Binance Launchpool Unveils Neo-based DeFi Protocol Flamingo, Neo Price Surges 10%

23 Sep, 2020

Senior Journalist

Expertise : Cryptocurrency, Blockchain, Macro Finance

Bhushan is a seasoned crypto writer with over eight years of experience spanning more than 10,000 contributions across multiple platforms like CoinGape, CoinSpeaker, Bitcoinist, Crypto News Flash, and others. Being a Fintech enthusiast, he loves reporting across Crypto, Blockchain, DeFi, Global Macros with a keen understanding in financial markets.   He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills. Bhushan has a bachelors degree in electronics engineering, however, his interest in finance and economics drives him to crypto and blockchain.

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Binance Launchpool, the new DeFi initiative by crypto exchange Binance, announced its third project named Flaming (FLM). The announcement states that staring September 27, Binance Launchpool will allow users to farm (earn) FLM tokens.

Flaming is an interoperable, full-stack decentralized finance protocol built atop the Neo blockchain network. FLM is the governance token for Flamingo and shall be distributed 100% to the community based on participation. Thus, there’s 0% pre-mining or team reserve.

In the early stage, the Flaming Team will look after the FLM token distribution. But for the long term, the aim to shift the FLM distribution using a DAO structure via the FLM voting process. Users can farm FLM tokens on Binance Launchpool against staking their BNB or BUSD tokens.

The Flamingo DeFi protocol has five major components:

Wrapper – a cross-chain asset gateway
Swap – an on-chain liquidity provider
Vault – a one-stop asset manager
Perp – an AMM-based perpetual contract trading platform
DAO – a decentralized governance mechanism

Flamingo’s design looks like a clustered DeFi protocol that integrates the collateral pool in Vault and the liquidity pool in Swap. Neo founder Da Hongfei expressed confidence over the launch of Flamingo protocol and said that it will transform the DeFi ecosystem. Adding to it, Binance CEO and Founder, Changpeng Zhao said:

“Flamingo is delivering optimized user experiences by integrating platforms for improved liquidity, capital efficiency, and reduced investor risk. We are happy to support Flamingo’s aim at becoming a full-stack DeFi protocol and welcome the project to Binance Launchpool”.

The total supply for FLM tokens is 150 million of which 6,250,000 FLM (4.17%) will be distributed as Launchpool staking rewards.

NEO Price Jumps 10% Following the Binance Announcement

Following Binance’s announcement of launching the FLM staking pool, the price of NEO cryptocurrency jumped over 10% in the last few hours. At press time, NEO is trading $21.04 up 9.53% in the last 24-hours.

Just when some of the top cryptocurrencies remain under pressure, NEO signals a bullish momentum on chart. The next major resistance for NEO is $22. At press time, NEO is trading at 100% premium year-to-date.

Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.

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Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more… to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.