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.
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