On the 8th of July, 2021 at 10:00 UTC, Decentralized Club had the honor of hosting Mike Ting (CEO) and Lawrence Wong (CTO) of Flurry Finance for an Ask-Me-Anything session on their Telegram page with a community of over 30,000 people. It was hosted by DC Admin, May.
The session was divided into four segments. Introductions were made in Segment 1, questions from the Twitter and website community were answered in Segment 2 and 3 respectively, and live questions from the community members in attendance were answered in Segment 4.
If you missed this event and would like to know what FlurryFi is all about, you can find a recap of the interview here. Note that slight edits have been made for clarity.
Segment 1 - Introduction
[May]
Hello, 大家好, Привет, नमस्ते, Selamat!
My name is May and I'll be hosting the AMA with Flurry Finance.
Today, we have with us Mike Ting, the CEO of FlurryFi, and their CTO, Lawrence Wong.
You're welcome and it's an honor to have you here.
[Mike]
Hello, everyone!
[Lawrence]
Hola!
[Mike]
Thanks for having us. Excited to be making an appearance in such an enthusiastic group!
[May]
Thank you too! I look forward to learning a lot about your amazing project.
Could you quickly tell us more about yourselves and your job descriptions at Flurry?
[Mike]
Happy to share!
Sure. My name is Mike Ting and I am the CEO of Flurry. I graduated from Cornell University and Stanford University in Computer Science. I spent most of my career in equity trading. was working in banks such as JP Morgan and Societe Generale
Impressed with Blockchain Technology, I entered the crypto space in 2018, co-founding C-Trade, a crypto-derivatives trading platform in 2019 and now we are working on this interesting DeFi project - FLURRY
[May]
Whoa! A Stanford Tree 😁
Excited to be interviewing an alumnus.
[Lawrence]
Hi, I am Lawrence Wong, CTO of Flurry. I am a computer scientist by training as I went to Imperial College for my master's degree. I have a mixture of tech and trading experience in developing trading systems, pricing, and trading derivatives from various positions held in traditional finance institutions such as Barclays Capital, KBC Financial Products, and Daiwa Capital Markets. I also founded my own trading company, doing low latency Algo trading.
I was first exposed to crypto and blockchain in 2017. Didn’t take part in the 2017 BTC rally but I saw the potential in blockchain and I knew it was going to be a game-changer.
In 2018, I started exploring the crypto and blockchain space in 2019 and I joined FinFabrik, a startup based in Hong Kong to develop a digital assets platform on Corda, a private blockchain.
I wanted to understand first-hand the challenges to digitize off-chain assets and also explore whether a public chain or a private chain is more suited for tokenizing real-life assets.
This is going to be a big deal as the trend is already showing more assets will be digitized and exchanged online.
The explosion of DeFi is really encouraging and opens a lot of opportunities. The success of DeFi shows that gradually, each function in traditional finance is being reinvented in the crypto space.
That's why Mike and I got together and started Flurry. With our tech and trading background, we are in a good position to do something innovative and help contribute to the growth of DeFi and overall in this emerging crypto industry.
[May]
Nice nice! Love your work background!
Mr. Wong here has a lot of experience under his belt as well.
Excited to be interviewing you both.
I can already tell the Flurry project is in good hands.
Let's take some project introduction questions, shall we?
[Mike]
sure
[May]
Q1. Can you tell us what Flurry is about and what significant problems it is solving?
[Mike]
Flurry strives to enhance the usability of DeFi products. We think there is a lot of innovation going on in Defi. Unfortunately, the user experience is not catching up. A lot of people would love to enjoy the high yield offered by DeFi but simply are frustrated by the experience.
We at Flurry believe that DeFi should be for everyone but not only tech-savvy. In this journey to make DeFi easy to use, we introduce rhoTokens
rhoTokens are cross-chain stablecoin and automate the yield generation process for users. So users do not have to worry about moving their funds in and out of different products to earn interest anymore. All they need to do is to hold the rhoTokens. Interest will grow automatically in their wallet.
and most importantly, the rhoTokens are 1:1 pegged to stablecoin. so users can spend them directly as a medium of exchange. So no more Lock Up!
[May]
Q2. How can we immediately start earning yields on Flurry?
[Lawrence]
All you have to do is to deposit stablecoins to our vault contract and mint the corresponding rhoToken: i.e. deposit USDT to mint rhoUSDT or deposit USDC to mint rhoUSDC.
Then just hold in your wallet and interest automatically starts to accrue.
Every day when the rhoToken rebases, you will see more rhoTokens in your wallet.
Also alternatively you can just buy our rhoTokens from uniswap using stable coins! This way you don't even need to use our website or pay gas to interact with our contracts.
it's designed to be simple and user-friendly :P
[May]
Great! 😁
Q3. What are the promotions and incentives planned as part of the launch of Flurry to onboard maximum users as possible?
[Mike]
We have planned a few rewards in the beginning to promote the rhoTokens adoption
1) there will be a reward of Flurry tokens when users convert stablecoin to rhoTokens, boosting the yield to 15%+
2) if users further put their rhoTokens at uniswap, they can stake the LP token from uniswap at our platform to earn more Flurry. This reward is for encouraging people to provide liquidity on uniswap
3) Users can stake Flurry tokens to earn more Flurry tokens. We call it "SNOWBALL" because it has a snowball effect on your wealth!
[May]
Q4. How do we acquire the Flurry token and how will its price be positively affected in the long term?
[Mike]
There are a few ways to acquire Flurry. First, users can buy them on uniswap. Second, as answered in the previous question, users can get Flurry tokens as a reward through minting rhoToken, providing liquidity on uniswap, or stake flurry tokens.
In Flurry, we charge users a management fee of 10% on the yield generated. This fee will be used to buy back Flurry tokens in the market. The Flurry tokens bought back will be put back in the staking pool for users who stake Flurry
Through this mechanism, the buyback will reduce circulating supply and the distribute part will encourage people to stake and thus minimize selling pressure
[May]
Q5. What are some of the biggest developments on track for completion this year for Flurry?
[Mike]
On the product side, we have our first version of the product on testnet next week. Please follow us on telegram to stay tuned as we will announce a few campaigns in the next few weeks for our testnet launch with attractive giveaways!
the smart-contract audit will finish probably in Aug and after that, we will have our launch on Mainnet
on the community side, we have crossed 9000+ members on telegram and 13k+ members on Twitter. and they are growing every day
[Lawrence]
We are launching on Kovan testnet this week! The first version will just be connecting to Aave and Compound, but you can already mint some rhoTokens and see how the interest rebase mechanism works.
We will roll out new features every 2 weeks, so be sure to keep an eye on our telegram groups and channels for new features.
On the Yield Generation Strategies, so far we have issued 3 rhoTokens: rhoUSDT, rhoUSDC, and rhoBUSD. We now have a working prototype that generates interest from Compound and Aave on Ethereum, and soon from protocols like Cream Finance on BSC. We will slowly add more protocols in the coming weeks.
On the Cross Chain plan, we are already looking into connecting Aave on Matic, and also we are working on bridging the rhoToken cross chains to MATIC, SOLANA, and BSC.
The rebasing mechanism will work cross-chain which means you can hold rhoUSDT on MATIC but still earning interest from Compound on Ethereum.
[May]
Great! Please share your social media links so we can stay updated.
[Mike]
Twitter (https://twitter.com/FlurryFi)
Telegram Announcement Channel (https://t.me/FlurryFinance_News)
Telegram Community ( (https://t.me/FlurryFinance_Official)
[Lawrence]
Since the speed and transaction costs are better on these new blockchains or L2 solutions, it makes a lot of sense to use the rhoToken as a stablecoin on MATIC as a payment currency! You no longer have to pay $10 to send $10!
[May]
I'm particularly interested in this. Those fees are something else!
[Lawrence]
So we are currently ahead of schedule!
[May]
..which is amazing.
Great work CEO and CTO 😁
Shall we take Twitter questions?
[Mike]
Yes, let's do it.
[May]
Great!
Segment 2 - Twitter Questions
[May]
Q1. On his page, he explains that the traditional interest rate model will be replaced by a more profitable and efficient model implemented in DeFi but I would like to know how the Flurry project will attract investors traditionally to participate in multi-chain smart interest models?
Twitter Username: @ido_new
[Mike]
Yes, we do have plans of attracting traditional investors. Our team background is well-positioned to achieve that! First, we came from the traditional banking industry and have contacts with hedge funds and high net worth people. We are confident that we can convince them to try out DeFi products given our track record in the traditional finance world.
second, Flurry focuses on making the DeFi yield generation process as easy as possible. Its simplicity makes Flurry a perfect product for non-crypto users to look at
[May]
Q2. You mention that with Flurry Finance users can generate performance by assigning the coins to DeFi protocols such as Compound, Aave, Curve, Cream, but will these really be the only protocols that will be available in Flurry?
Twitter Username: @Dheeraj37205457
[Lawrence]
Absolutely not. These protocols are the first ones we integrate because they are currently the main source of yield and have the highest TVL.
As we see DeFi expanding out of Ethereum due to the gas issues, we expect major players will migrate to other chains such as Solana and Matic, we will follow them.
In fact, we are already testing our smart contracts on Aave on MATIC. And if a new DeFi protocol with large TVL emerges, we will simply deploy another contract and integrate it into Flurry as a possible yield farm strategy.
All the strategies can be deployed to different chains, yet be managed by our Vault as the same pool of money.
[May]
Q3. From what I could read, they have C-Trade, a crypto derivatives exchange, as their first partner to have markets for rhoToken compared to other cryptos. So, could you tell us a bit more about this market and how your mints might be in the rhoBUSD, rhoUSDT, and rhoUSDC?
Twitter Username: @gopesh_ojha
[Mike]
C-Trade will have rhoTokens as one of the currencies in their wallet. So users can hold rhoTokens in their C-Trade account and enjoy interests distributed to their account every day. Also, C-Trade is planning to accept rhoTokens as collateral for derivatives trading. So rhoTokens owners can buy/ sell derivatives products using rhoTokens and earn interest continuously while they are not trading.
[May]
Your answers are concise, yet so detailed.
I'm having such a great time with Flurry.
My favorite things about FlurryFi so far are the almost gasless transactions, the rebasing benefits, and then the cross-chain farming strategies.
Shall we take questions from our website community?
[Mike]
yes, please
Segment 3 - Website Questions
[May]
Q1. FLURRY will be built on Ethereum in the first stage, yet, if the issue of gas cost won’t fade away with the upcoming upgrades FLURRY then will migrate to Binance Smart Chain as it’s EMV-compatible, but even if this is only a slight possibility, will FLURRY move on to BSC anyway?
Telegram Username: @dtv1907
[Lawrence]
Actually, FLURRY doesn't need to migrate to BSC, instead, we run on all networks!
Initially, we will deploy on Ethereum and BSC, but soon we will deploy on MATIC and Solana as well.
We have yield generators that run on each chain and the vault contract manages users' funds as the ONE pool of money. This way the users don't have to worry about setting up a new wallet or moving their funds across different chains, we take care of that for you.
In other words, users don't need to think about which network anymore! Simply hold the rhoToken on Ethereum and earn interest from BSC, Matic, or even non-EVM-based chains like Solana!
[May]
Whoa! Love that you're branching out to non-EVM-based networks as well.
Awesome!
Q2. Flurry is a cross-chain token, a stablecoin, and focuses on yield farming. Many investors want to invest to profit. How can you convince them to invest in your project knowing that the price would not change drastically since it is a stablecoin?
Telegram Username: @johnclark_0
[Mike]
Actually let me clarify the types of tokens we have: rhoTokens and FLURRY.
rhoToken is the cross-chain stablecoin that focuses on yield farming. so rhoTokens owners enjoy the yield generated by our protocol.
FLURRY is the governance token. FLURRY holders are entitled to vote on the yield generation strategy addition/ removal. They are also entitled to part of the management fee through staking their FLURRY token. We explained our buy and distribute mechanism earlier and that is why the price is well supported
[May]
Thank you for clarifying.
Q3. I would like to know if you’ve completed any security audits? Perhaps by third parties? We’ve seen dozens of hacks, exploits, and stuff like that this year. What measures have been taken to protect the community from it?
Telegram Username: @Aravind_123345
[Lawrence]
Security is critical to the success of any DeFi protocol because the code is open source and we are certain that if there are any flaws, they will be exploited. We will have our smart contracts audited by Certik.
The audit process will be ongoing as each new functionality released will be fully audited before reaching the mainnet.
We are also considering buying smart contract insurance to cover any loss due to hacks/attacks
[May]
Oh, that's good.
We're 75% done with this interview but I'm 100% impressed with it 💯
Great work!
A quick shout out to the team at FlurryFi.
We see your amazing work! Thank you.
[Mike]
🙏
[May]
Alright, it's time for the rain of live community questions.
I will be opening up the live chat for our live audience to shoot their questions.
[Mike]
looking forward to it
[May]
Please select four exceptional and pressing questions.
The group will be open in 10 seconds.
---Chat was then opened for the live community to send in their questions---
Segment 4 - Live Questions
[May]
Try to skip copy-paste questions.
[Rosemary Bianco]
What chains do Flurry currently rely on to avoid the big problem of Ethereum's high gas fees? How will rhoUSDT, rhoUSDC, and rhoBUSD rates be defined? Will it really be feasible and comfortable for users to use rhoToken?
[Mike]
We pool assets together and move them in and out of different products in one transaction. In this way, we only pay the gas fee once and that is shared by all the users, thus resulting in a much lower gas fee for each user. And we also manage the selling of reward tokens in different DeFi products for users altogether. that again save fees for users
[Hisoka Morow]
Can you tell the top features that differentiate FLURRY from other Yield Aggregators in the crypto world? Especially regarding security, scalability, and simplification?
[Lawrence]
What differentiates us from other yield aggregators is that we are not trying to compete on bottom-line returns or to provide the highest interest return. Instead, we are using other DeFi protocols as basic building blocks, like "money legos" to create other DeFi products. We do not compete with other protocols in terms of TVL, in fact, we are bringing more TVL to them. So we should grow together as a whole in the DeFi community!
[John Snow]
Before a project is born, lots of brainstorming activities to get a befitting name for the project must have taken place. Any significant reason for choosing the project name? and what reflection and significance does this name bring to your project?
[Mike]
interesting question. The main rationale is to come up with a name that captures the essence of our product. So our product is about generating interest for users. It is like a coin falling from the sky into their wallets. It is like a light rainfall or snow flurry. we end up choosing "Flurry" because a large amount of snow turns into a snowball and it is what FLURRY is about. It wants to create a snowball effect on your wealth!
[Temitope Awoyinka]
How do you reward Liquidity Providers?
[Lawrence]
Anyone who supplies liquidity on AMM pools such as Uniswap, that involves our tokens (FLURRY, or RhoToken) in one of the tokens in the trading pair, we will reward them with bonus FLURRY tokens if they stake the LP token to us.
[May]
We're all done.
https://t.me/decentralized_club/554108
[Mike]
🚀🚀🚀
[May]
A standing ovation to the FlurryFi Team for this insightful AMA session 🎉
Thank you, thank you!
[Mike]
thanks again for having us today
[May]
It's our pleasure.
[Mike]
please feel free to join our telegram group if you have any questions that we have not answered due to time constraint
[May]
We look forward to hearing great news from your team and we wish FlurryFi all the best for the future.
[Mike]
I really appreciate it!
[May]
Until next time, have a great day!
[Mike]
you too
[May]
Twitter (https://twitter.com/FlurryFi)
Telegram Announcement Channel (https://t.me/FlurryFinance_News)
Telegram Community
(https://t.me/FlurryFinance_Official)
Dear community, please keep tabs on FlurryFi so we can all experience the snowball effect 😁
Group now open for our awesome community.