FLURRY Finance and Kyber Network partnered to scale up efficient cross-chain yield farming to the DeFi community.
As per the announcement, this partnership will allow $FLURRY holders to trade with ample liquidity and low slippage through Kyber’s Dynamic Market Marker (KyberDMM). KyberDMM is reportedly the best place to hold FLURRY Finance’s Liquidity. The decentralized exchange allows low transaction costs and high liquidity to achieve high capital efficiency through its amplified liquidity pools.
Notably, KyberDMM achieves high capital efficiency through its amplified liquidity pools where slippage for stable pairs is minimized 100 times compared to other platforms in the market. This, in addition, can also be optimized through dynamic fees that are influenced by market conditions.
While commenting on the partnership, Mike Ting, CEO of FLURRY Finance, explained:
“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,”
FLURRY plans to regulate liquidity reward tokens to minimize exposure to price volatility of reward tokens. In addition, the partnership will also allow FLURRY users to mint different rhoTokens like rhoUSDT, rhoBUSC, and rhoUSDC. This will be done without the need to hold the corresponding stablecoin. This means that users can use the Kyber platform to convert their tokens directly, for instance, USDC to USDT, before minting rhoUSDT tokens.
Loi Luu, CEO, and Co-Founder, Kyber Network, stated:
“Kyber Network is proud to provide blockchain projects with an optimized solution for their liquidity needs through the KyberDMM liquidity protocol. We look forward to Flurry’s launch.”
The partnership reflects on FLURRY’s goal of growing its stable rhoTokens as a medium of exchange for daily transactions while keeping the network fees as low as possible. This partnership comes days after FLURRY formed a similar partnership with Polygon to optimize yield farming further.
FLURRY Finance was created to “monitor cross-chain conditions to generate the best-uninterrupted yield at minimal risk to rhoToken holders.” FLURRY is a cross-chain token with all the goods of a stablecoin plus continuous yield farming with diversified DeFi product risk and lower yield farming fees.