Flamingo is a decentralized finance protocol (DeFi) that combines multiple DeFi applications under one ecosystem. These applications include a cross-chain blockchain asset gateway (wrapper), a blockchain asset vault, an on-chain decentralized exchange (Swap), a perpetual contract trading protocol (perp), and a decentralized autonomous organization (DAO).

The Flamingo protocol runs on the Neo blockchain and the Poly Network interoperability platform.

With Flamingo, users can access multiple DeFi solutions conveniently under one roof. For instance, users can trade assets across various blockchains, access decentralized perpetual contract services, and secure their assets on Flamingo.

Flamingo Developers

Flamingo was founded in 2020 by Chinese entrepreneur Da Hongfei. Hongfei is the co-founder of Neo blockchain, one of Ethereum’s top blockchain competitors and the blockchain on which Flamingo runs. Hongfei previously served as the CEO of IntPass Consulting firm before he joined the blockchain industry in 2014. 

The project is rolled out in phases as indicated below:

  • September 23, 2020: Token wrapper launch
  • September 25, 2020: Vault Phase 1 for NEO and Cross-chain Asset Staking 
  • October 5, 2020: Swap Launch and Vault Phase 2 for LP Token Staking: 
  • November 25, 2020: Perp launch
  • December 1, 2020: Vote Launch 
  • December 23, 2020: DAO Launch
  • January 8, 2021, to January 22, 2021: Perp Trading Competition: 
  • January 28, 2021: Flamingo Asset Flow Redesign: 
  • March 3, 2021: Asset Migration and Launch of Redesigned Asset Flow 

Operations

Flamingo’s unique selling proposition is that the protocol brings together multiple DeFi tools to run on the Neo blockchain as a one-stop ecosystem. The unique ecosystem is governed by its users through Flamingo’s DAO. 

The fast-rising DeFi space has many protocols created to provide blockchain-based solutions to existing traditional financial services. These tools power peer-to-peer financial operations without intermediaries to facilitate trades or other financial services. Therefore, users can lend, borrow, access insurance, or even exchange their tokens directly between themselves. 

Most DeFi protocols provide each solution on dedicated platforms. On the Neo blockchain, Flamingo combines all the main protocols under one platform. These are token wrapping, liquidity pooling, asset vault, and contract trading. 

Application

Here are Flamingo’s core features:

Wrapper: This is a cross-chain asset gateway that allows users to wrap tokens like BTC, ETH, NEO, ONT on the Neo blockchain as NEP-5 tokens which can be swapped back for their native tokens. 

Swap: This is Flamingo’s on-chain automated market maker (AMM) that allows users to swap Flamingo’s native token FLM, NEP-5 tokens, and wrapped assets on the Neo blockchain. Flamingo’s Swap integrates the constant product market maker (CPMM) model for its pricing algorithm. Liquidity providers deposit both tokens in a trading pool pair, and traders can then swap tokens from the pool. 

Vault: This is the protocol’s one-stop asset manager where users can stake NEP-5 tokens to earn FLM rewards. Also, users can stake their liquidity pool tokens on the Vault to mint FUSD stablecoin. FUSD is a collateralized synthetic stablecoin on the Flamingo protocol whose value is pegged to the US dollar (USD).

Perp: This is a perpetual contract exchange with and AMM. Like the Swap, users can trade perpetual contracts based on the CPMM model, with 10-times leverage. 

DAO: This is Flamingo’s decentralized governance community that is responsible for all operations on the platform. Via the Flamingo Improvement Proposals and Flamingo Configuration Change Proposals, FLM holders will participate in key issues regarding the protocol including, tokenomics and functionality improvements.

Flamingo Network Security

FLM is a NEP-5 token and, it leverages the security features of the Neo blockchain. These features include two hash functions: RIPEMD-160 and SHA-256. 

$FLM Tokenomics

The total supply of $FLM is 150 million, all of which are currently in circulating supply. There is no maximum supply or upper limit for $FLM. After the initial period of minting and the launch of the DAO, new $FLM tokens will be issued and distributed based on the consensus by the ecosystem’s users. As of May 25, 2021, $FLM has a market cap of $131.5 million and ranks #364 among other cryptocurrencies by market cap.

Buying $FLM

You can trade $FLM on many top exchanges including, Binance, Gate.io, OKEx, and MXC.com. Exchanges like Binance offer multiple trading pairs including, cryptocurrencies, stablecoins, and fiat currency.

Learn more here:

Telegram Subscribe
telegram
Previous PostNext Post
wsumadmin
WSUM - We are wrapping & staking global community for block chain projects. Join our community to help secure networks and earn rewards. We know staking

Leave a Reply

Your email address will not be published. Required fields are marked *