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Flurry Finance (FLURRY) Starts Collaboration with DeFi Pioneer Kyber to Advance Cross-Chain Yield Farming

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Tue, 08/31/2021 - 15:05
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Vladislav Sopov
Flurry Finance (FLURRY) will utilize Kyber’s Dynamic Market Maker (KyberDMM) to reduce fees and price slippage
Flurry Finance (FLURRY) Starts Collaboration with DeFi Pioneer Kyber to Advance Cross-Chain Yield Farming
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Flurry Finance, a new-gen yield farming ecosystem, has partnered with one of the most recognized DeFis in the space, Kyber Network.

Flurry Finance has entered into a partnership with Kyber Network

According to a press release shared with U.Today, Flurry Finance (FLURRY) joins forces with Kyber Network (KNC).

Flurry Finance partners Kyber Network
Image via Flurry Finance

Its one-of-a-kind market-making engine DMM will be utilized by “yield farmers” onboarded by Flurry Finance (FLURRY). Holders of FLURRY will therefore be able to trade with extremely low slippage costs.

KyberDMM leverages the amplified liquidity pools concept to make slippage 100x more resource-efficient. Also, FLURRY will regularly liquidate LP reward tokens for underlying stablecoins to reduce their exposure to volatility.

Mike Ting, CEO of FLURRY Finance, stresses that the new collaboration is of mutual benefit for both teams:

We’re very excited about our collaboration with Kyber as it will provide numerous long-term benefits, such as allowing $FLURRY holders to earn fees by supplying stablecoins to KyberDMM liquidity pools with minimal transaction fees. This is a win-win for both platforms and communities. FLURRY generates income for its users while Kyber attracts more liquidity, resulting in lower slippage and costs for everyone.

Seamless rhoToken minting becomes available

Also, Flurry Finance (FLURRY) customers can now mint three mainstream stablecoins: rhoUSDT, rhoUSDC, rhoBUSC. There is no need to hold the corresponding stablecoin: USDC can be converted to USDT with Kyber’s instruments.

Loi Luu, CEO and co-founder of Kyber Network, is certain that this collaboration will improve the liquidity logics of Flurry Finance:

Kyber Network is proud to provide blockchain projects with an optimized solution for their liquidity needs through the KyberDMM liquidity protocol.

Related
FLURRY Finance Raises $3 Million from Iconic VCs, Teases IDO

As covered by U.Today, Flurry Finance (FLURRY) recently secured $3 million in a strategic investment round co-led by AU21 Capital, GenBlock Capital and others.

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About the author

Blockchain Analyst & Writer with scientific background. 6+ years in IT-analytics, 3+ years in blockchain.

Worked in independent analysis as well as in start-ups (Swap.online, Monoreto, Attic Lab etc.)