Flurry AMA Recap
Flurry is a protocol that strives to enhance the usability of DeFi and offers a cross-chain token with all the goods of a stablecoin plus continuous yield farming with diversified DeFi product risk and lower yield farming fee.
Today we have Mike T. as CEO of Flurry and Lawrence Wong as CTO joining us to answer our questions for the next hour.
Mike T., Flurry CEO
I entered the Crypto Space in 2018 and applied my trading experience to trading crypto derivatives
At the beginning of 2021, I felt that Defi has really brought application scenarios to blockchain, and therefore, I aimed to recreate existing traditional financial services in a decentralized way using blockchain. Flurry is our first DeFi product focusing on yield generation for stablecoin owners.
Lawrence W., Flurry CTO
I was first exposed to crypto and blockchain in 2017. In 2019, I joined FinFabrik, a startup based in Hong Kong to develop a digital assets platform.
The explosion of DeFi shows that each function in traditional finance is being reinvented in the crypto space. With our tech and trading background, we are in a good position to do something innovative and contribute to the growth of the overall emerging crypto industry.
Question from the CryptoRank team
#1. Can you tell us about Flurry? What problems do you solve, both in the space and for the community?
Mike T.: – Flurry Finance strives to enhance the usability of DeFi. There is a lot of innovation going on in DeFi. Unfortunately, the user experience is not catching up. So what Flurry does is: automates the tedious task of locking/unlocking and switching in and out of DeFi products, and will find the best APR on different chains to generate the best yield with risk factors minimized. Therefore, we introduce rhoToken, a cross-chain token that will use the goodness of its underlying stablecoins to allow users to continuously participate in yield farming with lower fees and diversified risks.
#2. Could you shortly describe the milestones Flurry has achieved, and about your upcoming plans?
Mike T.: – First of all, we are having our IDO launching on Cardstarter. Other than the IDO, we are also having a Startup IEO on Gate.io in the coming week from 5 September 8 am UTC to 6 September 8 am UTC. On the partnership side, we have announced the partnership with Polygon – where the Flurry protocol will be able to automate the yield farming on DeFi products on Matic. We are also talking to players in the Cardano ecosystem about collaboration. Other than the main chains, we are talking to other players on user adoption and liquidity bridges because we understand the importance of communities in the crypto space.
Questions from Twitter
#1. The Flurry ecosystem will first be implemented on the Ethereum network, but it will later be linked to other networks, thus my question is: which other blockchains do you have on your radar outside the Ethereum Network?
Lawrence W.: – Currently we are also working on the BSC & Matic (Polygon), and one at a time, we will deploy newer versions that could work on many more chains. We have our eyes on Solana as well, but it really depends on whether there are DeFi protocols which we can make the best out of the chain features/ benefits – and of course, the security issue that we have to keep an eye on, instead of rushing to launch everything once, it’s not how it works….we have every intention to ensure the security is in our priority for every user.
#2. In the future, can we expect Flurry to create agreements with various projects/platforms/protocols? Could you offer us some instances of how other projects might be able to benefit from this?
Lawrence W.: – Of course, but first we should clarify that we are not competitors with other projects/platforms/protocols. We are building a layer on top to make DeFi more usable. In fact, if there is a good protocol that generates a high yield, we can integrate them into the Flurry protocol as well.
#3. Flurry has launched his testnet, so my question is when can we see Flurry’s mainnet? Will you launch the mainnet directly or will you launch the beta first? Will you implement a bonus program for users to discover vulnerabilities in your project?
Mike T.: – In fact, we are going to launch the beta version, as our initial testnet launch has provided us with loads of feedback, and we can’t help but update the front-end & back-end based on our users’ feedback. As mentioned, we are having Certik to run an audit on our smart contract, we do need to launch the beta version to make sure everything is running smoothly and safely.
Questions from Telegram
#1. Your project name seems to be very interesting. Does it have any story behind it? Can you share us with the inspiration for approaching this name?
Mike T.: – Yes, we came up with different names in the beginning. The main rationale behind them is to come up with a name that captures the essence of our product. Our product is about generating interest for users’ funds and users will see their wallet balance growing slowly every day. It is like coins falling from the sky into their wallets. It is not heavy rain or snowstorm, but light rainfall or snow flurry. We end up choosing “Flurry” because a large amount of snow turns into a snowball, which is like the snowball effect on investment. And that is exactly what our product is about. Flurry is helping our users grow their money and create a snowball effect on their wealth.
#2. Where can I buy your tokens now, what are your current contracts address and how can I buy them and what are the benefits?
Mike T.: – As mentioned, we currently are having our IDO opened for registration on Cardstarter. It will close at 3 pm UTC Today.
Other than the IDO, we are also having an Startup IEO on Gate.io in the coming week on 5 September 8 am UTC to 6 September 8 am UTC.
Flurry will be live for trade on Uniswap & Gate.io on 6 Sep!
#3. Do you have a Token Burning plan to increase Token value and attract Investors to invest?
Lawrence W.: – There is a hard capitalization of 10 Billion Flurry. So the supply of Flurry is limited to 10B. Although there is no burning mechanism on Flurry, we have a BUY and DISTRIBUTE policy. The Flurry protocol charges 10% on the interest generated and this is used to buy Flurry on the market. As more users use Flurry, more fees will be generated, hence more buying pressure to support the price of Flurry. The Flurry bought from the market will be given back to Flurry users in the form of staking rewards. So all the benefits go back to our users!