Sometimes it seems like the blockchain space can’t stop talking about DeFi. There’s really no surprise in that – decentralized finance has made quite a bit for the crypto space being approachable, friendly and less costly. Of course, the projects also come with a pantheon of native tokens, currently being traded on all the major exchange services, including Swapzone. Today we would love to highlight one of these assets – Flamingo Finance FLM – a token dedicated to governance, and based on NEO blockchain.
What is Flamingo Finance and the ideas behind it
Flamingo Finance is a DeFi project aiming to bring everything a user needs in decentralized space in one product, approachable by one swipe. The developers made a decision to base Flamingo on NEO, a platform allowing further building, to avoid the issues currently traditional for Ethereum – heavy network load, fees and other troubles of basing a protocol on a loaded chain.
Digging a little deeper – Flamingo is a DeFi protocol that is interoperable between the chains (NEO, Bitcoin, Ethereum, Ontology), and holds automated on-chain swaps. Wrapped tokens are used to provide liquidity. The Liquidity Providers to Flamingo supply the pool with NEO’s standard NEP-5 tokens. One of the goals of Flamingo is to provide interchain interactions, so the use of wrapped tokens (converted into NEP-5) is highly justified.
Besides, there is the Vault – an interface to manage the funds, stake and mine. The rewards are issued in the native token of the platform – FLM.
FLM token and its use cases
As we have already mentioned, FLM is a token dedicated to governance. FLM, unlike many other blockchain assets, does not have a maximum supply – the coins are being distributed to the Flamingo community, based on how active the members are in the network’s life. If you are there to stake, mint, deposit, or contribute – the rewards in FLM shall be yours.
The token holders are also eligible to propose changes to the DAO (Decentralized Autonomous Organization) and vote on decisions.
What are the strengths of Flamingo Finance?
Definitely, there are some great points in favour of the platform and the asset. Let’s cover some of them briefly:
- Interoperable. Flamingo Finance is based around interchain work. As the project is a part of NEO and Poly networks, the reach is quite wide – Poly is connecting NEO with Switcheo and Ontology, and the protocol gives an opportunity to work with Cosmos, Bitcoin, and Ethereum.
- FLM tokens are distributed fairly. The project has started without pre-mines or ICOs, the tokens were not given to the team of founders, all Flamingo Finance is doing is distributing FLM to the community. Giving back to the contributors is a great thing to do, after all!
- Using the capital in a smart way. The capital efficiency of Flamingo is ensured by the liquidity pool and the collateral pool. Many decentralized exchanges are underutilizing what LPs give to them, but can’t say the same about Flamingo.
How do I get FLM?
It’s quite obvious that you can get the tokens by participating in the network’s life. As FLM is given as the rewards, staking (for instance) will grant you desired tokens. However, if you are looking for the services supporting FLM swaps, we are here with great news as well – Swapzone is now aggregating the offers for Flamingo Finance tokens.
What we do is gather the information on the exchange field in one interface, allow users to choose the parameters, and do absolutely everything for you to make an informed choice of the best swap deal.
Here is how you do it:
- Go to the main page of Swapzone.
- Select the currency you would like to exchange and enter the amount in the Deposit list.
- Pick the option to receive FLM tokens.
- Choose the offer that suits you best – don’t forget that you can sort the exchanges by rates, time, and service provider rating!
- After you have selected the best offer, click Exchange.
- Enter the recipient’s address on the next screen. Make sure you have entered the information correctly – the tokens will be sent to this address.
- Check the information once again. If all the data looks good, click Proceed to Exchange.
- Send the necessary amount of cryptocurrency to the address the service provider has generated. After the deposit is received, our partners will exchange it to FLM.
- Exchanged Flamingo Finance coins will be sent to the address you have entered previously.
After you have performed an exchange, all you need to do is use your FLM tokens!