Flurry Finance, a cross-chain yield farming aggregator designed to enhance the usability of DeFi products, will launch its IDO on the Cardano based launchpad, CardStarter. The IDO will take place on the 3rd of September at 8:00 AM PST time (3:00 PM UTC time). The whitelist registration will start on August 27.
Flurry Finance aims to solve the problem of yield farming fragmentation by offering a cross-chain yield aggregator that pools and distributes assets to various liquidity pools. By pooling assets, users benefit from diversified product risk and overall lower yield farming fees.
Flurry Finance’s modus operandi of optimizing the user experience as it’s recipe for success. With a focus on simplicity and easy user experience of the platform, users with no DeFi or technical knowledge can easily participate. Furthermore, the team will buy tokens from the market and place them back in the staking pool. This token buyback approach has the benefit of reducing circulating supply while encouraging users to hold their FLURRY tokens.
“We are thrilled to be launching under the umbrella of CardStarter. Along with cardstarter’s trusted team, and the cardano-based platform, Flurry will surely earn the momentum and the community support to lead the crypto asset management tools and pursue the mission of “DeFi for all” in our best endeavour."
~ Mike Ting, CEO of Flurry Finance
As a CardStarter accelerator-based project, Flurry Finance will be connected with strategic media and marketing partners to ensure maximum network exposure. CardStarter will also be assisting Flurry Finance in accessing communities within the Cardano network, alongside the prospect of establishing new partnerships. In addition, Flurry Finance will be able to optimize scalability through the Ouroboros consensus mechanism and maximize security through the implementation of Plutus smart contracts.
“CardStarter is very proud, once again, to be a pioneer in the Cardano ecosystem bringing cutting edge innovation in decentralized finance to the industry. CardStarter is proud to launch this endeavor and would like to invite our community members to be a part of the project by participating in its upcoming IDO on our platform.”
~ Aatash Amir, CardStarter CEO
The Flurry protocol features a novel rebasing mechanism which distributes generated interest to users in the form of rhoTokens (rhoUSDC, rhoUSDT & rhoBUSD), tokens backed by USDC, USDT, and BUSD stablecoins. While today, most yield aggregators are limited to products on a single blockchain, Flurry uses cross-chain interoperability mechanisms to capture the best risk- and fee-adjusted yield across various DeFi protocols. As the value is pegged 1:1 to its underlying stablecoins, rhoToken behaves as a stablecoin and can be used as a medium of exchange while earning interest and with no lock-up period.