Slippage, gas fees and complex conversion processes are common challenges faced by crypto asset managers. However, the long-anticipated integration between Flurry Finance and KyberSwap, first announced in August 2021, will help to conquer these challenges.
Today, the integration is finally complete; the Flurry Finance decentralized application (DApp) accepts all deposit tokens, with its token conversion handled via KyberSwap’s Dynamic Market Maker (DMM).
“We believe this collaboration can benefit everyone — KyberSwap, ourselves, users and the DeFi community on the whole,” CEO of Flurry Finance, Mike Ting shares. Ting notes that the benefits are made possible because of the complementary goals and strengths that both parties bring to the table.
Understanding the strengths of each protocol
Flurry Finance stands out in the decentralized finance (DeFi) sphere for its use of RhoTokens (cross-chain stable tokens designed to earn interest for holders through continuous yield farming) that are pegged to underlying stablecoins such as USDT at a 1:1 ratio. Flurry Finance automatically farms for yield across different DeFi protocols, so users earn passive income via its protocol just by HODLing rhoUSDT, rhoUSDC and rhoBUSD.
The concept is based on usability and simplicity with user experience being the top priority, so there is no need to lock up funds or pay high gas fees.
KyberSwap’s distinct advantage, on the other hand, comes from how it connects liquidity from various sources to ensure the best token rates for DApps, aggregators, DeFi platforms and more.
This allows KyberSwap to offer amplified pools with extremely high capital efficiency, which in turn creates lower trade slippage. Through its latest liquidity protocol, KyberSwap’s DMM is able to ensure the best rates for traders and optimize returns for liquidity providers.
Complementary goals make for a win-win situation
For Flurry Finance, tapping into the strength of KyberSwap leverages the user experience for RhoToken users, who can now enjoy the best exchange rates for any deposited tokens. In turn, this elevates its stable RhoTokens as a medium of exchange for everyday transactions.
As for KyberSwap, whose goal is to deliver high liquidity at low transaction costs, integration with Flurry Finance means an additional stream of stablecoins from $FLURRY HODLers, which will help attract more liquidity and further reduce slippage.
Nevertheless, the biggest winners are the users, who can now leverage these added benefits to simplify crypto asset management.
How it worked in the past
To take advantage of RhoTokens, users must first mint them. However, in order to obtain rhoUSDT, rhoUSDC or rhoBUSC during the pre-integration phase, users would need to hold on to the corresponding stablecoin. Essentially, in order to mint rhoUSDT, one must either possess USDT or undergo the process of token conversion.
The difficulty with token conversion was that not all deposit tokens could be used on the Flurry Finance DApp — only Venus, Alpaca and Rabbit were accepted. Luckily, this is no longer a problem due to the integration.
Powering the DeFi community in the present
Thanks to the rapidly advancing tech of Flurry Finance, users can now easily convert between stablecoins like USDC, USDT and BUSC via KyberSwap, eliminating the need to already possess a stablecoin in order to mint its corresponding RhoToken.
In fact, users can deposit any tokens in the Flurry Finance protocol and easily convert existing crypto assets into RhoTokens and vice-versa through KyberSwap’s DMM. The process is therefore simplified, more accessible and far more flexible — allowing the advantages of RhoTokens to be shared with the wider DeFi market.
Because KyberSwap’s DMM aggregates liquidity from multiple decentralized exchanges and identifies the best trade route possible, users can also rest assured that gas fee slippage is minimized and contained within an acceptable range.
“KyberSwap and Flurry Finance share the commitment to making DeFi accessible and easy for new and existing users. We have a clear synergy and look forward to a long term collaboration.” CEO of Kyber Network, Victor Tran, highlighted.
“At Flurry Finance, we are committed to allowing users to enjoy the passive income growth of crypto assets with RhoTokens in a simple, accessible and user-friendly way,” Ting reiterates.
“Together with Kyber, we believe we can amplify the Flurry Finance dApp user experience, revolutionize the use of RhoTokens, and in turn, open the gateway to a world where there is DeFi for all,” Ting concludes.
About Kyber Network
Kyber Network is building a world where any token is usable anywhere. KyberSwap.com, our flagship decentralized exchange (DEX), provides the best rates for traders in DeFi and maximizes returns for liquidity providers.
KyberSwap powers over 100 integrated projects and has facilitated over $7B worth of transactions for thousands of users since its inception. Currently deployed across 11 chains including Ethereum, BNB Chain, Polygon, Avalanche, Fantom, Cronos, Arbitrum, Velas, Aurora, Oasis and BitTorrent.
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 Finance issues RhoTokens, which are cross-chain interoperable, stable, flexible and generate profits for users, that are pegged at a 1:1 ratio to its underlying stablecoin. The Flurry Finance protocol is designed to monitor conditions across chains and present optimal fee-adjusted returns for users, automating the tedious task of switching in and out of DeFi products on different chains.
Alison Cheng, Digital Marketing Executive