Binance Launchpool, the new Defi initiative by crypto exchange Binance, announced its third project named Flaming ( FLM ).
Flaming is an interoperable, full-stack decentralized finance protocol built atop the Neo blockchain network. FLM is the governance token for Flamingo and shall be distributed 100% to the community based on participation. Thus, there’s 0% pre-mining or team reserve.
The Flamingo DeFi protocol has five major components:
Wrapper – a cross-chain asset gateway
Swap – an on-chain liquidity provider
Vault – a one-stop asset manager
Perp – an AMM-based perpetual contract trading platform
DAO – a decentralized governance mechanism
Flamingo’s design looks like a clustered DeFi protocol that integrates the collateral pool in Vault and the liquidity pool in Swap. Neo founder Da Hongfei expressed confidence over the launch of Flamingo protocol and said that it will transform the DeFi ecosystem. Adding to it, Binance CEO and Founder, Changpeng Zhao said:
“Flamingo is delivering optimized user experiences by integrating platforms for improved liquidity, capital efficiency, and reduced investor risk. We are happy to support Flamingo’s aim at becoming a full-stack DeFi protocol and welcome the project to Binance Launchpool”.
Credit to: I got to know it from @SvarogPerun
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