What is the Harmony (ONE)?
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What is Harmony (One)?
Flurry Finance: DeFi experience | Human & Machine

What is Harmony (ONE)?

October 21, 2021

Flurry Finance aims to provide each user with a simple, efficient, and convenient DeFi experience. Compared with other products on the market, the Flurry Finance team can realize that returns and risks go hand in hand. Investment does not blindly pursue high returns, so you must bear and prepare to take high risks to obtain one.

Mike, the CEO of Flurry Finance, a cross-industry talent with a background in engineering and traditional banking. Studying in the prestigious universities of Cornell and Stanford, he has obtained a degree in computer science. After graduation, he worked in banks such as JP Morgan Chase and Societe Generale and accumulated more than ten years of trading experience in Hong Kong, Singapore, South Korea, and Japan.

Three years ago, he began to enter the field of encryption. Mike said that he was very impressed with blockchain technology. He cleverly applied his previous stock trading experience to crypto trading derivatives, and in 2019, he and his partners founded a crypto derivatives trading platform called C-Trade.

In the summer of 2020, when the new coronavirus broke out in various parts of the world, Mike realized that DeFi could bring more applications to people on the blockchain. In addition, it can derive many opportunities to use decentralized technology to innovate traditional financial technology products. With such opportunities and considerations, Mike decided to create Flurry Finance in 2021 and use decentralization to empower traditional financial platforms.

Revolutionizing the DeFi experience

DeFi products are very diverse, and there are many different mechanisms for generating revenue. Nowadays, everyone wants to get high profits from DeFi. However, because some people do not understand the revenue mechanism, they believe they have been scammed. For example, if users want to use the simplest Compound in DeFi, they need to deposit tokens and earn interest, but they must redeem Compound when they need to use tokens, and they need to pay a large sum of conversion fees during the process, referred to as Gas fee. In this way, users can easily lose interest.

Therefore, Mike believes that user experience is the focus of Flurry Finance. In Flurry Finance, users don't have to worry about the cumbersome process of using different products. Instead, all they have to do is hold the tokens, and then the interest in their wallets will automatically increase. Therefore, even if there is no technical background or DeFi knowledge, users can smoothly obtain high profits.

Break out of traditional stereotypes

Many traditional financial practitioners who have received formal education and are familiar with banking resist new things in their hearts. Furthermore, they are very unwilling to touch any new things, such as blockchain. Even in the Federal Reserve, people still think that the blockchain is a guise and a scam because of their unfamiliarity with how it works.

Mike mentioned that currently, the financial world and the technology world are disconnected. For example, technical personnel understand the technology used in blockchain products, but they do not have financial knowledge. Therefore, products developed by technicians may not be so user-friendly for financial professionals.

Thanks to his cross-industry background, Mike discovered this gap and used this as an entry point to tap the potential behind the blockchain. He believes that the emergence of Flurry Finance can not only make DeFi more user-friendly and allow the financial community to truly understand the scientific and technological principles behind it but also allow more people who do not understand DeFi or even encryption to enter the DeFi field.

Ensure transaction security and low cost

Some people may worry that they may face more challenges or risks after the investment process is simplified. In response to this doubt, Mike said they are just using off-the-shelf products to provide a better user experience. First of all, they will screen out security products with a certain number of asset records from a professional perspective and then investigate the product’s audit status to ensure that all protocols can be used safely. Then, after layers of screening, they will finally select the most suitable transaction for the user.

More so, due to the variety of products to choose from, transaction risks will be diversified. In addition, Flurry Finance will manage assets on behalf of users, including moving assets in batches, integrating all assets, and putting them into different products to diversify risks. In this way, when earning profits, users can not only avoid risks but also reduce costs.

Token usage mechanism

The Rho token is taken from the Greek word Rho (ρ), which means correlation coefficient, also the principle behind Flurry. In the first stage, Flurry Finance supports three stable currencies, namely USDC, USDT, and BUSD. In light of this, Flurry Finance has corresponding rho tokens, namely rhoUSDC, rhoUSDT, and rhoBUSD.

The principle of the Rho token is as follows: Assuming a user deposits USDT, he will get rhoUSDT in return. Flurry Finance will send USDT to different DeFi products to earn interest. When Flurry Finance receives interest from the product, it will distribute interest to users daily. Once rho tokens are transferred to another user, the interest will be transferred to another user accordingly, along with the principal. Therefore, during the whole process, stablecoins are never idle, they can always earn interest, and it also saves the cost of both parties to the transaction. Mike believes that in the long run, rho tokens will be able to achieve cross-chain.

For DeFi novices with limited or no technical background, Flurry Finance is the best way to enter DeFi. Flurry Finance recognizes the transaction needs of this group of people, and it simplifies the transaction process while ensuring transaction security and low cost. In addition, to avoid the collapse of the token, Flurry Finance will also charge a management fee from the user's interest. In the event of a hacker attack or accident, the reserve will act as an insurance fund and give users a sense of security.

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