Flamingo overview: Token | Specs | Buy and Sell | Price

Flamingo overview: of token and decentralized financial protocol, rate chart, wallets, where to buy or sell. Flamingo Is a decentralized financial protocol built on the Neo blockchain. It combines several modules at once, providing maximum coverage of DeFi services. Provides opportunities to generate income from liquidity supplies, staking, or decentralized trading.

FLM token is created primarily as a control token. You can get it as a reward for such actions as staking cross-chain assets, supplying liquidity to pools, minting FUSD (synthetic stablecoin of Flamingo asset), depositing FUSD at interest for margin trading. In this way, FLM can be earned through profitable farming methods.

Currently FLM is also distributed through pharming on the Binance exchange using the Binance Launchpool platform. BNB or BUSD stakers who deposited assets within a period of 30 days starting September 27, 2020 will be able to receive them. We offer an overview of the platform and the Flamingo token (FLM) from the editorial staff of Bitcoinminershashrate.com.

.@FlamingoFinance $ FLM Token Farming Will Begin Shortly, With a New #Binance Launchpool Format

🦩https://t.co/vCJNTEgUR8 pic.twitter.com/QK3YfBhPfh
– Binance (@binance) September 26, 2020

The content of the article

Flamingo price chart (FLM)

FLM / USTD price chart on Binance cryptocurrency exchange:

Specfication

Flamingo protocol capabilities

Let’s look at the main components that the Flamingo platform includes. They can be used by connecting via web3 wallets Metamask, Ontology Wallet or Neo Wallet, or only Neo Wallet (depending on the specific service).

Flamincome

Flamincome – one of the main tools that is used in all other modules. This is a kind of profitability booster on the Ethereum network. Users can receive profitability on both the Ethereum blockchain and the Neo blockchain.

At the first stages of the development of the project, the profitability will be approximately the same as that of YFI with full preservation of the deposited assets; the strategy will also not differ from the one used in the main yield pools.

Users can send their ERC-20 tokens to Flamincome to generate income, as well as use pegged assets from the Ethereum (Flamincome) DeFi ecosystem to participate in the Neo (Flamingo) DeFi ecosystem and receive rewards in the form of FLM tokens. At the time of launch, Flamincome supports assets such as WBTC, wETH, USDT; in the near future it is planned to add support for UNI-V2.

Flamingo Wrapper

Wrapper is a cross-chain gateway allowing assets to be transferred between Ethereum, Neo, Ontology Network, Cosmos-SDK blockchains (Bitcoin blockchain will also be supported at later stages).

Users can convert NEO, ONTd tokens (ONT to Wing Finance), as well as nWBTC, nwETH, nUSDT and other assets from Flamincome to NEP-5 tokens (pnwETH, pONTd, nNEO, pnWBTC, pnUSDT, and so on). Then they can be redeemed back if necessary. The list of tokens will expand as the project develops.

Flamingo Swap

The section has not been launched yet, but there is information about it from the developers.

Swap is an AMM (Automatic Market Maker) from Flamingo that provides liquidity to the assets used in the Wrapper, as well as FLM and other tokens on the NEP-5 blockchain. Swap uses the Constant Product Market Maker (CPMM) model, which is also used in Uniswap and many other AMM systems. This model is based on functions that automatically set the price level for two tokens based on the available liquidity of both tokens.

In Swap, users will be able to trade coins that will be whitelisted early on, or earn money by providing liquidity to certain pools. Custom deposits are designed to provide equal liquidity on both sides of the pair.

Features of work:

• The liquidity pool includes a pair of NEP-5 tokens. Users have the opportunity to create a new pool for depositing two types of NEP-5 tokens, or choose an existing one and deposit there a fiat value equal to the liquidity on both sides of the trading pair. Based on this, the reward in LP tokens will be distributed.
• LP tokens give liquidity providers the right to repurchase 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 commissions are distributed among liquidity providers. As soon as the provider withdraws its 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 at all, the router automatically looks for the optimal trading route to complete the operation.

This trading model does not imply the use of classic orders. Instead, both parties are funded from internal liquidity pools. The trading commission will initially be set at 0.3%.

Flamingo Vault

Vault is a versatile asset manager that includes two main features:

• Staking of NEP-5 tokens from the whitelist.
• Minting stablecoin FUSD. Holders of liquidity tokens can post a collateral to receive FUSD. Subsequently, upon return, the FUSD is burned and the collateral is unlocked.

Additionally, users will receive FLM in proportion to the number of FUSDs “minted”. The resulting FLM can be claimed by the user only if its actual collateral ratio exceeds the required collateral ratio.

Flamingo Perp

This function is also not available yet.

Perp is an AMM-based perpetual exchange with almost all underlying assets and infinite liquidity. As with Swap, traders can use the CPMM model. Leverage up to 10x is available for long and short positions.

Traders who use FUSD as margin receive FLM. In order to keep the contract price up to date, a financing rate mechanism has been introduced. Prices are supplied through Flamingo’s own oracle contract.

FLM token

FLM is a Flamingo management token that will be 100% distributed to the community, no pre-sale, pre-mining or team supply. The maximum emission is 150,000,000, the term of its achievement has not been determined. Standard – NEP-5.

At an early stage of the project, FLM will be allocated in the following cases:

• Staking LP tokens.
• Cross-chain asset staking.
• Minting FUSD in Vault.
• Participation in decentralized governance.
• FUSD synthetic stablecoin deposit for trading perpetual contracts.

In the future, the distribution methods can be changed depending on the community vote.

Farming token FLM at Binance Launchpool

6,250,000 FLM will be distributed on Binance Launchpool. Of them:

• Pool BNB: 5,625,000 FLM (90%)
• PUL BUSD: 625 000 FLM (10%)

To receive a reward, you need to block funds in the staking pool for a period of 30 days from 09/27/2020. Snapshots of users’ balances are taken daily, after the expiration of the term, the exchange will analyze the effectiveness 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 has the NEP-5 standard, you will need to download the appropriate wallet. The Flamingo developers themselves recommend using an extension wallet NeoLine… It is easy to use, an account is created instantly, you just need to come up with a wallet name and password.

Then you should click on the plus sign to add a new asset to the list.

And through the search to find FLM, click Add.

After that, you can accept or send tokens.

Where to buy, sell, trade FLM

At the moment, the token is only supported by the Binance crypto exchange. Since September 28, it has been trading in FLM / BTC, FLM / BNB, FLM / BUSD and FLM / USDT pairs. You need to start account on the exchange and replenish it with the appropriate assets, and then create a buy / sell order in the trading terminal.

Advantages and disadvantages

Pros:

• New multifunctional protocol with profitable farming capabilities.
• Decentralized governance.
• A promising alternative to protocols on the Ethereum blockchain.

Minuses

• So far, only part of the functionality has been launched.

Perspectives

The launch of Flamingo Finance was such a success that on that day, some NEO blockchain reviewers failed to handle the load and stopped displaying new blocks for 40-60 minutes. Users initially decided that the network was down, but it turned out that the problem was in the browsers.

The rise in popularity of Flamingo Finance has accompanied the rise of other DeFi protocols and networks, most of which run on the Ethereum blockchain. An alternative in the form of NEO can help unload the ether chain a bit while opening up new perspectives for users.

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