005 – Flamingo is a decentralized finance (DeFi) platform based on the Neo blockchain and the Poly Network interoperability protocol. It combines various DeFi applications into a single ecosystem: a cross-blockchain asset gateway (gateway), a blockchain liquidity pool (exchange), a blockchain asset dome, a perpetual contract trading (perp) and a decentralized governance organization (DAO).
Thank you for reading this post, don’t forget to subscribe!
Da Hongfei is the founder of Flamingo, originally from China and with a business career he is also known for co-founding one of Ethereum’s main competitors: the Neo blockchain network, on which Flamingo is based. Hongfei co-founded OnChain, a private blockchain services company. He holds a degree in English and Technology from South China University of Technology and worked as CEO of IntPass Consulting before learning to code and entering the blockchain scene in 2013.
Flamingo stands as a singular platform that combines numerous decentralized financial tools for Neo into a common ecosystem controlled by its users through a decentralized autonomous organization.
Decentralized finance is an early and rapidly growing preference in the cryptocurrency industry that encompasses various financial solutions that often operate on top of the blockchain. Working as a type of second-tier industry, DeFi platforms are organized around the idea of the cryptocurrency industry as a whole, eliminating third parties and singular points of failure of monetary and financial systems. Upon its appearance, as of mid-2021, the DeFi industry had over $4 billion in collateral locked up.
Some of the main use cases for DeFi are cryptocurrency lending, yield farming, and decentralized exchanges. However, for most cryptocurrencies and their respective DeFi environments, each of these solutions is usually provided with a separate platform.
Flamingo’s unique advantage stems from the fact that it aims to combine all the major financial instruments for the Neo cryptocurrency token — signal wrap, liquidity pool, asset dome, and contract trading — and make them available through of a single platform that will control users in a decentralized manner.
There is no upper limit on the total supply of FLM: After the initial minting period and the launch of the decentralized autonomous organization, the issuance of new FLM tokens and their distribution will be subject to the consensus of the ecosystem users.
As of October 2021, FLM token trading was not yet available on any of the cryptocurrency exchanges and can only be obtained through direct participation in the Flamingo network.
As the cornerstone of Neo’s DeFi infrastructure, Flamingo completes the DeFi network of the Neo ecosystem while offering innovative solutions to the most common problems in decentralized finance.