Introduction to Flamingo Digital Currency

Introduction to Flamingo Digital Currency

Introduction to Flamingo Digital Currency

What is Flamingo?

Introduction to Flamingo Digital Currency: Today we take a look at the first DeFi project built on the NEO Blockchain, Flamingo Finance {FLM}.

To start I explain the basics of this project and where the wrapping feature has some potential.

You can also read this article>>>>>>>Introducing Swipe Digital Currency

Flamingo finance

It’s really what you need to know is how to have a synthetic asset on of other blockchains basically creating interoperability.

So what you have is something like wrapped Bitcoin put on eath or wrapped if put on another project platform with Flamingo putting it on the Neo Blockchain it’s F eth or FBTC.

So it’s like Flamingo wrapped.

This is one of the many things that flamingo finance offers now obviously the Neo blockchain doesn’t have the most users and kind of adoption as something like Ethereum or Cardano and Polkadot aren’t like fully developed yet but they have a lot more following at least you could say.

So Neo is a little bit behind there but there is still some use cases.

They also have the vault on Flamingo finance.

You can also read this article>>>>>>>>Introducing Solana Digital Currency

Wrapped Token

A wrapped token is a blockchain token pegged to the value of an asset e.g. gold, equity shares, trade invoices, real estate, etc. It’s called a “wrapped” token because the original asset (e.g. an equity share) is put in a “wrapper” or “digital vault” that enables the wrapped version to be traded on a blockchain.

This wrapper that was talking about so cross-chain access gateway for BTC, ETA, USDT, NEO, ONT and more so Ontology.

You can also read this article>>>>>>Introduction of NEO cryptocurrency

Describing Flamingo Finance(FLM)

They describe themselves as an interoperable full stack DeFi protocol built on top of Neo.

Also They are incubated by the Neo global development team these guys are doing some real interesting stuff.

they have a few different products that they offer on their platform.

Wrapper

So first of all they have their wrapper which basically wraps tokens onto the Neo network.

So the same way that you would take Eth and you would make a wrapped ether or wrapped Bitcoin on the Ethereum network.

You can wrap tokens from other networks and put them on the Neo network.

Vault

They also have their vault, which is for staking and collateralized stable coin issuance.

So the way the staking works in there are a bunch of different coins that you can stake.

You lock up your coins and in return you get FLM the Flamingo tokens as rewards.

That’s their governance token which we’ll get into in a minute.

So instead of rolling out, their entire supply at once in the beginning what they’re doing is slowly rolling it out by giving it away as staking rewards.

You can also provide liquidity on their swap protocol, just like you would provide liquidity on uniswap and you can actually take those liquidity providers tokens and stake them in the vault as well and get FLM as rewards.

You can also read this article>>>>>>>Introduction of Decentralan(MANA)

LP Tokens

LP tokens represent a crypto liquidity provider’s share of a pool, and the crypto liquidity provider remains entirely in control of the token.

When you stake these Lp tokens, you can actually use those as collateral to mint their stablecoin which is FUSD.

This works very similar to the way that ave lending and borrowing works except it’s with LP tokens instead of regular tokens.

So you would take your LP tokens from their swap protocol.

Put them in the Vault and then you can mint the stablecoin.

Using your Lp tokens as collateral and if those tokens go under a certain value.

You’ll get liquidated the same way you would if you borrowed money on ave and your collateral,

wasn’t worth enough to back it anymore.

You can also read this article>>>>>>>Introduction of Fantom Digital Currency

The Founders of Flamingo

The founder of Flamingo is Da Hongfei, a Chinese entrepreneur also known for co-founding,

one of the main competitors of Ethereum.

 Hongfei has also co-founded OnChain, a private blockchain services company.

Da Hongfei The founder of Flamingo

Da Hongfei has a degree in English and technology from the South China University of Technology.

He has worked as the CEO of the IntPass Consulting firm prior to teaching himself how to code and entering the blockchain scene in 2013-2014.

Product

They also have a product that they called Prep which is for perpetual contracts.

Basically, you can short or long.

Whatever coins they have on their platform currency the only pair that they have on the platform is Bitcoin USDT.

But I believe they will be adding others in the future.

Conclusion

I think you can go up to 10x leverage on those and then finally they have their dow here community members,

will be able to use the FLM governance token to vote on proposals.

And make changes to the platform at the moment the team is spearheading development and they’re making,

all the decisions for the time being in order to get the project off its feet.

But in the future it will be decentralized where the community is making all the decisions.

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