)
BCH $547.80 (-10.%)
BSV $140.78 (-13.%)
LTC $159.66 (-9.0%)
BNB $368.38 (-11.%)
ADA $2.10 (-9.9%)
DOGE $0.21 (-10.%)

FLURRY Finance and Kyber Network Set To Optimize Yield Farming

FLURRY Finance and Kyber Network Set To Optimize Yield Farming
  • FLURRY Finance is collaborating with Kyber Network.
  • Together they aim to elevate cross-chain yield farming for the DeFi community.
  • Users can benefit from minting rhoTokens to enjoy high liquidity at lower costs.

FLURRY Finance is working with Kyber Network to offer increasingly efficient cross-chain yield farming to the DeFi community. With this collaboration, $FLURRY holders can amply trade liquidity at low slippage rates via Kiber’s Market Maker (KyberDMM) decentralized exchange.

KyberDMM aims to deliver high liquidity at low transaction costs. Meanwhile, FLURRY Finance works to elevate its stable rhoTokens as a medium of exchange for everyday transactions. This is a winning combination of goals. Hence, KyberDMM offers the perfect platform to hold FLURRY Finance’s liquidity.

With KyberDMM, $FLURRY holders can liquidate reward tokens at extremely low slippage costs. KyberDMM brings high capital efficiency with its amplified liquidity pools. Here, slippage can go up by 100x more in terms of capital efficiency for stable pairs than what is currently in place.

On the other hand, returns are optimized via dynamic fees, this is determined by market conditions. In addition, to minimize exposure to price volatility of reward tokens, FLURRY will regularly liquidate reward tokens for underlying stablecoins. This allows it to realize income for its users.

The CEO of FLURRY Finance, Mike Ting, says:

We’re very excited about our collaboration with Kyber as it will provide numerous long-term benefits, such as allowing $FLURRY holders to earn fees by supplying stablecoins to KyberDMM liquidity pools with minimal transaction fees. This is a win-win for both platforms and communities. FLURRY generates income for its users while Kyber attracts more liquidity, resulting in lower slippage and costs for everyone.

Moreover, this collaboration allows FLURRY users to mint different rhoTokens (rhoUSDT, rhoUSDC, rhoBUSC) without having to hold the corresponding stablecoin. For instance, USDC owners can convert their USDC to USDT first on Kyber before minting rhoUSDT tokens.

To highlight, the CEO and Co-Founder of Kyber Network, Loi Luu, says that Kyber Network is proud to provide blockchain projects with an optimized solution for their liquidity needs through the KyberDMM liquidity protocol. The team is indeed very much looking forward to Flurry’s launch.

FLURRY Finance is definitely taking a proactive leap for the industry. Just about a month ago, the brand closed a $3 million funding round from many big-time investors. To name a few, AU21 Capital, CoinUnited.io, Dutch Crypto Investors, GenBlock Capital, One Block, and Soul Capital.

Following the FLURRY testnet launch in July, FLURRY Finance is set to hold its IDO on CardStarter — the Cardano-based launchpad. Members of the crypto community who wish to hold the platform’s governance token — $FLURRY can thrive here.

To add on, this token will give holders the power to vote on plans. Hence, they can choose to remove or add new yield farming strategies as well as assign risk factors to active ongoing schemes. Eventually, the FLURRY protocol’s governance will be completely controlled by $FLURRY token holders. Lastly, FLURRY Finance plans to make a full product launch in Q3 2021.

Recommended News

An eager wordsmith who conveys her thoughts and fascinations through words and storytelling. Besides lurking on new and emerging technology forums, she’s always updated when it comes to blockchain.