By
Godfrey Benjamin
April 20th, 2024
Flamingo Finance (FLM) will be the third project on Binance Launchpool. Users will be able to stake their BNB or BUSD tokens into two the pools to farm FLM tokens over 30 days from Sep 27. Binance will then list $FLM on September 28.
Cryptocurrency exchange Binance announced it is starting with its third project on Binance Launchpool, dubbed Flamingo (FLM). This project is represented as an interoperable, full-stack decentralized finance protocol built on the Neo blockchain.
Users will be able to stake their Binance Coins (BNB) or Binance USD (BUSD) tokens into two separate pools to farm Flamingo Finance (FLM) during the next 30 days. Farming will begin from September 27 at 0:00 AM (UTC). Additional information regarding the participation in the FLM Launchpool will be announced on the Binance blog later.
After that, Binance plans to list Flamingo Finance (FLM) on September 28 at 7:00 AM (UTC) and open trading for FLM/BTC, FLM/BNB, FLM/BUSD and FLM/USDT trading pairs.
Flamingo (FLM) Launchpool token rewards will be 6,250,000 FLM, meaning 4.17% of Total Token Supply which accounts for 150,000,000 FLM.
There will be no private sale of tokens and farming will last for one month starting from September 27. Regarding the staking terms, there will be no limit and no need for a know-your-customer basis.
When mentioning supported pools, there will be a BNB stake of 5,625,000 FLM in rewards (90%) and a BUSD stake of 625,000 FLM in rewards (10%).
According to the Binance announcement, users will be able to un-stake their funds at any time with no delay and participate in any other available pools immediately. The user will be able to stake only tokens in his spot wallet into Launchpool.
Different than BEL and WING Launchpools
The FLM Launchpool won’t be utilizing the same participation mechanics as the BEL and WING Launchpools. BNB staked into Launchpool will still give users the usual benefits for holding BNB, as airdrop, Launchpad eligibility and VIP benefits.
Flamingo is a DeFi protocol cluster that integrates numerous modules in order to create an extensive DeFi infrastructure. Users can engage in Flamingo as traders, stakers, and liquidity providers.
Flamingo plans to launch more products and features. One of them is a crosschain asset gateway for Bitcoin, Ethereum, Neo, Ontology, and Cosmos-SDK based blockchains called Wrapper where user could wrap mentioned tokens as NEP-5 tokens.
Swap is Flamingo’s on-chain Automated Market Maker (AMM), which enables liquidity to wrapped assets, FLM, and other NEP-5 tokens. It adopts the Constant Product Market Maker (CPMM) model and users can trade token pairs or provide liquidity to a chosen liquidity pool by depositing tokens on both sides of the trading pair.
Vault is Flamingo’s one-stop asset manager and enables participants to stake NEP-5 assets for FLM rewards. At Vault, users can stake LP tokens to mint FUSD stablecoin.
FUSD is a collateralized synthetic stablecoin on Flamingo, pegged to the price of USD. Then there is also Perp, an AMM-based perpetual contract exchange where users are enabled to trade perpetual contracts using the same CPMM model with 10x leverage and they need to use FUSD as staked margins in order to get FLM as rewards.
DAO is a DAO for platform governance through which FLM holders can vote on critical topics such as tokenomics, parameter configuration and rising of efficiency.
New Rise of DeFi Protocols
We are witnessing the fact that the launch of new DeFi protocols on smaller blockchains is rising the demand for Ethereum’s competitors. These altcoin’s goal is to dethrone the smart contract pilot projects by making yield farming more available to the bigger crowd with lower fees and more efficient transactions.
At the time of writing, NEO was up by 7.93% , thanks to funds that came to Flamingo. Flamingo will, therefore, rival other liquidity swap platforms, including Tron’s JustSwap and Binance’s BurgerSwap, which are experiencing mixed success in the market.