Flamingo is an interoperable decentralized finance protocol built on the Neo blockchain. In this article, as Kriptokoin.com, “What is a Flamingo?” We will answer the question. In addition, we will touch on other questions about the project.
What is a flamingo? What does it do?
Flamingo is a DeFi protocol suite that integrates multiple modules to provide a comprehensive DeFi infrastructure. Users can join Flamingo as traders, bookmakers and liquidity providers.
What is FLM coin?
FLM coin is the native token of Flamingo. The token is built on NEP-5, Neo’s token compatibility standard. It is therefore secured by Neo’s blockchain.
How does flamingo work?
Flamingo plans to launch the following products and features:
Wrapper is a cross-chain asset gateway for Bitcoin, Ethereum, Neo, Ontology and Cosmos-SDK based blockchains. Users can wrap tokens such as BTC, ETH, NEO, USDT and ONT as NEP-5 tokens (nETH, nNEO, nUSDT, nONT, etc.) on the Neo blockchain. Wrapped NEP-5 tokens can also be exchanged for native tokens.
Swap is Flamingo’s on-chain Automated Market Maker. It provides liquidity to assets, FLM and other NEP-5 tokens. Similar to Uniswap, Swap adopts the Constant Product Market Maker (CPMM) model. Additionally, on Swap, users can trade token pairs. It can also provide liquidity to a selected liquidity pool by depositing tokens on either side of the trading pair.
Vault is Flamingo’s one-stop asset manager. It allows users to stake NEP-5 assets for FLM rewards (as an early-stage participation incentive). The vault is also where users can stake LP tokens to mint FUSD stablecoins.
FUSD is a collateralized synthetic stablecoin pegged to the USD price on Flamingo. LP token shareholders can issue FUSD against their allocated LP tokens while keeping the actual collateralization rate above the liquidation collateralization rate. Also, a User will receive FLM in proportion to the amount of FUSD minted. However, FLM rewards can only be claimed when a user’s actual margining rate is above the target margining rate.
Also, Perp is an AMM-based perpetual contract exchange. Similar to Swap, traders can trade perpetual contracts using the same CPMM model with 10x leverage. Investors must use FUSD as the stake and will receive FLM as a reward.
DAO is a DAO for platform governance. In the long term, the management of Flamingo will be completely taken over by the community in the form of Flamingo Improvement Suggestions and Flamingo Configuration Change Suggestions. FLM holders can vote on critical issues such as tokenomics, parameter configuration and functionality improvements through the DAO. In addition, voters will receive FLM as a reward for participating in the administration.
What is a flamingo? How to buy FLM coins?
Flamingo is currently traded on numerous cryptocurrency exchanges. People who want to invest in the project should open an account in one of the exchanges where the project is traded. The exchanges where Flamingo is traded are listed as follows: Binance, OKX, MEXC, FTX. Users who want to invest in the project should open an account on one of these exchanges.
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