Dear Community,
Thanks all for participating in our Neo/Flamingo.Finance AMA. We really appreciate all your support. There were really good and thoughtful questions that were asked. For those who missed our AMA, this blog post is for you.
Introduction!
Mayank – Hello John welcome to CryptoNationIN 🥳 Glad to have you with CryptoNationIN 🎊
John – Hi Everyone. Thank you so much!\
Mayank – Before we start, I request you to tell about yourself.
John – I’m the head of NEO Ecosystem Growth, have quite a few years of experience in supply chain management consulting, and several times successful entrepreneurial experiences, I’m currently responsible for NEO ecosystem development.
I’m really curious what your community thinks about defi?
Mayank – Our community is enthusiastic to learn about DeFi projects. Could you please tell our community about Flamingo Finance.
John – Flamingo is an interoperable, full-stack decentralized finance protocol built on the Neo blockchain. Flamingo is comprised of five main components, including Wrapper – a crosschain asset gateway, Swap – an on-chain liquidity provider, Vault – a one-stop asset manager, Perp – an AMM-based perpetual contract trading platform, and also DAO – a decentralized governance mechanism. FLM is the governance token of Flamingo and will be 100% distributed to the community based on participation.
Mayank – How you got the idea of launching Flamingo? What is the necessity to launch it?
John – So Neo blockchain is one of the earlier projects, we have a very strong technology, a fast consensus algorithm and more. These tech prerequisites are needed to launch a defi project like Flamingo.Finance. We believe in DeFi and it’s progress has been amazing so far. Dex are already eating the market share away from centralized exchanges! Some DeFi protocols out there are popular already, but the are still opportunities to solve problems in the market. Flamingo.Finance is a full-stack DeFi platform, offering all the services all in once place. And importantly, it allows users of other defi products to earn from contributing to the Neo platform too. I’ll tell about this in more detail later, hopefully someone will ask 🙂
Mayank – Amazing 🎉
Twitter Questions
Q1. The commissions in the NEO network are 0, as Flamingo is in this network will also have 0 fees? Or will you have to pay any fees for the use of the platform?
John – There were some good questions there. Thanks for doing your research. That’s true, that’s one of the issue that Neo Blockchain solves here, that’s the exuberant Ethereum fees. Most transactions, like claiming FLM reward, and sending it doesn’t cost any gas on Neo! Or you can add a little bit to speedify the process. It was a big problem in farming yield on other protocols if you know…
Q2. I read that Flamincome offers yield farming opportunities for users. What asset class can I stake to farm $FLM and why is it built on Ethereum network? What benefits/incentives are available for users of the platform?
John –
Here on this image you can see the assets. Neo will bring the most rewards! Half of 50 mln FLM. But also you can stake wBTC, USDT, and more
Q3. Despite the recent DEFI hype, current adoption & user engagement in DeFi is only 1% of crypto users. How do you plan to raise your overall DeFi adoption rate to 10%?What strategies do you have to attract users & keep them with #Flamingo for the long term?
John – I think many crypto users are in it because they like to trade, some use it for online payments, but I’m sure many are in it because they are interested in the future of finance! And DeFi is definitely the future of finance, so I recommend everyone to try it, to change assets on our exchange Flamingo Swap and to provide liquidity to it too. We plan to raise the adoption rate by creating great product and actually reward early adopters with FLM token (governance token).
Q4. What plans does FLAMINGOFINANCE have in partnering with major lending protocols such as Maker Dao or dYdX Debt Debt Collateralized Debt Positions (CDP) to try to expand the liquidation protection feature of a user’s position?
John – I see that the person who asked this question is familiar with the recent developments in the industry. These are great products. But Actually what we are kind of partnering are Uniswap and Yearn. But as you know these defi projects are protocols so you don’t really have to partner with them, you can directly use them. So for Uniswap, the great innovative feature of Flamincome https://docs.flamingo.finance/faq#flamincome is this.
You can take your Liquidity Provider tokens from Uniswap and store it on Flamingo.Finance and continue earning UNI rewards from Uniswap, but also the FLM token from Neo!
For Yearn, the part of Flamincome is the yield optimizer, which finds the best strategies for your assets (=most profitable ones).
Q5. Is there any swap platform like uniswap on Neo? & if no then is neo building one in order facilitate trading?
John – Yes, we just gave it a simple name of Swap https://docs.flamingo.finance/litepaper#swap. Swap is Flamingo’s on-chain Auto Market Maker (AMM), providing liquidity to wrapped assets (as listed above), FLM, and other NEP-5 based tokens. It uses the cool formula called (Constant Product Market Maker (CPMM)) to determine pair prices. It uses the cool formula called (Constant Product Market Maker (CPMM)) to determine pair prices compared to centralized exchanges which use order books. Check our Swap when it’s out On September 30.
Telegram Questions
Q6. I’m a yield farmer that loves to farm several asset class. Why should I use Flamincome? How does it boost my yields?
John – Flamingo boosts your yields first working as an aggregator, choosing best strategies and they rewarding you with FLM token. And we really strived to improve capital efficiency so these FLMs can be used to issue FUSD – the stable coin and even use our new derivatives exchange PERP. At every step you are rewarded!
Q7. Can you tell us the motivation and benefits of FLM to all investors?
John – So first of all, there’s no premine, no presale, so really the only way to get this token is by “yield farming” which starts on September 25th. 50 mln FLM will be issued during the Mint Rush period of 5 days after this start date. FLM itself is a governance token, allowing you to vote for important decisions of the Flamingo protocol in the future, some as revenue distribution and more. And of course it will be listed on major exchanges, big news coming soon!
Q8. How many days do we need to lock our #NEO during our mint rush period to get $FLM ??? Can we unstake them anytime we want ??? Thanks.
John – Good question. Basically you can unlock Neo at any moment, and claim your FLM. But FLM will be claimable only after the end of Mint Rush period.
Q9. I am an investor, can you share the advantages and great features of FlamingoFinance over other competitors enough to make me decide to invest in FlamingoFinance?
John – Basically this is a riskless way to earn more than on other platforms, if you stake LP tokens from Uniswap specifically wBTC/ETH LP token (it means you stakes wbtc and eth there) you’ll earn
- revenue from trading volume on Uniswap (every transaction is 0.3% for assets that you staked)
- UNI token (the very famous one recently)
- Flamingo’s own governance token FLM that will be listed on all major exchanges.
Q10. I see that there are some Liquidity Providers (LPs) on Uniswap and Balancer were attacked by hackers, so how will Flamingo prevent this for specific liquidity pools?
John – I haven’t about these cases but our own smart contract is audited by Peckshield – the experts in smart contract security.
https://twitter.com/FlamingoFinance/status/1306140183666982912
So guys please join our group : https://t.me/NEO_EN.
And if you prefer discord, it’s here: https://discord.com/channels/748375438467793036/748375438467793039.
Thank you to John Wang, and Community for participating in the AMA. Have a nice day
