What is Flamingo (FLM) | What is Flamingo token | What is FLM token
What Is Flamingo [FLM]?
Flamingo is a decentralized finance ( DeFi) platform based on the Neo blockchain and the Poly Network interoperability protocol. It combines several DeFi applications into a single ecosystem: a cross-blockchain asset gateway (wrapper), an on-blockchain liquidity pool (swap), a blockchain asset vault, a perpetual contract trading platform (perp) and a decentralized governance organization ( DAO).
Different components of the Flamingo network are planned to be launched in several phases:
- Token wrapper for Bitcoin, Ethereum, USDT, Neo, Ontology and others: September 23, 2020
- Swap and LP token staking: September 30, 2020
- Phase 3 vault launch and stablecoin issuance: October 28, 2020
- Perp launch: November 25, 2020
- DAO launch: December 23, 2020
Who Are 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: the blockchain network Neo, which Flamingo is based on. Hongfei has also co-founded OnChain, a private blockchain services company.
Da Hongfei has a degree in English and technology from the South China University of Technology and 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.
What Makes Flamingo Unique?
Flamingo positions itself as a singular platform that combines multiple decentralized finance tools for Neo into a common ecosystem that will be governed by its users via a decentralized autonomous organization.
Decentralized finance is a nascent, fast-growing trend in the cryptocurrency industry that encompasses various financial solutions that often operate on top of cryptocurrency blockchains. Working as a sort of second-layer industry, DeFi platforms are conceptually aligned with the idea of the cryptocurrency industry as a whole: eliminating third parties and singular points of failure from monetary and financial systems. Having emerged in early 2019, by mid-2020 the DeFi industry already boasted over $4 billion in locked collateral assets.
Some of the main use cases in DeFi are cryptocurrency lending, yield farming and decentralized exchanges. However, for most cryptocurrencies and their respective DeFi environments, each of these solutions is usually provided by a single separate platform.
Flamingo’s unique advantage comes from the fact that it’s aiming to combine all the key financial instruments for the Neo cryptocurrency token (token wrapping, liquidity pooling, asset vault and contract trading) and make them available via a single platform that will be governed by its own users in a decentralized way.
How Many Flamingo [FLM] Coins Are There in Circulation?
FLM tokens are planned to be issued in several batches and distributed among the ecosystem’s participants based on their actual participation in the network. Flamingo’s team emphasizes the fact that no FLM tokens will be sold, minted or given to the platform’s team prior to its public launch.
During the first week after the launch of the Flamingo Vault — the so-called “mint rush” period — 50 million FLM are to be distributed among staking pools.
After the launch of Flamingo Swap (week 2-5), 40 million more FLM will be distributed to liquidity providers.
During week 6-9, an additional 30 million FLM will be distributed among liquidity providers and FUSD minters.
Finally, during week 10-13, another 30 million FLM are set to be distributed between liquidity providers, FUSD minters and Flamingo Perp traders.
There is no upper limit on the total FLM supply: after the initial period of minting and the launch of the governing decentralized autonomous organization, the issuance of new FLM tokens and their distribution will be subject to the consensus of the ecosystem’s users.
How Is the Flamingo Network Secured?
FLM is based on NEP-5, Neo’s token compatibility standard, so it is secured by Neo’s blockchain. In turn, Neo is secured by two hash functions: SHA-256 (the same one Bitcoin [ BTC] is secured by) and RIPEMD-160.
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How and Where to Buy Flamingo (FLM) ?
FLM has been listed on a number of crypto exchanges, unlike other main cryptocurrencies, it cannot be directly purchased with fiats money. However, You can still easily buy this coin by first buying Bitcoin, ETH, USDT from any large exchanges and then transfer to the exchange that offers to trade this coin, in this guide article we will walk you through in detail the steps to buy FLM
You will have to first buy one of the major cryptocurrencies, usually either Bitcoin (BTC), Ethereum (ETH), Tether (USDT)…
We will use Binance Exchange here as it is one of the largest crypto exchanges that accept fiat deposits.
Binance is a popular cryptocurrency exchange which was started in China but then moved their headquarters to the crypto-friendly Island of Malta in the EU. Binance is popular for its crypto to crypto exchange services. Binance exploded onto the scene in the mania of 2017 and has since gone on to become the top crypto exchange in the world.
Once you finished the KYC process. You will be asked to add a payment method. Here you can either choose to provide a credit/debit card or use a bank transfer, and buy one of the major cryptocurrencies, usually either Bitcoin (BTC), Ethereum (ETH), Tether (USDT)
Step by Step Guide : What is Binance | How to Create an account on Binance (Updated 2021)
After the deposit is confirmed you may then purchase FLM from the exchange.
Exchange: The top exchanges for trading in Flamingo are currently Binance, OKEx, BitZ, FTX, and VCC Exchange
Apart from the exchange(s) above, there are a few popular crypto exchanges where they have decent daily trading volumes and a huge user base. This will ensure you will be able to sell your coins at any time and the fees will usually be lower. It is suggested that you also register on these exchanges since once FLM gets listed there it will attract a large amount of trading volumes from the users there, that means you will be having some great trading opportunities!
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Find more information FLM
☞ Website
☞ Explorer
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☞ Message Board
☞ Documentation
☞ Coinmarketcap
Learn about Cryptocurrency in this article ☞ What You Should Know Before Investing in Cryptocurrency - For Beginner
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