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Hello, Satoshi clubbers! Another AMA took place in Satoshi Club and we would like to introduce to you the AMA session with our friends from Flurry and our guests were @Mike_Ting, and @lawrencewong?—?representatives of Flurry. The AMA took place on 2nd of August.
The total reward pool was 500$ and has been split into 3 parts.
In this AMA Recap, we will try to summarise the most interesting points for you.
Part 1?—?introduction and questions from the Website
Mary | Satoshi Club:
Hello Satoshi Club! We are happy to announce our AMA session with Flurry! Welcome to Satoshi Club
D. | Satoshi Club:
Today our guests?—?@Mike_Ting and @lawrencewong !
Hey guys, glad to have you here !
Mike (Will never PM first):
Hello Everyone!
Thanks for having us
Mary | Satoshi Club:
Welcome here
Lawrence (Won’t DM First):
Hi everyone! Thanks for having us!
Mary | Satoshi Club:
Nice stickers
Haha, excited to be here. happy to share more about Flurry.
Mary | Satoshi Club:
We are happy to see you here today guys! And… Let’s go and start our AMA
Mike (Will never PM first):
Sure. Looking forward to it.
Mary | Satoshi Club:
Could you please introduce yourself and tell us more about Flurry?
Mike (Will never PM first):
Sure. Let me start first.
My name is Mike Ting. I am CEO of the project. I came from the traditional banking world. Spent most of my career in trading stock and derivatives in the Hong Kong, Korea and Singapore market. Worked at banks such as JP Morgran and Societe Generale
Mary | Satoshi Club:
Wow, familiar names
how did you get involved in crypto?
Mike (Will never PM first):
Around 3 years ago, I entered the crypto space around 3 years ago because i was impressed with blockchain technology. and in summer 2020, DeFi was really hot and I started to feel Defi started to bring a lot of application scenario to Blockchain
Mary | Satoshi Club:
Oh, i see
Mike (Will never PM first):
I believe there is a lot of opportunities that we can recreate traditional financial products in a decentralized way using blockchain. that is why started to look into DeFi.
and it was when we start Flurry.
Mary | Satoshi Club:
Awesome background!
Lawrence (Won’t DM First):
Hi guys, my name is Lawrence Wong and I am the co-founder and CTO of Flurry. I have a mixture of tech and trading experience in developing trading systems, pricing and trading fixed income and equity derivatives from various positions held in trading finance institutions such as Barclays Capital, KBC Financial Products and Daiwa Capital Markets.
I also founded my own trading company, doing low latency trading in equity derivatives.
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 digitise off-chain assets and also explore whether a public chain or a private chain is more suited for tokenising 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 opening a lot of opportunities. The success of DeFi shows that gradually, each function in traditional finance is being reinvented in the crypto space.
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!
Mike (Will never PM first):
Flurry is about enhancing the usability of DeFi and making the yield generation process as simple and convenient as possible so that everyone can participate!
Mary | Satoshi Club:
Definitely yes
Mike (Will never PM first):
That is a brief description of Flurry and the team. Thanks.
Mary | Satoshi Club:
How big is your team?
Mike (Will never PM first):
We are a team of over 10 people and we are expanding.
Mary | Satoshi Club:
Nice number!
Thank you for your detailed intro, guys!
And we choose 6 questions for the first part of our AMA
are you ready to start with them?
Q1 from Telegram User @h1drX
The competition that exists today in the yield farming ecosystem is very broad. There are many projects like yours that offer investors to generate magnificent returns, such as Matic, PolyDex, VerperApp, etc, and all the platforms claim that they are the best. Can you explain to us what features the Flurry platform has to make a difference? Why is Flurry the best of the yield farming platforms in terms of long-term sustainability, profitability, safety and operability?
Mike (Will never PM first):
Sure. There are two main features that differentiate us from others. First, it is our unique way of distributing interest. In other yield aggregators, interest is usually paid through the deposit token value
since the deposit token value changes with the accrued interest, the deposit token is thus not usable and users have to redeem, which incurs cost and the experience is not good. however in Flurry, we are paying interest through a rebasing mechanism. we pay users through increasing the supply of deposit tokens (we call them rhoTokens in Flurry). in this way, we keep rhoTokens pegged 1:1 to the underlying stablecoin and our rhoTokens thus are stable and can act as a medium of exchange.
In other words, users can spend the deposit token directly while earning interest. As a result, there is no more lock up!
Lawrence (Won’t DM First):
The other unique feature of flurry is that we are a cross chain solution. Flurry is the first protocol that offers yield farming cross chain. For example, holders of our stablecoin rhoUSDT, can hold his coin on Ethereum, while earning DeFi interest from BINANCE Smart Chain, MATIC or SOLANA
Flurry takes care of managing user deposited stablecoins as one global pool of funds across different chains.
Mary | Satoshi Club:
Interesting system! Are you first who is implementing such kind of system or it was already used by another project?
Mike (Will never PM first):
Yes, we are the first to wrap around single stablecoin.
D. | Satoshi Club:
I think o3swap offering something like this already, did you heard about this project?
Mike (Will never PM first):
Yes. but they are cross chain swap.
we actually are talking to them to work together and transfer funds cross-chain using their cross-chain swap function.
announcement will be made soon. please follow us on Telegram to stay tuned
D. | Satoshi Club:
It would be nice collaboration
Lawrence (Won’t DM First):
Yes, they are cross-chain token swapping, whereas Flurry is a yield aggregator and gives you the best return in terms of best lending return.
Mary | Satoshi Club:
Nice news, guys!
It’s really something new in yield farming
Hope we will be able to try all your features very soon! @Cool_as_Ice a big lover of farming
Ready for the next question?
Lawrence (Won’t DM First):
Sure
Q2 from Telegram User @kimzyemma
It was stated in flurry litepaper that FLURRY Token (FLURRY) is the governance token of the FLURRY Protocol and FLURRY will begin with centralized control of the protocol. For how long will flurry be controlled in a centralize form? What problem will this act solve in the crypto market? How do you want to prove transparency during centralized control, What will happen to the holders during the migration to a complete community and stakeholder control (decentralized control)? During which control do we have the right to Vote on adding/ removing yield farming strategies?
Mike (Will never PM first):
I think our plan is to migrate to DAO in 18 months. After that, flurry tokens owners will vote on the addition/removal of yield products and also the management fee level and exit fee.
Lawrence (Won’t DM First):
Flurry is a decentralized open source protocol. Anyone can see how our smart contracts are implemented on-chain, so our logic and completely transparent.
We are building the DAO logic, which will eventually allows FLURRY holders to vote on important parameters of the Flurry protocols such as Fees, which DeFi protocol to integrate next, and how the logic can be improved.
Mary | Satoshi Club:
Which rights you will leave for yourself?
I mean after that 18 months period?
Lawrence (Won’t DM First):
But first, we need to implement all the functionalities first! And we will be doing that in an incremental fashion.
Mike (Will never PM first):
There will be no rights left for ourselves after we migrate to DAO.
totally decentralized from that point onwards.
Mary | Satoshi Club:
Real DAO
Lawrence (Won’t DM First):
Our smart contracts are upgradeable. During this period, the team has the ability to upgrade the smart contracts to roll over more functionalities and features
We currently integrate to 5 DeFi protocols, some on Ethereum and some on BSC.
But we aim to support a big list of protocols (in order to give our users the best return!).
Mary | Satoshi Club:
What will happen next? Contracts will not be upgradeable? Or you mean all upgrades will happen only after DAO decision?
Lawrence (Won’t DM First):
Also we still building out the cross chain capability, so at this current stage we need the admin control to upgrade our contracts.
Yes once all the functionalities are stabilized we shall be renouncing our control. I imagine that would be within the next 18 months.
Mary | Satoshi Club:
Gotcha!
Do you want to add something or we can go to the next question?
Mike (Will never PM first):
We are done. thanks.
D. | Satoshi Club:
Appreciate for the great answers! let’s go to the next question!
Q3 from Telegram User @orlemys
You’ve announced in your roadmap, that you would be launching ‘Integration with more yield strategies’ in Q4 of this year. So would you explain what are the current yield strategies in your platform, and what are some of the ones you plan to include later? When will users be able to use Flurry yield farm at its full potential? When would be the right time to invest? And do you reward, or did you reward, early investors in your platform?
Mike (Will never PM first):
In the beginning, we will have Aave, Compound on the Ethereum chain and Cream on the Binance Smart Chain. We are also looking to implement Aave on the Matic network and be the first cross chain yield aggregator between Matic and Ethereum.
We have plans to add Venus on BSC as our next product to add.
On the yield farming side, to encourage users to adopt rhoTokens, Flurry will distribute extra rewards in Flurry tokens for rhoTokens owners. rhoTokens owners can then stake the Flurry tokens to earn extra Flurry tokens (we call it “SnowBall”).
Mary | Satoshi Club:
How this yield farming will happen, can you explain in details?
did you already prepared some guidance for your users?
Mike (Will never PM first):
We also have uniswap LP staking reward for users who provide liquidity on uniswap.
Sure. For the rhoToken staking rewards, user basically has to do nothing.
As long as they hold rhoToken, they will earn the flurry token in reward.
Mary | Satoshi Club:
Simply hold, right?
Mike (Will never PM first):
Yes.
Lawrence (Won’t DM First):
What mike mentioned is the first kind of staking. Yes simply hold rhoToken and you will be reward FLURRY tokens
Mary | Satoshi Club:
Ohhh, i like it!
Lawrence (Won’t DM First):
The 2nd kind of staking is FLURRY token staking. In order to encourage users HODLing FLURRY, if you stake your FLURRY tokens to our smart contracts, we will reward you with more FLURRY!
A fixed amount of FLURRY is given out per block, and FLURRY stakers will be rewarded according to the portion of their stake to the total staked amount.
Mary | Satoshi Club:
Rewards everywhere
Lawrence (Won’t DM First):
The 3rd kind of Staking rewards is LP Token staking.
D. | Satoshi Club:
People who will join your project earlier will get more chances for more rewards in Flurry token?
Lawrence (Won’t DM First):
We encourage users to engage our ecosystem, if you supply liquidity to an AMM pool like uniswap, on a trading pair that involves either the FLURRY token or one of our rhoTokens.
e.g. FLURRY/USDT, FLURRY/USDC, rhoUSDT/USDT, ….etc
Mary | Satoshi Club:
Nice! I see you prepared a lot of incentives for your users
Lawrence (Won’t DM First):
As long as any of our tokens are involved. If you take that LP Token and stake it in our smart contracts, we will reward your participation, again with more FLURRY!
as for the question on when we will reach our full potential…. currently we are only integrated to a few protocols.
but we will be adding more protocols, not just on ethereum but on other chains. We anticipate more DeFi pools will pop up on newer and faster chains
D. | Satoshi Club:
By the way, do you take any fees from users for aggregation of all those protocol on Ethereum and BSC?
Lawrence (Won’t DM First):
Then we will be able to achieve our full potential, as we always give the users the best return across the whole DeFi market!
Mike (Will never PM first):
We take fees. but we pool assets together and do it in one transaction.
that result in average lower fees for our users.
Mary | Satoshi Club:
Which fee do you charge? Can you tell us?
D. | Satoshi Club:
That’s nice
Mike (Will never PM first):
We are initially charging 10% on the yield Flurry generate for our users
Mary | Satoshi Club:
Got it
Thank you, guys! Very detailed explanation! Ready to jump to the next question?
Mike (Will never PM first):
Yes.
Q4 from Telegram User @Highpee
Flurry is currently undergoing audit scrutiny by Certik but you decided to release your testnet. I discovered that you launch test on both Ropsten and Kovan. Ropsten uses Proof-of-Work (Ethash) mechanism which better reproduces the current Ethereum production environment, however, Kovan is based of Proof-of-Authority and doesn’t fully represent the full production environment of Ethereum. Hence, I wish to ask, why are you launching dual MVP tests simultaneously? How is the flow of work different on both testnet network? Which of them will provide a closer clue as to how Flurry will behave when you release it on MainNet? How do we get testnet tokens and what product features will be available for user to test? Lastly, will there be benefits for early testers?
Lawrence (Won’t DM First):
The difference in consensus mechanism is not the reason we have duo MVP testing on 2 testnets.
The main reason for multiple testnets is due to the fact that we are integrating with different DeFi protocols.
On testnet each of this protocol deploys their own stablecoin, e.g. USDT. The USDT used by Compound on Ropsten is NOT the same coin as the USDT used by Aave on Ropsten. Hence we are not able to fully replicate the scenario where one underlying stablecoin is supported by both protocols.
Because of this, on Ropsten we only use our strategies with Compound, and on Kovan we only use Aave V1 and Aave V2 strategies for testing. This is a side effect of how the testnet for other protocols are set up.
The result of this is that users would not be able to test how the algorithm switch funds between 2 defi protocols. To do that we have created our own testnet?—?the flurry testnet, which is initialized by forking from the mainnet. That deployment would be the closest simulation to production and we will be opening this testnet to designated testers.
Still, on public testnets, (i.e. Kovan and Ropsten), user can easily get some test stablecoins (USDT, USDC) and try mint rhoTokens (rhoUSDT, rhoUSDC). They can play around with our interface to see how the money is managed by the Vault smart contract. They can also see our rhoToken balance grow automatically everytime the rhoToken is rebased (currently set to every 5 mins for testing purposes on Kovan).
In regards to benefits / rewards for earlier testers, yes we will be announcing a reward programme on one of the testnets. Please stay tuned for announcements on our official channels!
Mary | Satoshi Club:
So, everyone can test your platform now
can you give us a link to it? And also, can you tell us where we can get test coins to try it?
Lawrence (Won’t DM First):
Sure our testnet is on https://testapp.flurry.finance/
On there we also provide a link for users to easily get test stablecoins. We have also written a walkthrough article on Medium, explaining step by step instructions on how to test the flurry protocol!
https://medium.com/flurry-finance/flurry-testnet-launch-walkthrough-454d7bc40eb
Mary | Satoshi Club:
That’s a great incentive to try
right, Satoshiclubbers?
Thank you for sharing!
Now we are ready to test! Btw, how long do you plan to stay in testing stage?
Mike (Will never PM first):
We are having our smart contract audited now. Mainnet launch should be ready after the audit is completed. Should be around end of Aug
D. | Satoshi Club:
In curious if some of the protocols which you aggregate got hacked, and hacker stole some USDT from one of those protocols since USDT is underlaying asset for rhoUSDT, will this hack affect value of rhoUSDT? and this asset will be not tradable?
Mary | Satoshi Club:
So, not so long to wait
Mike (Will never PM first):
unfortunately, this will affect us, just like any other products that use that particular protocol. However, this is the only risk that Flurry is exposed, whereas other yield aggregators are exposed to more than this risk, like their peg maybe broken as in other algorithmic stablecoin, the peg is not 100% backed by the underlying stablecoin, like Flurry. So in this sense, Flurry is exposed to less risk than other yield aggregators
D. | Satoshi Club:
Got it! big thank you for the answer!
Mary | Satoshi Club:
Honest answer! Hope nothing like this will happen
Thank you, guys! Ready to proceed?
Mike (Will never PM first):
Q5 from Telegram user @Visher_keen
Your projects focused mainly on yield farming when you deposit stablecoins to mint rhoTokens backed by the stablecoin.Yield farming is not restricted to stablecoins only. I want to know if your project is involved only in stablecoins or later there will be supports for other tokens like BNB.? Checking through the test app, i saw a farm pool for Flurry-USDC. For pairs like this, it is possible for impermanence loss to set in, is there any risk management effort from flurry?
Lawrence (Won’t DM First):
Yes. First of all, we use stable coins because we want the value of the rhoToken to only increase, and NOT decrease.
This enables use cases such as using rhoToken on a limit order in a centralized exchange.
imagine if have a limit order on Binance to buy BTC at a certain price. The exchange has to put aside certain rhoTokens to guarantee the settlement of the limit order, should it get filled.
this would not be possible if the thoToken’s value can decrease.
on engaging in only stablecoins, we are able to guarantee that rhoToken value is always AT LEAST worth 1 or more than 1 underlying stablecoin.
Mike (Will never PM first):
Flurry is rewarding users who provide liquidity but not the one to provide liquidity in an AMM pool. So rhoToken owners will not be exposed to the impermanent loss.
Mary | Satoshi Club:
Which volatility do you expect for thoToken ? Will it be more like stablecoin with minimum volatility?
D. | Satoshi Club:
Very good to hear this
for many IL is an issue.
Mike (Will never PM first):
Yes, rhoTokens are stablecoin pegged 1:1 to the underlying stable. so there will be minimum volatility with respect to the underlying stablecoin.
Mary | Satoshi Club:
It’s a pleasure to have such asset in portfolio
Ready for the 6th and last question from this part?
Mike (Will never PM first):
Sure.
Q6 from Telegram user @ambbobb
You publicly announced that you don’t offer first come first serve in your upcoming public sale, while you are still awaiting security audit from CertiK, How do you plan to handle spammers during public sale? How do you want to orientate new crypto investors about your public sale? You only have plan for public sale, what have you noticed about private sale for not having plan ahead for it?
Mike (Will never PM first):
I am quite sure about what the question is asking. But to avoid spammers, we make regular announcment on our Twitter and TG channel when we found any scam.
We have both private and public round. btw, we have not made any announcement about first come first serve. so be aware of that.
we will make announcement regarding public sale soon. Please follow us on Twitter (https://twitter.com/FlurryFi) and join our announcement channel (https://t.me/FlurryFinance_News) on Telegram to stay tuned.
Mary | Satoshi Club:
Ok, guys! I hope we will see that announcement soon
Part 2?—?live questions from the Telegram community
Q1 from Telegram user @jocelyn_franky
Can you let us know about the token buy back models?
Lawrence (Won’t DM First):
Yes, we charge 10% on interest earned from DeFi protocols. Out of the fees collected we will be using part of the profit to buy back FLURRY from the market and redistribute to Flurry stakers. This not only further rewards FLURRY holders, but also support the market price of FLURRY.
Q2 from Telegram user @Gutike95
I understand that in Q3 they will launch the rhoUSDT, rhoUSDC and rhoBUSD rhoTokens, but will this really be the only rho stablecoin tokens they will develop? Or in the long term do you plan to include all the stablecoins on the market?
Mike (Will never PM first):
absolutely not. we will add more stablecoin to our list as long as the stablecoin is safe, liquid and popular. This is the beauty of Flurry. We can wrap around any emerging stablecoin to grant them the interest generation capability.
Q3 from Telegram user @KASG95
One of the characteristics that most caught my attention about Flurry Finance is that its returns will have lower risks, but with low risks, won’t the rewards be equally low? If so, will it really be attractive to everyone, or only to those with large amounts of capital?
Mike (Will never PM first):
I think the size does not really matter. it is more the risk profile of the stablecoin owners. We understood that currently, Defi is used by mainly traders (or we call them degens) who are chasing the best yield through leverage and other riskier strategies. however, there is a big group of stableowners who are not as tech savvy and who are interested in stable income with lower risks. This is the group Flurry is targetting and we want to help all these non tech savvy people because we believe DeFi should be for everyone!
Q4 from Telegram user @jonathan_tross
What are chainlink keepers and why it is used to trigger rebasing function?
Lawrence (Won’t DM First):
Smart contracts on program on the blockchain. On its own they cannot modify the state of the blockchain. They require an external party to trigger an execution by submitting a transaction. However our solution is decentralized, so we do not want to rely on any centralized party to trigger our smart contracts. The rebasing mechanism in our smart contract needs to be called via a daily on-chain transaction in order to execute. This function is operated on Chainlink Keepers in order to decentralize and automate the process which is reliable.
The Chainlink Keeper service is a new service recently launched on Chainlink and they provide a decentralized solution to trigger smart contract execution. We have partnered with them and will be using this feature to fully decentralize our solution! Their network of nodes are reliable enough to keep prices ticking, even durable the last 2 down swing of BTC. So we have the confidence that they will be the most reliable decentralized infrastructure we can utilize!
Q5 from Telegram user @Wong2008
Can you tell us how we can get access to the FLURRY testnet?
Lawrence (Won’t DM First):
Yes visit https://testapp.flurry.finance/
and also read our walkthrough article on medium!
https://medium.com/flurry-finance/flurry-testnet-launch-walkthrough-454d7bc40eb
Q6 from Telegram user @Lena_V10
How does #FLURRY will make the whole process of yield generations easy for beginners ? Or #FLURRY is applicable knoy for professional crypto users?
Lawrence (Won’t DM First):
Just BUY and HODL rhoTokens from uniswap! then earn interest automatically in your wallet! Can it be any simplier???
Q7 from Telegram user @Annodam1_0
What is the most ambitious objective you have for your project? What is your project’s long-term goal in the bitcoin market? If there are any impending updates, I’d appreciate it if you could let us know.
Mike (Will never PM first):
There are 3 main long-term goals in Flurry. First, as we said, we want to bring in non Defi users to the Defi space. We want to bring in more TVL to the DeFi ecosystem such that the whole Defi space benefits from having Flurry. Second, we want to bring rhoTokens to mass adoption. We believe the old way of minting, redeeming to earn interest is inconvenient and costly. If rhoTokens is mass adopted, then users do not have to redeem anymore but can trade and settle directly in rhoTokens. In this way, users stablecoin are never idle and earn interest for their owners all the time. We think this is a much more cost efficient and convenient world for stablecoin owners. And finally, we wanna achieve cross chain such that users do not have think about what chain they wanna be in. they can earn interest on different chains automatically and continuously.
Q8 from Telegram user @Tanas0707
Revenue is an important aspect for all projects to survive and maintain the project/company. What is your plan and way to generate profit/revenue from tokens? In this regard, please explain your income model?
Mike (Will never PM first):
Flurry will charge initially 10% on the yield generated for our users. Part of this income will be used to buy back Flurry tokens in the market and put them back in the staking pool to reward Flurry owners who stake. In this way, the buyback is providing support to the price. the distributed part is encouraging people to stake and not sell the flurry tokens.
Q9 from Telegram user @orlemys
You’ve your native token rho, is a cross-chain token with all the goods of a stablecoin. I’m curious to know how users are able to generate income from investing and hodling rho long-term? Since it is pegged by various stablecoins, will the price still go up? Or will it basically act as another stablecoin? Also, you’ve announced the launch of rhoUSDT, rhoUSDC and rhoBUSD. In case the price is able to go up, would the different tokens have different prices? How does it work?
Lawrence (Won’t DM First):
No, the value of a rhoToken does not change at all. Its always backed by 1 underlying stablecoin. e.g. 1 rhoUSDT is backed by exactly 1 USDT always! when you earn interest, you will just get MORE rhoUSDT! . At any moment, you can take your redeem rhoUSDT by burning rhoUSDT and get back the underlying USDT. No conversion price is involved!
Q10 from Telegram user @cung54
While you build your project, do you take into account community feedbacks and demands?While you build your project, do you take into account community feedbacks and demands?While you build your project, do you take into account community feedbacks and demands?While you build your project, do you take into account community feedbacks and demands?
Mike (Will never PM first):
Yes, we do take into account of community feedbacks and demands. that is why we will have different campaigns for users to try out our product and give us any comments or suggestions. We appreciate users feedback a lot and please feel free to let us know your thoughts. that is how we can keep improving and achieving our goal. That is to make DeFi user friendly so that everyone can participate.
Part 3?—?Quiz Results
In the final part, we tested your knowledge in terms of Flurry. They’ve prepared 4 questions for this part. The total reward pool for the quiz was 300$.
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