Flamingo Finance (FLM)

 Basics

• Founded in:
• Mainnet release: 25-9-2020
• Based in:
• Not to be confused with Flamingo from The LAO.
• From Crypto Briefing (6-10-2020):

"Flamingo Finance is a “full-stack” DeFi protocol built on the NEO blockchain, according to marketing materials. Upon further inspection, however, it better resembles a mishmash of top DeFi protocols originally built on Ethereum. 

But instead of making a home on the number two network, Flamingo draws liquidity from other major networks thanks to interoperable protocol PolyNetwork."

History

• Got incubated by NEO (18-9-2020).

Token

Token allocation

• From Crypto Briefing (6-10-2020):

"Based on the project’s documentation, there will be 150,000,000 FLM in circulation. This supply isn’t capped, however. Users can earn these tokens at each phase of the Flamingo’s rollout by participating in various network activities."

Utility

• Governance

Technology

• Whitepaper can be found [insert here].
• Code can be viewed [insert here].
• Built on: NEO

Liquidity Mining

Flamincome

• From Crypto Briefing (18-9-2020):

"Flamingo Finance has announced a new feature, called Flamincome, that would allow crypto investors to earn interest by yield farming on NEO and Ethereum simultaneously. In practice, this means that users will be able to stake Ethereum’s ERC-20 tokens as “original assets,” receive NEO-based nTokens as “pegged assets,” and earn revenue on both."

• From Crypto Briefing (6-10-2020):

The third pillar is called Vault and imitates yEarn Finance’s yVault function. Users can stake NEP-5 tokens into the vault and earn the FLM governance token as part of the project’s liquidity mining event, called “Mint Rush.” The event ended on Sept. 30. 

Interoperability

• The bridge between various Ethereum assets and Flamingo is a tool called Flamingcome. 

Their Projects

• Their are five pillars making up the Flamingo Finance ecosystem: Wrapper, Swap, Vault, Perp, and DAO. From Crypto Briefing (6-10-2020):

"The first pillar is called Wrapper. It is not dissimilar from popular DeFi projects like Synthetix and Ren, as it allows Flamingo users to create various “n-tokens” pegged to different assets. Supported tokens include Neo, Ontology, Ethereum, and Cosmos-based blockchains like Kava and Terra. Flamingo will soon offer support for Bitcoin.

The second pillar is called Swap and is identical to popular “Constant Product Market Makers,” like Uniswap. The key difference is that Flamingo’s swap only supports NEP-5 tokens, Neo’s equivalent to Ethereum’s ERC-20 token standard. 

Like Uniswap, users are also required to supply two-sided liquidity, must pay a 0.3% trading fee (which is distributed to liquidity providers), and use a trading router to improve trade matching. 

The third pillar is called Vault and imitates yEarn Finance’s yVault function. Users can stake NEP-5 tokens into the vault and earn the FLM governance token as part of the project’s liquidity mining event, called “Mint Rush.” The event ended on Sept. 30. 

In November, the team will launch the fourth pillar called Perp, a derivatives platform allowing traders to margin trade their NEP-5 tokens up to 10x. And in December, the team will launch their DAO, through which FLM token holders can vote on protocol updates and other governance operations."

Roadmap

• Can be found [Insert link here].

• From Crypto Briefing (6-10-2020):

"Through Vault, Flamingo users can mint a USD-pegged stablecoin called FUSD. Users who mint FUSD will be rewarded in FLM proportionate to the amount minted. This feature is not currently available and will go live on Oct. 28, 2020.

In November, the team will launch the fourth pillar called Perp, a derivatives platform allowing traders to margin trade their NEP-5 tokens up to 10x. And in December, the team will launch their DAO, through which FLM token holders can vote on protocol updates and other governance operations."

Audits

• Bug bounty program can be found [insert here].

Usage

• From Crypto Briefing (6-10-2020):

"Already the protocol has locked in $1.6 billion in value, proving China’s massive appetite for cryptocurrencies and DeFi."

Pros and Cons

Cons

• From Crypto Briefing (6-10-2020):

"During the Mint Rush event last month, one of Neo’s primary wallet providers, Neoline, crashed due to heightened demand. Da Hongfei, the founder of NEO, eventually postponed the event to recuperate.

Scanning Flamingo’s Medium channel, technical issues related to heavy user traffic appear common. So far, no users have reported any lost funds. Elsewhere on Reddit, users reported issues when wrapping their assets on Flamingo. Many of these issues were resolved, but the launch of Flamingo has so far been rocky."

Team, Funding, Partnerships, etc.

Team

• Full team can be found [here].
• Has been endorsed by Da Hongfei, founder of NEO (18-9-2020).

• From Crypto Briefing (6-10-2020):

"Based on marketing materials, the primary members of Flamingo are Adam Yang, Yuan Gao, and NEO’s founder, Da Hongfei. In a community AMA event, Hongfei also explained that this was one of the first times that the Neo Global Development (NGD) team helped incubate a NEO-based project. Previously, NGD only offered funding and tech support."