What is Flamingo?
Flamingo (FLM) is a decentralized finance (DeFi) platform that operates on the Neo blockchain and the Poly Network interoperability protocol. It aims to integrate several DeFi applications into a single ecosystem, including a cross-blockchain asset gateway, an on-blockchain liquidity pool, a blockchain asset vault, a perpetual contract trading platform, and a decentralized governance organization. Flamingo aims to provide a unified platform that combines multiple decentralized finance tools for Neo into a common ecosystem, which is intended to be governed by its users via a decentralized autonomous organization.
How does Flamingo work?
Flamingo operates by combining key financial instruments for the Neo cryptocurrency token, such as token wrapping, liquidity pooling, asset vault, and contract trading, and making them accessible via a single platform. This platform is designed to be governed by its users in a decentralized manner. FLM tokens, the native currency of the Flamingo platform, are intended to be issued in several batches and distributed among the ecosystem's participants based on their actual participation in the network. The Flamingo team emphasizes that no FLM tokens will be allocated to the platform's team prior to its public launch.
What are the potential use cases for Flamingo?
Flamingo aims to serve as a comprehensive platform for decentralized finance solutions. Some of the main use cases in DeFi that Flamingo seeks to address include cryptocurrency lending, yield farming, and decentralized exchanges. Unlike most cryptocurrencies and their respective DeFi environments, where each of these solutions is usually provided by a single separate platform, Flamingo aims to combine all these key financial instruments for the Neo cryptocurrency token and make them available via a single platform. This platform is intended to be governed by its users in a decentralized way, providing a unique advantage in the DeFi space.
What is the history of Flamingo?
Flamingo was founded by Da Hongfei, a Chinese entrepreneur also known for co-founding the blockchain network Neo, on which Flamingo is based. Hongfei has also co-founded OnChain, a private blockchain services company. He has a degree in English and technology from the South China University of Technology and taught himself how to code, entering the blockchain scene in 2013-2014. The different components of the Flamingo network were launched in several phases, starting with the token wrapper in September 2020, followed by the swap and LP token staking, the vault launch and stablecoin issuance, the Perp launch, and finally the DAO launch in December 2020.
