Decentralized finance (DeFi) has become very popular in recent times. Yet they are more or less fragmented and coherent on various other platforms. Hence amid transferring assets between the platforms, they tend to be inefficient in some way or the other. Flamingo on the other hand intends to develop a seamless and unified DeFi ecosystem on Neo blockchain.
Flamingo intends to be a one-stop solution for all the DeFi related needs like lending, yield farming, DEX, etc. It also allows users to use NEO digital currency for specific purposes like smart contracts trading, token swapping, providing liquidity, and staking.
FLM is the native token of the Flamingo ecosystem which intends to fulfill many utilities of the platform. One of the important use cases of FLM tokens is to encourage people to participate in Flamingo DAO.
About Flamingo – In Brief
Unlike many other DeFi platforms which are built on Ethereum, Flamingo is based on the Neo blockchain and Poly Network interoperability protocol. The main feature of the network is to create a single platform for all the DeFi related requirements. It integrates several DeFi applications like a cross-blockchain asset gateway, an on-chain blockchain liquidity pool, a blockchain asset vault, a decentralized governance organization (DAO), etc.
Founded by a popular entrepreneur Da Hongfei, Flamingo acts as a single platform for NEO which is governed by its users through a decentralized autonomous organization.
How Does Flamingo(FLM) Work?
As mentioned above, there are five key components within the Flamingo network,
Inspired by the most popular DEX, Uniswap, Flamingo tends to be an on-chain market-making that interacts with the wrapped tokens on the parent blockchain and provides liquidity.
The NEO network-based tokens are called NEP-5 tokens. Hence wrapper works with other blockchains like Bitcoin, Ethereum, Neo & Ontology to wrap tokens based on these platforms and convert them into NEP- 5 tokens.
The Vault provides a platform for mining and staking assets and also issues collateralized stablecoins. The vault stakes earn rewards in the form of FLM.
The perp is nothing but a perpetual contract that uses Automated Market Maker(AMM) to empower the perpetual contract exchange. The exchange offers leverage up to 10% on both long and short positions.
- Decentralized autonomous organization(DAO)
DAO ensures equal community participation in the development of the network.
Will Flamingo(FLM) Price Hit $1 in 2021?
FLM token has a bombastic start as it marked its highs very close to $5 at $4.9. But with the beginning of Q4 2020, prices slid drastically, reaching rock bottom levels below $0.2. However, the 2021 bull run uplifted the price above $1.15 which again plunged back to the same levels and since then the price maintained its trend below $0.8.
At the press time, the FLM price is around $0.359 with a slight jump from the previous day’s close. The MACD currently is not showcasing any mounting of buying or selling pressure and hence one can expect a stagnant trend to be continued further. Only if a huge influx of volume floods in then a notable surge may be recorded that may uplift the price close to $1. By the end of 2021, it appears to be pretty tough for the asset to make it.
Factors Affecting Flamingo(FLM) Price Today
Highly Secure Network
The FLM token is a NEP-5 token, secured by Neo blockchain. The Neo blockchain uses two hash functions, SHA-256 similar to Bitcoin and the other is RIPEMD-160.
Interoperable & Capital Efficient
Flamingo is highly interoperable where it connects to Neo first, Neo further connects to Poly and later Poly connects to other decentralized networks. Instead of using the capital from the liquidity pool, Flamingo integrates the liquidity pool in swap and collateral pool in a vault, being capital efficient.
Each token is either mined or distributed on time, but the total supply of FLM tokens was distributed during the launch itself. To support a fair launch, Flamingo eliminates the mining process.
Flamincome & Flamingo Swap
Flamincome provides yield farming or liquidity mining functionalities similar to that of yearn.finance (YFI). On the other hand, Flamingo Swap is an on-chain automated market-maker-powered exchange that allows the swapping of tokens from one another.
The technicals point out towards a rise in the FLM price with the beginning of 2022. The asset could reach new highs beyond the ATH as the RSI which indicates the strength of the rally is following a notable uptrend. And hence pointing towards a strong bullish rally awaiting ahead.
Where & How to buy Flamingo(FLM)
Flamingo is widely available on all major platforms, yet if you are in search of a reliable platform in India, then CoinDCX may be the best suitable option. On CoinDCX, you can buy & trade your favorite tokens including FLM at affordable prices. Just download the CoinDCX app and enter the world of crypto trade at a single touch.
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