[PRESS RELEASE – Singapore, Singapore, 19th August 2021]
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 that 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.
CardStarter is the first incubator, launchpad and insurance program for projects being built on the Cardano network. The CARDS platform is a unique and dynamic launchpad, connecting projects to early supporters and a network of key partners. The Cards Accelerator Program (CAP) team works with each project individually to establish the right connections and map marketing strategies, establishing the foundation for long term success.
CardStarter is also differentiated by its charge to protect its supporters. CARDS provides unbiased third-party audits of every project’s code and protects IDO participants with an in-house insurance program. CardStarter is proudly partnered with X21 Digital, BlockSync Ventures, Moonwhale Ventures, Genesis Shards, Plethori, Fractal, PARSIQ, Scryptic Tech and Longtail Financial. Once fully built, CardStarter will be an all-inclusive platform with a decentralized exchange to complement the current offerings. CardStarter also aims to be a nurturing force in the Cardano ecosystem, with hackathons and project development support being a major focus of the roadmap.
About Flurry Finance
FLURRY is a DeFi protocol offering cross-chain yield aggregation with rhoToken, which is pegged 1:1 to its underlying stablecoin. It automatically farms for yields across different DeFi protocols without locking up funds or interest earned by diversifying DeFi product risk, resulting in lower gas fees.
With a team composed of graduates from Cornell University, Stanford University and Imperial College London, and pedigrees from JP Morgan, Barclays Capital, KBC Financial Products, Daiwa Capital Markets and Societe Generale, Flurry Finance is well-equipped to take the DeFi sector by storm.