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NEO-Based DeFi Project Flamingo to Be Featured on Binance Launchpool

4y ago
bullish:

13

bearish:

2

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Key highlights:

  • Flamingo is the third project to be featured on Binance Launchpad
  • Flamingo is a DeFi project built on the Neo blockchain
  • Users will be able to earn FLM tokens by staking their BNB and BUSD on Binance

Flamingo, a DeFi project built on NEO, is coming to Binance Launchpool

Binance has unveiled the third project that will be featured on its new Launchpool platform. BNB and BUSD holders who are staking their tokens on Launchpool will be able to earn FLM tokens from the Flamingo project from September 27 to October 27. In total, 4.17% of the total FLM supply has been allocated to the Binance Launchpool program.

The FLM token will be made available for trading on Binance starting with September 28. FLM is used as a governance token in the Flamingo protocol. 

Flamingo joins Bella Protocol and Wing as the projects that have decided to distribute their tokens to users through Binance Launchpool.

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A full suite of DeFi services

Flamingo is one of the first DeFi projects that are building on the Neo blockchain, and they have developed a full stack of DeFi services for Neo. This includes crypto asset swaps, asset management, synthetic assets, perpetual contracts, stablecoins and more. Flamingo also features Wrapper, which allows assets from other blockchains to be wrapped and used on the Neo blockchain in the form of NEP-5 tokens. 

Flamingo is currently in the middle of “Mint Rush”, a program that’s meant to incentivize crypto community members to participate in the project. A total of 50,000,000 FLM (approximately one third of the token’s total supply) will be distributed through Mint Rush. 

According to the Binance Research report on Flamingo, the project is “fully backed by the Neo project team” and hasn’t conducted any token sales so far.

At the moment, it’s hard to call the Neo blockchain “decentralized” - the network’s consensus process is controlled by just 7 different nodes, 5 of which are controlled by the Neo Foundation. 

However, the Neo team is working hard on upgrading the protocol to support a much more decentralized consensus mechanism. The next major stage of the Neo project is called Neo 3, and will feature a new consensus model called dBFT 2.0.  

4y ago
bullish:

13

bearish:

2

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