DeFi Protocol Flurry Finance in $3K Post-Launch Giveaway
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Multi-chain defi platform Flurry Finance has celebrated its recent token launch by offering community members $3,000 of FLURRY tokens. The week-long airdrop was a collaboration between Flurry and DeFi-focused podcast The Human & Machine, which launched earlier this year.

A Triple Token Listing

Backed by an assortment of crypto-focused VC funds including Genblock, AU21 and DuckDAO, Flurry Finance launched on a trio of digital asset exchanges earlier this month. The eponymous asset is a governance token, giving holders voting rights over adding and removing yield farming strategies, as well as a share of minting, management and redemption fees.

The bumper giveaway followed an appearance by Flurry Finance CEO and co-founder Mike Ting on the popular podcast. A former JP Morgan trader and co-founder of crypto derivatives platform C-trade, Ting, set out the case for Flurry as the future of yield farming across multiple chains, discussing both the governance token and the platform’s native stablecoin rhoToken.

After launching its IDO and Startup IEO on September 6, the FLURRY token quickly attracted attention from DeFi investors on Uniswap, PancakeSwap and Gate, with all three platforms seeing trading volumes eclipse $2 million in 24 hours. FLURRY tokens can currently be staked on Ethereum or Binance Smart Chain, though there are plans to deploy on chains like Cosmo and Polkadot in the future.

Is Continuous Yield Farming the Future of DeFi?

Flurry Finance is pitched as a ‘continuous yield farming’ protocol that helps users tap into the best transaction-fee adjusted APY. The aforementioned rhoTokens are stablecoin-backed assets that allow users to circumvent the process of switching in and out of various DeFi protocols to generate a return. Flurry automates the business of yield generation while diversifying smart contract risk by allocating assets into DeFi products living on different chains.

"Users come to Flurry and deposit their stablecoins," Ting explained on the podcast, confirming that USDT, USDC and BUSD could all be converted into rhoTokens. He added:

"Let’s say you deposit USDT – you will get back rhoUSDT in return. So, you can see it as USDT. But on the back, we are sending the USDT to different DeFi products to earn interest. That way, when we get the interest from this product, we distribute the interest to you in a special way, which is a feature that differentiates Flurry from other yield aggregators."

This "special feature" is a rebasing mechanism that helps ensure the smooth distribution of yield to users, increasing the supply of corresponding rhoTokens to maintain its 1:1 peg. Ultimately, the protocol aims to serve DeFi users that have been burned by excessive network fees, the fluctuating value of deposited tokens, and the hassle of switching between various yield farms on multiple blockchains.

Billions of dollars in cryptocurrency is now locked on yield farming protocols belonging to the decentralized finance (DeFi) ecosystem, with competition between them fiercer than ever. Flurry Finance aims to set itself apart from this crowded field, though much will depend on its ability to keep famously fickle DeFi investors from jumping ship.

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