Flurry Finance has partnered with Polygon to scale up convenient cross-chain yield farming for the decentralized finance community.
The tie-up between Flurry Finance and Polygon reflects Flurry’s goal to elevate its stable rhoTokens as a medium of exchange in daily transactions and keep network fees low. This aligns with the Matic network’s modest fee structure, making Flurry Finance and Polygon a perfect match.
Owners of rhoTokens will be able to trade, spend and earn interest on the Matic network while rhoToken’s underlying stablecoin will pay out interest on other chains. Flurry Finance actively monitors cross-chain conditions to generate the best and uninterrupted yield at minimal risk to rhoToken holders. This means the Flurry protocol provides a bridge to solve the issue of fragmented, cross-chain yield farming while dramatically lowering the fees involved.
“More DeFi products are migrating to Matic. We see that the yield is becoming attractive and switching between protocols on Matic is cheaper than on Ethereum due to the much lower gas fees. All of these are reasons for us to build on Polygon,” said Mike Ting, CEO of Flurry Finance.
Featuring a simple and intuitive user interface, Flurry Finance facilitates deposits from Ethereum, pools assets and bridges them to the Matic network in batches. This brings immense value to Polygon by channeling inflow from Ethereum to the Matic network.
“We are glad to work with Flurry Finance in bringing DeFi to everyone. As we’ve always aimed for creating a borderless world, it would need a simple and convenient product in achieving so. Flurry would be a medium where everyone would be able to enjoy the fast transaction time with lower fees we bring,” said Asif Khan, DeFi growth specialist at Polygon.
Flurry Finance’s integration with Polygon follows the formation of a fruitful partnership with DuckDAO, a community-backed digital asset incubator that works with promising early-stage crypto startups.
In July, Flurry Finance closed a $3 million funding round with investors including AU21 Capital, Genblock Capital, CoinUnited.io, One Block, Soul Capital and Dutch Crypto Investors.
After the successful launch of the Flurry testnet in July, Flurry Finance will soon commence an initial DEX offering on the Cardano-based launchpad, CardStarter, for members of the crypto community who want to own a stake of the Flurry governance token. The token will give holders the privilege of voting to add or remove new yield farming strategies and assign risk factors to active schemes.
For more information, please visit Flurry Finance’s website.
Polygon is the first well-structured, easy-to-use platform for Ethereum scaling and infrastructure development. Its core component is Polygon SDK, a modular, flexible framework that supports building and connecting secured chains such as plasma, optimistic rollups, zk-Rollups and Validium, and standalone chains such as Polygon POS, designed for flexibility and independence. Polygon’s scaling solutions have seen widespread adoption with over 500 decentralized applications, more than 567 million transactions and over 6 million daily transactions.
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 issues rhoTokens, which are cross-chain interoperable, stable, flexible and generate profits for users, as well as pegged at a one-to-one ratio to their underlying stablecoin. The Flurry protocol is designed to monitor conditions across chains and present the optimal fee-adjusted returns for users, automating the tedious task of switching in and out of DeFi products on different chains.