Flamingo Finance is one of the projects that have emerged as an alternative to the Ethereum blockchain.
It is a cross-chain DeFi protocol that makes it possible for other blockchain tokens to be traded on the NEO blockchain.
It has the FLM token as its native token FLM.
In this article, I will take you through Flamingo, how to earn FLM tokens. We will also get to know if this project is better than Ethereum.
Do pay keen attention to this review!
What I will cover;
What is Flamingo Finance?Services offered on Flamingo FinanceSupported Crypto Assets on Flamingo FinanceDAO on Flamingo FinanceFLM Token ExplainedHow To Earn Free FLM TokensFlamingo Finance Vs EthereumFAQsConclusion
Let’s dive in!
What is Flamingo Finance?
Flamingo Finance was founded in 2020 by one of the notable figures in the blockchain industry – Da Hongfei (co-founder of NEO).
It is a full-stack DeFi protocol built on the NEO blockchain, and it focuses on blockchain interoperability via Poly Network.
Poly Network is a protocol on the NEO blockchain that is designed for cross-blockchain interoperability.
Flamingo brings to life the “NEO Global Development” vision of building a systemic distributed smart economy.
It offers a singular platform where multi decentralized finance tools can be accessed at a reduced cost.
The protocol is ideally designed to deliver an efficient and innovative solution to the already existing system in the DeFi space.
Flamingo is entirely governed by DAO, and users can participate in this protocol as traders or liquidity providers.
Its protocol is the largest and most trendy DeFi application on the NEO blockchain (May 2021).
Furthermore, records on Dapprader show that Flamingo has made over $15k in volume trade in the last 30days.
Are you still here? Let’s find the services on Flamingo Finance in the next section. Swipe up!
Services Offered on Flamingo Finance
Flamingo offers the following 5 DeFi services;
Income is a “Yield farm” strategy that combines “yield farming and cross-chain” functionalities.
This simply means that users making use of Flamincome can either;
Deposit their token to earn a rewardOr wrap their tokens, then use them on other services provided on the platform without earning a reward.
Learn more about Flamincome here.
Wrapper enables blockchain interoperability on Flamingo Finance.
Using the wrapper functionality, users will be able to wrap their assets for Flamingo issued asset.
Here, the FLM token is distributed to users for staking their assets into “Vault”.
Vault was launched in these three phases;
Phase 1|Phase 2 (Mint Rush Stage): 50,000,000 FLM were distributed to users for staking whitelisted wrapped tokens into Vault.Phase 3 (Present Stage): FLM tokens are distributed to liquidity providers for staking LP tokens.
The “Swap” feature on Flamingo is an AMM DEx.
There are two options available;
Swap: Here, users exchange their token assets directly on Flamingo’s Liquidity poolPool: Users stake their assets into the swap pool and earn LP tokens as rewards
Perp is an vAMM-based perpetual contract trading platform on Flamingo.
A perpetual contract is a Futures trading contract that has no expiration date or settlement.
Having fully discussed the services offered on Flamingo…we will dive straight into the next section!
Supported Crypto Assets on Flamingo Finance
Flamingo Finance supports the following assets:
i. Altcoins – USDT, NEO, GAS, SWTH, FLM,ONT
ii. Wrapped Tokens – WETH, WBTC,
ii. Flamingo issued assets
nNEO, cGas, pONT, pnWETH, fWETH, pnWBTC pnWETH, fWBTC, fUSDT,nUNI_V2_ETH_WBTC, pnUNI_V2_ETH_WBTCnWETH, nWBTC, nUSDT
Learn more about Flamingo issued assets here.
Scroll down to the next section!
DAO on Flamingo Finance
At the early stage, Flamingo was run by the “NEO Global Development” under the Proof-of-Authority governance mechanism.
However, the launch of its DAO completely handed the protocol’s governance into the hands of its community|users.
It also gave the right to FLM holders to create and vote for proposals that will improve the protocol.
There are two types of proposals that can be made on Flamingo’s DAO;
Flamingo Improvement Proposal (FIP) – These are proposals that can be made to improve the overall system design of Flamingo. Issues that can be proposed here include; liquidity improvement plans, liquidation mechanisms, risk control strategies, etc.Flamingo Configuration Change Proposal (FCCP) – These are the proposals that can be made to improve the services offered on Flamingo and also the distribution of FLM tokens.
I did a full review of the FLM token in the next section. Swipe up!
FLM Token Explained
FLM is the governance token of Flamingo Finance. It was created on the NEO blockchain under the NEP-5 token standard.
This token is distributed as an incentive to users who stake their LP tokens to Flamingo’s Vault.
It is also distributed to users who participate in voting for proposals made on Flamingo’s DAO.
Before the launch of the protocol’s DAO, the FLM token was managed solely by Flamingo’s team.
Hence, its early stage of release was planned and pre-scheduled by the team.
Based on the token’s release preschedule done by the team – 100% FLM tokens were distributed only to users that staked their assets on the protocol.
Moreso, FLM tokens were not sold, distributed as airdrop or given to the team.
Below is how this token was distributed by the team
On the first week of the token’s release, 50,000,000 FLM tokens were distributed to users (for staking their wrapped tokens).40,000,000 FLMs – were distributed to users from the 2nd to the 5th week of the token’s release (for staking their wrapped tokens)From the sixth to the thirteenth week of the token’s release (for staking their LP tokens), 30,000,000 FLMs were distributed to users.
Currently, the release and distribution of the FLM token have been handed over to Flamingo’s DAO community.
If you are thinking of exchanges where you can trade Flamingo, I’ve listed them and the trading pairs available below for you:
Binance ➙ FLM/BTC, FLM/USDT, FLM/BUSDOKEx ➙ FLM/USDTGate.io ➙ FLM/USDT, FLM/ETHHotbit ➙ FLM/USDT
Additionally, the top wallets to store your FLM tokens include:
Ledger WalletsNeolineNeonAtomic Wallet
If you scroll down to the next section, you will learn how you can earn free FLM tokens on Flamingo.
How To Earn Free FLM Tokens
The above video will give you a pratical guide on how to earn free FLM.
However, feel free to read through my explanatory guide below;
To Earn FLM tokens on Flamingo, you need to stake LP tokens in the “Vault”.
If you do not have your LP tokens yet, you can still get them by adding liquidity to the “Swap Pool”.
To start up the process, select the “Swap” from the list of options on the top-most section of the website
Connect your wallet to Flamingo Finance (Check the FAQ section for the list of wallet supported)
Select “Pool” and click on “Add Liquidity”
Select the token pair you want to add liquidity to
If you do not yet have the assets supported on the “Add liquidity menu”, then, go to the “Wrap” feature and get them.
You will see the LP token that you will get as a reward displayed on your screen. Click on “Supply” and confirm the transaction in your wallet Go to “Vault” you will find your LP token, click on “Stake”
When you stake your LP token, you will start earning FLM tokens automatically.
You can claim your earned FLM tokens by clicking on “Claim” in the “Claimable FLM” section on the “Vault’s” interface.
Now, in the section below, we will compare Flamingo with Ethereum. Scroll down!
Flamingo Finance Vs Ethereum
In terms of architecture, Flamingo Finance and Ethereum have nothing in common.
This is because Ethereum is a blockchain and Flamingo Finance is a DeFi Dapp.
Flamingo Finance, on the other hand, will be referred to as an Ethereum contender by some cryptonite.
The reason is simple!
Flamingo Finance is one of the DeFi protocols built on an alternative blockchain to rival Ethereum.
In other words, you can say that this comparison is akin to comparing the DefI protocol on the NEO Blockchain to those on the Ethereum Blockchain.
Take a look at the comparison at a glance.
ParameterFlamingo FinanceEthereumCoinFLMETHLaunch year20202015FounderDa HongfeiVitalik ButerinRank on CMC
(May 2021)$0.5428$2,622.27Market Cap
StakeProof of WorkTPS 100015Block Time15 seconds
This concludes this section; for other Ethereum alternatives, please see our article here.
If you’ve read this review in its entirety and are interested in becoming a Flamingo Finance user, please see the FAQ section below!
Flamingo supports three (3) crypto wallets;
1. MetaMask and NeoLine Wallets: These two wallets are required to convert ETH assets into NEP-5 tokens.
2. Neoline or o3 Wallet: These wallets are required for wrapping NEO to nNEO and managing Flamingo’s assets.
3: Cyano plugin wallet and NeoLine wallet: These two wallets are required to convert ONTd to pONT.
You will find them in the table below;
Withdrawal Fee: Max. 0.5% Min: 0.3%
Gas Fee: 5%
Perp Fee: 0.1%
Flamingo Finance is secure because of the following reasons:
-Da Hongfei, the project’s founder, is a well-known figure in the cryptocurrency community (co-founder of NEO).
-Since the project’s inception, no fraudulent activity has occurred.
– The FLM token has been listed on top crypto exchanges like Binance, OKEx and Gate.io
– The protocol has a good number of adoption by cryptonites.
That is all I have to say about the safety of this project!
You can join the protocol’s community on the following platforms:
– Twitter: https://twitter.com/FlamingoFinance
– Discord: https://discord.com/invite/xGp9gbM
– Medium: https://medium.com/flamingo-finance
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The Flamingo DeFi protocol has recorded a billion dollars in TVL, and Cointelegraph has reported on the protocol’s increasing trade volume.
This platform has succeeded in providing a low-cost transaction fee, as well as blockchain interoperability, which the ETH blockchain still lacks.
Is it ever possible for Flamingo to dethrone Ethereum’s DeFi Dapps?
This concludes my Flamingo Finance review.
I hope you had a good time the whole time?
It is now time for your feedback… What are your thoughts?
Do you believe Flamingo will become a prominent DeFi in the near future?
What are your thoughts on the protocol…are you impressed with it?
Have you started earning FLM on the protocol? What are your thoughts on the coin’s potential?
I’d like to hear your thoughts on this in the comment section.
Don’t forget to click the share buttons. Best wishes!
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