China-based Neo (NEO) launched DeFi platform Flamingo Finance on September 25. The Flamingo Protocol consists of core services that draw from some of Ethereum's biggest applications.
- Essentially NEO variants of popular Ethereum-based DeFi services, Neo bills Flamingo as a "full-stack DeFi protocol"
- First announced on August 27, the Flamingo protocol will consist of 5 major components: a cross-chain asset gateway (Wrapper), on-chain liquidity protocol (Swap), asset manager (Vault), an AMM (Swap) and a governance mechanism (DAO)
- The team appears to be appears to be taking inspiration from some of Ethereum's biggest names, including MakerDAO and Uniswap
- Compound Finance (COMP) founder Robert Leshner described this design as “Farming + Uniswap + Perp AMM + MakerDAO under one umbrella”
- By integrating the aforementioned platforms for improved liquidity, capital efficiency, and reduced investor risk, the team aims to improve capital efficiency by 400%
- Over $1.6 billion has already been staked in the Flamingo Protocol; an official NEO wallet, Neoline, crashed an hour after the launch of "Mint Rush", a five day period where liquidity rewards are higher
- Binance has already listed and allowed trading of the FLM token via the Binance Launchpool
- Neo co-founder Da Hongfei, in a livestream on China’s Hub on September 25, said that DeFi was only in its early stages
- Hongfei believes that the building blocks are in place and that more DeFi products and apps would be beneficial, with significant impacts on the future of economies
