What Is Flamingo (FLM)?
Flamingo is a platform based on DeFi, whereby users can convert and wrap assets, provide liquidity and earn yield through staking. Wrapping is the process of fixing the value of a cryptocurrency to the value of another token or assets like stocks, gold, shares, or real estate, which is then newly minted for transacting on other platforms. Flamingo is a project launched by NEO Global Development, the execution arm of Neo Foundation. Neo Foundation is an organization that provides a network based on blockchain technology for digitizing assets and managing such assets automatically through smart contracts.
According to the litepaper of Flamingo, the platform consists of several functions like Convert, Add and Remove liquidity, and Stake and Unstake tokens. Convert is the on-chain Automated Market Maker (AMM) of Flamingo. The function aims to enable users to swap any token. The Add liquidity feature of the Flamingo platform enables users to provide liquidity to Liquidity Pools (LP).
The Stake and Unstake feature of the platform aims to help the users to stake their LP tokens for earning rewards in FLM, the governance token of the Flamingo platform. Moreover, the feature also allows the users to unstake their LP tokens at any time. A user who unstakes his tokens still owns it. However, he can remove liquidity at any time for swapping LP tokens back to the corresponding assets.
The Earn module of the Flamingo platform enables the users to view the tokens that are available for staking on the platform. Besides, the users can check their current staked tokens and their value. The Invest module of the platform helps users find projects that aim to launch their tokens for public sale.
The Flamingo token (FLM) is the reward token of the Flamingo platform. Users can earn the token by adding liquidity to the liquidity pools. The FLM token holders can participate in the governance of the Flamingo platform through voting in DAO. The litepaper of Flamingo claims that the team further aims to provide the services of lending, insurance, and asset management to the users of the Flamingo platform.
History of Flamingo (FLM)
The litepaper of Flamingo was launched in February 2022. The total supply of FLM is 50,000,000.
