Flamingo Finance: A Neo Blockchain Pillar
Flamingo Finance is a DeFi platform launched in 2019 in the Neo Blockchain. It offers multiple services, including high-yield pools for various pairs. Recognized as the most used DeFi project within the Neo ecosystem, Flamingo Finance plays a significant role in fostering the Neo Blockchain.
Decentralized Finance
Decentralized Finance is one of the most used and valuable applications of decentralization in the real world. It allows users to trade without a centralized party. Due to its decentralized nature, DeFi applications also incentivize people to provide liquidity to the trading pools.
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Flamingo Finance is no different. However, since it operates on the Neo Blockchain, which has lower fees than Ethereum and offers a high yield in its pools, it can be attractive for investors looking for high-return investments in a well-established platform.
Decentralized Finance Services
Besides general DeFi services, Flamingo offers token wrappers for the most common currencies, like Bitcoin and Ethereum. This allows the purchase and trading of these coins without leaving the Neo network. The Flamingo team made this feature possible in collaboration with the Poly Network.
It's worth noticing that Flamingo is not a new project and is responsible for millions in daily trading volume. This means Flamingo Finance is not an experiment but a well-established platform almost 5 years old.
The platform also offers a special fund to stake FLM tokens, rewarding participants for all trading activities in the platform.
Stable Coins on Flamingo
Although Flamingo offers its own stablecoin, FUSD, users can also benefit from access to other stablecoins, such as USDT, through the fUSDT token. This wrapper around USDT allows this coin to be used in the Neo network without leaving the platform. This enables users to swap their assets for fiat-pegged currency. While this brings security for traders, it's also an excellent opportunity for participants to earn the fees related to these operations.
Lending and Borrowing
Flamingo also offers the opportunity for users to mint stablecoins using collaterals. This 'borrow' process can be utilized to leverage their positions, essentially borrowing stablecoins against their collateral holdings to amplify their investments. This strategy can magnify potential gains, but it's essential to remember that it also increases the associated risks.
Specialized Team
Flamingo is one of the oldest DeFi platforms and constantly adds new features to benefit users and traders. This is possible due to the specialized team members. The platform was first idealized by the most influential Neo Blockchain members, including Da Hongfei and Steven Wang. It's now maintained by a long list of contributors who work in developing new technologies and working on platform marketing and partnerships.
The Flamingo team is also aware of new updates coming to other networks and DeFi products, bringing good ideas to be applied within Neo. This allows the team to provide services expected by DeFi users while maximizing the usage of the Neo blockchain features.
Participating
Neo Blockchain is a public network, and anyone can join. The same applies to Flamingo trading pools. To participate, either by trading currencies or staking your tokens, you only need a wallet and some tokens (make sure you also have GAS to pay the fees).
Flamingo Tokens can be acquired on centralized exchanges, such as OKX, Binance, and Gate.io. You can also purchase FLM tokens directly on the Flamingo website, swapping existing tokens for FLM. This allows people to acquire FLM tokens through large exchanges or decentralized markets. Since it runs on the Neo Network, you will also need GAS to cover the fees.
If your exchange doesn't offer GAS, use the Gleeder app to swap NEO for GAS.
If you acquired your tokens from a centralized party, such as Binance, you will need to move these tokens into a Neo-compatible wallet. We recommend the Neon wallet, but almost any Neo wallet will do. For a complete list of compatible wallets, visit ndapp.org/wallets.
Once you have the tokens (and GAS) in your wallet, the process is relatively easy: just open the Flamingo Finance website and click the Earn button. This will show you a list of pools into which you can stake your coins. Some provide higher returns than others, depending on the risk and trading volume.
Ambassador Program
For those more into communications, one way to participate in the ecosystem is by joining the Ambassador programs. This not only creates an earning opportunity for content creators and community leaders but also an opportunity for these people to present their content to a wider audience. It offers up to U$500 for ambassadors who actively contribute to ecosystem growth. Join the Flamingo community on Discord or Telegram, and don't forget to follow them on Twitter.
Check this article to learn more about the Flamingo Ambassador Program.
Neo Blockchain Pillar
As described in this post, Flamingo Finance is one of the most important projects and pillars of the Neo Blockchain. Not only does it offer an extensive list of services to both traders and users, but it is also actively working on ecosystem development. The project is also mature while offering high-yield returns, making it a good option for those looking for hidden gems in the DeFi space.
Not financial advice. Trade at your own risk.
