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

By Bhushan Akolkar
September 23, 2020 Updated September 23, 2020
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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:

  1. Wrapper – a cross-chain asset gateway
  2. Swap – an on-chain liquidity provider
  3. Vault – a one-stop asset manager
  4. Perp – an AMM-based perpetual contract trading platform
  5. 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.

Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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