What Is rhoUSDT (RHOUSDT) ?
rhoUSDT FLURRY is the governance token of the Flurry protocol, available on swaps and exchanges. By holding FLURRY, you can vote on various parameters in determining the development of Flurry protocol such as fee percentages, whitelisting or blacklisting yield farming DeFi protocols, or even proposing new strategies in the yield farming process. It is like stocks, except it is in token form on the decentralized network.
rhoUSDT is a cross-chain token which it pegged 1:1 to its underlying stable coin. The Flurry protocol automates the yield farming process with , sparing users all the tedious task of switching in and out of DeFi products on different chains to generate yield with your deposit. In return, you will get which you can hold, trade and spend as a medium of exchange while earning an interest automatically – something that stable coin couldn’t do.
rhoUSDT Storage Key Points
| Coin Basic | Information |
|---|---|
| Coin Name | rhoUSDT |
| Short Name | RHOUSDT |
| Circulating Supply | 9,153,344.00 GLMR |
| Total Supply | 1,002,625,343 |
| Source Code | Click Here To View Source Code |
| Explorers | Click Here To View Explorers |
| Twitter Page | Click Here To Visit Twitter Group |
| Whitepaper | Click Here To View |
| Support | 24/7 |
| Official Project Website | Click Here To Visit Project Website |
Problem
rhoUSDT growth of Decentralized Finance in 2020 was so rapid that many call 2020 to be the year of DeFi. As of now, the total value locked of protocols stands at over $19 billion. That is almost 20X growth over 11 months. protocols are offering different ways of generating yield to crypto enthusiasts. With the growth of products, crypto owners are now able to earn decent returns on their holdings. However, the current market landscape has a few pain points that need to be addressed:
Fragmented
rhoUSDT Different DeFi products generates different yield and each one of them has a different mechanism of generating yield. The mechanism involved is not easy to understand without certain technical background. The risk involved also varies across different products
High Gas Cost
rhoUSDT With the rapid rise of DeFi, the Ethereum network is congested. Ethereum transaction fees have shot up to new highs in early 2021. The high gas fee is not cost justified for users to move small amounts in and out of different DeFi products
User Experience
rhoUSDT user experience of DeFi products is not friendly. The process of participating in different yield farming products such as providing liquidity in liquidity pools or supplying tokens in lending protocol is not convenient to use. It also requires technical knowledge to understand the yield generation mechanism of different products.
Funds Locked Up
rhoUSDT Users get back deposit token (which is like a receipt of deposit) when depositing their fund in different DeFi products. Since the deposit tokens have a changing value with the accrued interest, the tokens cannot be used as a medium of exchange and thus users have their fund locked up while earning interest. Users have to unlock their fund when they want to use it and that incurs a cost.
Solutions
rhoUSDT Introducing the FLURRY Protocol. FLURRY issues which are backed by stable coins and searches for the best transaction fee adjusted yield for your backing stable coins. With , users do not need to go through the tedious process of locking/ unlocking and switching in and out of different DeFi products to generate yield. FLURRY will do everything for you automatically and continuously
Lower Gas Costs per
rhoUSDT User Since FLURRY pool assets together and move funds in one single transaction, the average cost incurred per user is lower
Risk Diversification
rhoUSDT FLURRY can diversify specific smart contract risk by allocating the pool of assets in different DeFi products, whereas it is not cost justified for individuals to do on their own
Cross Chain
In the first stage, FLURRY will be built on Ethereum as Ethereum continues to be the largest DeFi Ecosystem with the best source of yield. However, if the problem of gas cost is not going away with all the upgrades coming, will port project to Binance Smart Chain to take advantage of the lower transaction cost and thus higher yield after cost.
Since Binance Smart Chain is EVM-compatible, the switch over should be easy. In the long run, aim to deploy FLURRY on other chains like Cosmo and Polkadot which offers cross chain capability such that FLURRY can look for yield cross chain, taking into account of the fees on different chains, to generate the best return for holders.