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IndexExecutive Summary
Problems
Solution: FLURRY
Mechanism
Cross Chain Interoperability
Promoting rhoTokens
Governance Token
RoadmapDisclaimer

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Executive Summary
The Future of Yield Farming – Earn, Trade, Spend!
FLURRY is a protocol that aims to offer a token with the following features:

STABLE
Price does not fluctuate

INCOME
Generates yield automatically and continuously

FLEXIBLE
Can be spent as a medium of exchange while earning interest,
which means no locking
A cross-chain token with all the goods of a stablecoin plus continuous yield farming with diversified
DeFi product risk and lower yield farming fee. No more Lock-Up!

Despite the blinding speeds of innovation in the DeFi space, advances in technology often outpace theequally crucial improvements in user experience, which only adds a barrier to entry and a hurdle toadoption. We believe investment opportunities should NOT be reserved only for tech-savvy crypto
enthusiasts but for everyone. We aim to improve the usability of DeFi products and make the process
as convenient as possible so everyone can participate.

The team at Flurry comprises cryptocurrency veterans, serial entrepreneurs and finance professionals
whose experience and educational background include JP Morgan, Societe Generale, Barclays Capital,
Stanford University, Cornell University and Imperial College London.

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Problems
The growth of Decentralized Finance (DeFi) in 2020 was so rapid that many call 2020 to be the year ofDeFi. As of now, the total value locked of DeFi protocols stands at over $19 billion. That is almost 20X
growth over 11 months. DeFi protocols are offering different ways of generating yield to crypto
enthusiasts. With the growth of Defi 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 beaddressed:

FragmentedDifferent DeFi products generates different yield and each one of them has a different mechanism ofgenerating yield. The mechanism involved is not easy to understand without certain technicalbackground. The risk involved also varies across different products.

High Gas Cost
With the rapid rise of DeFi, the Ethereum network is congested. Ethereum transaction fees have shotup 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
The 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
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 earninginterest. Users have to unlock their fund when they want to use it and that incurs a cost.

4Solution: FLURRY
Introducing the FLURRY Protocol. FLURRY issues rhoTokens which are backed by stablecoins andsearches for the best transaction fee adjusted yield for your backing stablecoins. With rhoTokens,users do not need to go through the tedious process of locking/ unlocking and switching in and out ofdifferent DeFi products to generate yield. FLURRY will do everything for you automatically andcontinuously. The process is transparent to users and users will see their wallet balance growing toreflect the interest earned. Since rhoToken is pegged 1:1 to the underlying stablecoin, rhoTokens havethe same value of the underlying stablecoins and can thus be used as a medium of exchange.
Apart from automating the yield generation process, FLURRY offers other advantages that userscannot enjoy if they do it on their own:
•Lower Gas Costs per User
Since FLURRY pool assets together and move funds in one single transaction, the average
cost incurred per user is lower•

Risk Diversification
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•

Nice User Interface
FLURRY provides a nice user interface to give users a clear picture of how much interest they
have earned, how the interest is earned and the allocation of the funds in different pools,etc.

Why is FLURRY better than other Yield Aggregators?
FLURRY is better than existing Yield Aggregators in two perspectives:•No Locking
FLURRY has a different interest distribution mechanism from existing yield aggregators. The
yield generated in FLURRY is distributed in the form of rhoTokens. For example, you deposit
100 USDC and earn an interest of 5%. What you will have in return is 105 rhoUSDC in yourwallet. By increasing the supply of rhoUSDC, FLURRY makes sure 1 rhoUSDC is always equal to
1USDC, whereas in normal yield aggregators like Yearn, you get deposit tokens (yTokens) inreturn which unfortunately has a changing value due to the interest accrued. With a changing
value, deposit tokens cannot be used as a medium of exchange and thus your funds will belocked up while earning interest. But in FLURRY, 1 rhoUSDC is always equal to 1 USDC and thusrhoUSDC can be spent the same way as USDC. FLURRY will work on providing use cases (e.g.
trading on centralized and decentralized exchanges) for the rhoTokens. In other words, users
do not have their funds locked up. They can trade while earning interest in between.

•5Cross Chain
Current yield aggregators are limited to Ethereum based products, while FLURRY is targeting
to work cross chain to look for the best yield after cost on different Defi Protocol cross chain.

Mechanism1) Minting rhoTokens
Users convert their stablecoins to rhoTokens under the FLURRY protocol. In phase 1, we will
launch rhoTokens on 3 stablecoins: USDT, USDC and BUSD. Each rhoToken is backed 1:1 bythe stablecoin it represents:•••rhoUSDT is backed 1:1 by USDTrhoUSDC is backed 1:1 by USDC
rhoBUSD is backed 1:1 by BUSD

2) Automated Yield Farming
FLURRY generates yields by allocating the backing stablecoins to different DeFi protocols:
Borrow/ Lending
•
•
•
•
•

CompoundAave
Dydx
C.R.E.A.M
HarvestBonus token rewards from DeFi Platforms• Comp• Farm3) Rebasing
The yield generated is distributed to the holders of rhoTokens by increasing the supply of thecorresponding rhoTokens. This allows the price of the rhoToken to stay pegged 1:1 to its
backing token. Users will see the number of rhoTokens grow in their wallets to reflect theyields that have been earned by the protocol. For example, if an user owns 1000 rhoUSDC andassuming APY is 12%, he will see his wallet balance grow from 1000 rhoUSDC to 1010 rhoUSDC(he earns an interest of 1000 * 12%/12 = 10) after a month. In this way, 1rhoUSDC is always
equivalent to 1USDC in value, whereas in other yield aggregators, the deposit tokens willchange in value with accrued interest, making the deposit tokens not stable in value and thus
not suited to be a medium of exchange. This is an important feature that differentiates FLURRY
from other yield aggregators.

4) Redeem rhoToken
Users can redeem the underlying rhoToken at any time they want with a withdrawal fee.

6Cross Chain Interoperability
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 withall the upgrades coming, we will port our project to Binance Smart Chain to take advantage of thelower 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, we aim to deploy FLURRY on other chains like Cosmo and Polkadot which offers crosschain 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 our rhoToken holders.

7Promoting rhoToken
The value of FLURRY comes from yield generation and the flexibility of using the fund without
unlocking. Therefore, we will promote the rhoToken in these two perspectives:

1) Yield Generation
Apart from looking for the best risk adjusted yield for our users, we will further boost the yieldby distributing our governance token to our rhoToken owners as a reward in the beginning.

2) User Cases
The current top use case of stablecoins is still trading. Therefore, our first step is to havemarkets for our rhoToken owners to trade when they want to:Centralized Exchange
We will have C-Trade (a crypto derivatives exchange) as our first partner to have markets forrhoToken against other cryptos. rhoToken owners can buy Bitcoin, Ethereum with theirrhoToken. They can also use their rhoToken as collateral to trade Bitcoin/ Ethereum
derivatives products.
We are talking to more centralized exchanges to have markets on the rhoToken. We think it
is not difficult to convince market makers to provide liquidity because the risk involved is thesame as that of the underlying stablecoin pairs.
Decentralized Exchange
We will list our rhoToken in popular DEX such as Uniswap, Sushiswap, etc

Our second step is to approach payment service providers to accept payment in rhoToken.
Popular payment service providers such as Visa and Mastercard already accepted payment instablecoin like USDC. Since our rhoToken is inherently possessing the same value and risk as
those of the corresponding stablecoin, we can ride on the underlying acceptability toapproach the payment service providers.

8Governance Token
The FLURRY Token (FLURRY) is the governance token of the FLURRY Protocol. FLURRY will begin withcentralized control of the protocol (such as adding/ removing new types of yield-farming strategies,
assigning risk factors to different strategies, etc) and migrate to complete community and stakeholder
control over time.
FLURRY tokens have the following utilities:

VotingVote on adding/ removing yield farming strategies.
Vote on the risk factor of yield farming strategies

FeeFLURRY users have to pay:
• minting fee of 0.5%
• management fee of 10% of the generated yield• redemption fee of 0.5%
Governance token owners are entitled to earn a part of the above fee

Deflation Mechanism
The remaining fees income will go to buy and burn the FLURRY tokens

9Roadmap
Q2 2021•••••Whitepaper Release
Website Launch
Testnet Launch
Governance Token Public Sale
Partnership Announcements

Q3 2021••Mainnet Launch on Ethereum
Launch rhoTokens rhoUSDT, rhoUSDC and rhoBUSD

Q4 2021:••

Integration with more yield strategies
Implement Cross Chain Interoperability

Q1 2022:••

10Integration with yield strategies on different chains
Strategies performance tuning

Conclusion
With the growth of the Defi space and cross chain interoperability, we believe the traditional interest
rate model will be replaced by a much more cost effective and efficient model implemented in DeFi.
FLURRY strives to make the whole process of yield generation easy and convenient to everyone.

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Disclaimer
Nothing in this litepaper should be treated or read as a guarantee or promise of how or whether
FLURRY (the “Company”) will develop or of the features, utility, or value of Company or its proposed
platform. This presentation outlines the Company’s current plans, which could change at its discretion,and its success will depend on many factors outside the Company’s control, including technologicaland engineering developments, market-based factors and factors within the money transfer andblockchain industries, among others. Any statements about future events are based solely on theCompany’s analyses of the issues described in this litepaper. Those analyses may prove to be incorrect.
This litepaper does not constitute an offer for sale of the Company’s debt, equity securities, digital
securities including tokens and should not be considered an offering of securities in any jurisdiction.
This litepaper does not include or contain any information or indication that might be considered arecommendation or used as a basis for any investment decision. Any offer or sale of debt or equity
securities including digital securities will occur based only on definitive offering documents forapplicable securities. The purchase of securities in new ventures are particularly risky and may resultin a total loss of capital. The road map proposed for a network is subject to change or implementation
failure. An implementation network may not be adopted, resulting in its securities including security
tokens having low or no value. Only sophisticated investors who understand the risks of speculative
investing in securities including security tokens and have consulted their own legal and financial
advisors should participate in any securities or digital securities offerings.
This litepaper includes forward-looking statements. All statements other than statements of historicalinformation provided herein are forward-looking and may contain information about financial results,
economic conditions, trends and known uncertainties. Some of these forward-looking statements canbe identified by the use of forward-looking terminology such as “believes”, “expects”, “will”, “should”,“seeks”, “approximately”, “intends”, “plans”, “estimates” or “anticipates” or unrealized investment
results. Such forward-looking statements are subject to numerous risks and are necessarily dependent
on assumptions, data or methods that may be incorrect or imprecise and may not be realized.

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