Flamingo is a decentralized finance protocol built on the Neo blockchain. It combines several modules that provide maximum coverage of DeFi services. It offers opportunities to earn income from liquidity provision, staking, or decentralized trading.
The FLM token is primarily designed as a governance token. You can earn it as a reward for actions such as staking cross-chain assets, providing liquidity to pools, minting FUSD (the Flamingo asset’s synthetic stablecoin), depositing FUSD with interest for margin trading. Thus, FLM can be earned using methods profitable farm.
Criptomais experts analyzed the features of the platform and the Flamingo (FLM) token to prepare their Analysis. We collected the most important information that gives a theory of how the project works, its main capabilities for users and developers, and prospects.
Briefly about the main thing
- Flamingo (FLM) is a cryptocurrency and liquidity protocol built on the NEO blockchain.
- It is a decentralized financial services protocol that offers exchange, staking and loan.
- Flamingo’s main competitors in the decentralized financial services space are: Uniswap, Compound, Fantom.
- Flamingo also offers additional features such as a trading platform with order book.
- The project uses a dual token system: FLM for management and Flamincome to tokenize revenues. Staking.
- To store FLM it is recommended to use wallets supporting the NEO blockchain, such as NeoLine or O3 Wallet.
.@FlamingoFinance $FLM Token Farming will begin soon, with a new #Binance Launchpool Format
🦩https://t.co/vCJNTEgUR8 pic.twitter.com/QK3YfBhPfh
– Binance (@binance) September 26, 2020
Flamingo (FLM) Rate Chart
FLM/USDT Rate Chart at Binance cryptocurrency exchange:
general information
| Designation | Flamingo |
|---|---|
| Clock | FLM |
| Token Type | NEP-5 |
| Blockchain | NEO |
| Total emissions | 150.000.000 FLM |
| Price 09/28/20 | 1,03 $ |
| Official website | https://flamingo.finance/ |
| Documentation | https://docs.flamingo.finance/ |
| Blog | https://medium.com/flamingo-finance |
| https://twitter.com/FlamingoFinance | |
| Exchanges | Binance |
Flamingo Protocol Capabilities
Let’s look at the main components that the Flamingo platform includes. They can be used by connecting through the Metamask, Ontology Wallet or Neo Wallet web3 wallets, or just Neo Wallet (depending on the specific service).
Flamincome
Flamincome – one of the main tools used in all other modules. This is a type of profitability enhancer on the Ethereum network. Users can earn profitability on both the Ethereum and Neo blockchains.
In the early stages of project development, profitability will be approximately similar YFI with full preservation of the deposited assets; the strategy will also be no different from that used in the main return pools.
Users can send their ERC-20 tokens to Flamincome to earn income and also use pegged assets from the Ethereum DeFi ecosystem (Flamincome) to participate in the Neo (Flamingo) DeFi ecosystem and receive rewards in the form of FLM tokens. At launch, Flamincome supports assets such as WBTC, wETH, USDT; UNI-V2 support is planned to be added in the near future.
Flamingo Wrapper
Wrapper is a cross-chain gateway that allows transferring assets between Ethereum, Neo, Ontology Network and Cosmos-SDK blockchains (Bitcoin blockchain will also be supported in later stages).
Users can convert NEO, ONTd (ONT on Wing Finance), nWBTC, nwETH, nUSDT, and other Flamincome assets into NEP-5 tokens (pnwETH, pONTd, nNEO, pnWBTC, pnUSDT, and so on). They can then be bought back if needed. The list of tokens will be expanded as the project develops.
Flamingo Exchange
The section has not yet been released, but there is information from the developers.
Swap is an AMM (automated market maker) from Flamingo that provides liquidity to the assets used in Wrapper, much like FLM and other tokens on the NEP-5 blockchain. Swap uses the Constant Product Market Maker (CPMM) standard, which is also used in Uniswap and many other AMM systems. At the core of this standard are functions that automatically set the price level for two tokens based on the available liquidity of both tokens.
On Swap, users will be able to trade coins that will be whitelisted at an early stage or earn money by providing liquidity to certain pools. User deposits are created to provide equal liquidity on both sides of the pair.
Features:
- The liquidity pool includes a standard NEP-5 token pair. Users have the opportunity to create a new pool to deposit two types of NEP-5 tokens or select an existing one and deposit there equal to the fiat amount liquidity on both sides of the trading pair. Based on this, rewards in LP tokens will be distributed.
- LP tokens give liquidity providers the right to redeem assets at any time, as well as receive passive income through commission fees proportional to their personal contributions to the pool. In the Flamingo system, 100% of trading fees are distributed among liquidity providers. Once a provider withdraws their liquidity, the tokens are burned.
- The protocol is equipped with a trading router – this means that when a user wants to buy or sell a token in a pool, but there is not enough liquidity, or there is no such pool, the router automatically searches for the optimal trading route to complete the operation.
This trading pattern does not imply the use of classic orders. Instead, both parties are financed by internal liquidity pools. The trading commission will initially be set at 0.3%.
Flamingo Safe
Vault is a complete asset manager that includes two main features:
- Deploying whitelisted NEP-5 tokens.
- FUSD Stablecoin Mining. Liquidity token holders can deposit collateral to receive FUSD. Subsequently, upon return, the FUSD is burned and the deposit is released.
Furthermore, users will receive FLM proportional to the amount of FUSD minted. The resulting FLM can only be claimed by the user if their real collateralization ratio exceeds the required collateralization ratio.
Flamingo Perp
This function is also not yet available.
Perp is an AMM-based perpetual contract broker with almost any underlying asset and infinite liquidity. As with Swap, traders can use the CPMM standard. Up to 10x leverage is available for both long and short positions.
Traders who use FUSD as margin receive FLM. To ensure that the contract price remains relevant, a funding fee mechanism has been introduced. Prices are delivered through Flamingo's own oracle contract.
Token FLM
In an initial period of the project, FLM will be allocated in the following cases:
- Staking tokens LP.
- Cross-chain asset staking.
- FUSD mining in Vault.
- Participation in decentralized management.
- Depositing the synthetic stablecoin FUSD for perpetual contract trading.
In the future, distribution methods may change depending on community voting.
Farm de token FLM no Binance Launchpool
On Launchpool and Binance 6,250,000 FLM will be distributed. Of these:
- BNB words: 5,625,000 FLM (90%)
- Verba BUSD: 625.000 FLM (10%)
To receive a reward, you need to lock funds in the staking pool within 30 days from September 27, 2020. Snapshots of user balances are taken daily; after the deadline, the exchange will analyze the performance of each participant and fairly distribute FLM among the community.
Where to store FLM
To store the FLM token, which runs on the NEO blockchain and is the NEP-5 standard, you will need to download the appropriate wallet. The Flamingo developers themselves recommend using a wallet extension NeoLine. It's easy to use, an account is created instantly, you just need to create a wallet name and password.
Then click the plus sign to add a new asset to the list.
And through search, find FLM, click Add.
After that you can agree or send tokens.
Where to buy, sell, trade FLM
Currently the token is only supported Binance cryptocurrency exchange. Since September 28, it has been trading in pairs FLM/BTC, FLM/BNB, FLM/BUSD and FLM/USDT. Need to start account on the broker and replenish it with the appropriate assets, and then create a buy/sell order in the trading terminal.
Advantages and disadvantages
Frequently asked questions
Forecast
The launch of Flamingo Finance was so successful that some NEO blockchain watchers couldn’t handle the load that day and stopped displaying new blocks for 40-60 minutes. Users initially thought the network was malfunctioning, but it turned out that the problem was in the browsers.
The rise in popularity of Flamingo Finance accompanies the emergence of other DeFi protocols and networks, the improvement of which it runs on the Ethereum blockchain. A selection in the form of NEO could help ease some of the pressure on the Ether chain and, at the same time, provide new insights for users.