Recently, many Bitcoin and cryptocurrency exchanges continue to list different tokens. Flamingo (FLM) is one of these altcoins. We have told you about the Flamingo Finance project in the past few weeks and stated that FLM will also be the token of this project.
The FLM crypto currency was listed by Binance and OKEx, and after this listing, it experienced a serious rise. A lot of discussion has started to revolve around the cryptocurrency community about FLM. While some state that the cryptocurrency will eventually reach 0, others claim that it will experience a serious rise. An investor, who made a statement on the subject on Twitter, said:
“Flamingo Finance’s $ FLM trading started at Binance. The cryptocurrency gained + 300% from the lowest price. Farming will take 29 days. ”
What is Flamingo Finance (FLM)?
Flamingo Finance aims to provide everything a DeFi user needs in one place. The project is also built on the NEO blockchain and provides relief from the high cost and congestion of Ethereum.
The protocol is a NEO Foundation project implemented through the NEO Global Development (NGD) team and aims to expand NEO’s vision of the smart economy. Flamingo aims to provide a versatile service to its users by handling back-end and front-end issues under a single platform. Flamingo is a full stack DeFi protocol that is interoperable and supported by the NEO blockchain. Operations on the network are divided into different components to keep the platform running smoothly. Currently, the system supports access using the NeoLine wallet for NEO assets, the Metamask wallet for Ether (ETH) holders, and the Cyano add-on wallet for ONT token holders.
Flamingo Finance Token (FLM) and Flamingo USD (FUSD)
FLM is Flamingo’s native cryptocurrency dedicated to governance. It was created using NEO’s NEP-5 standard. Interestingly, the token doesn’t have a limit on its maximum supply. FLM is distributed to the community for network participation. The token will be awarded to stake cross-chain assets, stake LP tokens, issue FUSD, deposit stablecoins to maintain a margin while interacting with perpetual contracts, and contribute to governance recommendations.
Keep in mind that before the DAO takes over governance, the Flamingo team will address governance issues through a mandate (POA). FLM can be made by anyone who wants to join the NEO DeFi ecosystem. In addition, FLM holders have the right to submit proposals to the DAO and vote on the offers submitted.
FUSD is a stablecoin pegged to the US dollar (USD) on the platform. Staking LP tokens allow one person to print stablecoins. However, to unlock their collateral, the printed FUSD must be burned.