About

Furucombo is a multi-functional DeFi aggregation protocol that allows users to perform transactions from an easy-to-use interface. It offers different products, including Create Mode for creating DeFi trading strategies, Invest Mode for staking and pooling funds, Furucombo Funds for investing with fund managers, and a Lending Dashboard for managing lending positions. The platform incorporates flash loans and has undergone audits by top-tier security firms.

History

Launched in March 2020, Furucombo is trying to solve the problem of high barriers of entry to create complex DeFi strategies. Decentralized Finance is still very much in its infancy stages. It is difficult enough to set up a wallet and navigate different blockchains/dApps for beginners. Furucombo uses drag and drop blocks to help users use multiple applications simultaneously and execute various transactions in one click. This enables people to create strategies without knowing how to code. This is analogous to the Scratch programming language which utilizes blocks instead of code to create and run programs. There are three different tabs on the app: Invest, Create, and Learn. The Invest page allows people to invest in strategies that others have developed in exchange for a share of profits. The Create page allows users to create their own strategies using the drag and drop blocks. The Learn section teaches people how to use Furucombo and create strategies from scratch. The roadmap is very ambitious. One of the next milestones is to create a Fund manager system where users can give the rights to trade their capital to a third party in exchange for a % of profits. This will happen in a non custodial and permissionless way. This will allow people to create and use Furucombo strategies while managing other people’s capital. The other main goal on the roadmap is to expand and become interoperable across multiple ecosystems. Imagine being able to swap between assets on chain X and then use the new asset as collateral on chain Y and then stake the borrowed asset on chain Z all in one click. This is the future Furucombo is trying to create. Furucombo was exploited at the end of 2020. Users lost around $15 million due to a bug in Furucombo’s integration with Aave V2. All bugs were fixed and successful audits were completed afterwards from various companies such as Certik and Peckshield. 5M rCOMBO tokens have been given to those who lost funds. Furucombo was first launched on Ethereum mainnet and has since expanded to Polygon. They have partnered with various projects as well. These include partnerships with Flashbots, Gelato, Sushi, Synthetic, and Lootex. For example, the partnership with Flashbots is so that users can submit MEV resistant transactions straight to the miners. The Gelato partnership is so for integration such as limit orders, so that smart contract functions can be automated when the conditions are right. Furucombo uses the COMBO token. This token has a 100,000,000 supply cap. Around 50% is for the community and the rest is for core team, advisors, investors, mitigation, and development. The token can be used for governance and must be staked for insurance purposes if an outside protocol develops a strategy.