Flamingo

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Discover Flamingo's fundamentals and latest news.

This content was generated by Whalee (BETA), an AI crypto assitant that analyses cryptocurrencies. Informations can be incomplete and/or erroneous. Please always double check and DYOR.

What is Flamingo?

Flamingo (FLM) is a decentralized finance (DeFi) platform built on the Neo blockchain ecosystem. It offers services such as token conversion, liquidity management, and yield-generating staking, alongside advanced features for transaction efficiency and cross-chain interoperability. The FLM token serves as the primary reward token, incentivizing liquidity providers and engaging users by offering FLM for adding liquidity to pools and staking their liquidity pool tokens.

How is Flamingo used?

Flamingo (FLM) is a cryptocurrency token used on the Flamingo Finance platform, a decentralized financial (DeFi) platform built on the Neo blockchain. The FLM token serves multiple purposes:

  1. Means of Payment: FLM can be used as a form of payment within the platform.

  2. Incentive for User Participation: Users can earn FLM tokens by contributing liquidity to liquidity pools and staking their liquidity pool tokens (LP tokens).

  3. Governance Token: FLM token holders can participate in the governance of the platform by casting votes in the decentralized autonomous organization (DAO).

Additionally, FLM tokens are rewarded to users for holding a portion of the DEX-Traded Fund (DTF), Flamingo Flund. The token is also used to incentivize liquidity providers and engage users in the ecosystem.

How do I store Flamingo?

You can store Flamingo (FLM) tokens in a cold wallet, hot wallet, or exchange wallet.

How to buy Flamingo?

To buy Flamingo (FLM) tokens, you can follow these steps:

Buying on a Centralized Exchange
  1. Choose a Reliable Exchange: Select a trustworthy exchange that supports Flamingo (FLM) purchases. Consider factors such as ease of use, fee structure, and supported payment methods. Popular options include Binance, Gate.io, and OKEx.

  2. Create an Account: Enter the required information and set a secure password. Enable two-factor authentication (2FA) for added security.

  3. Verify Your Identity: Complete Know-Your-Customer (KYC) verification, which may vary based on your nationality and region. This step is necessary for accessing more features and services on the platform.

  1. Add a Payment Method: Follow the exchange's instructions to add a credit/debit card, bank account, or other supported payment methods. The required information may vary based on your bank's security requirements.

  2. Buy Flamingo (FLM): Use fiat currency if supported or purchase a popular cryptocurrency like USDT and then exchange it for Flamingo (FLM).

Buying via a Crypto Wallet
  1. Choose a Wallet: Select a reliable wallet that supports Flamingo (FLM). Ensure the wallet is reputable and secure.

  2. Download and Set Up: Download the wallet application and create a new wallet address or import an existing one. Record the seed phrase securely.

  3. Buy Flamingo (FLM): Purchase the cryptocurrency using a supported payment method. Be aware that fees may be higher than those on exchanges.

  1. Swap for Flamingo (FLM): If the wallet does not support direct fiat-to-FLM purchases, buy a popular cryptocurrency like USDT and then exchange it for Flamingo (FLM) through the wallet or on a decentralized exchange.
Additional Options
  • KuCoin: KuCoin supports over 700 cryptocurrencies and is constantly adding more. It provides a comprehensive guide on how to buy Flamingo (FLM).
  • Flamingo Finance Website: If you have Metamask or hold Neo, you can use O3 or NeoLine wallet to purchase Flamingo (FLM) directly from the Flamingo Finance website.

Remember to research and compare fees, security, and supported payment methods before choosing your preferred method.

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History of Flamingo

The Flamingo (FLM) cryptocurrency has a history that dates back to its launch by Flamingo.Finance, a well-known company in the decentralized finance (DeFi) space. FLM was introduced as a reward token to incentivize liquidity providers and engage users within the Flamingo ecosystem.

Launch and Distribution

The FLM token has a hard cap of one billion tokens, which will be created and distributed over a period of 17 years, reaching full supply by the end of 2039. At the time of writing, around one-third of the total supply, approximately 337.6 million FLM tokens, had been created and were in circulation.

Minting and Inflation

FLM tokens are minted in real-time and awarded to users who provide liquidity on the Flamingo platform or hold a portion of the Flamingo Flund DEX-Traded Fund (DTF). This minting process introduces controlled inflation, but the rate of inflation decreases significantly over time. The annual inflation rate of FLM tokens was initially high at 100% in October 2020 but has consistently fallen since then. By April 2022, the monthly inflation rate had dropped to 3.2%, and it is expected to continue decreasing until all tokens are distributed by 2039.

Lockup and Burn

There are currently no token burning mechanisms linked to FLM. However, FLM tokens can be locked up when participating in an Initial DEX Offering (IDO). Some users also consider FLM tokens invested in the DTF Flamingo Flund to be "locked up" as well.

Platform Features

Flamingo is a DeFi platform built on the Neo blockchain ecosystem, offering services such as token conversion, liquidity provision, and yield-generating staking. It stands out for its user-friendly features, cross-chain interoperability, and capital efficiency. Users can earn FLM tokens by adding liquidity and invest them in the Flamingo Single Stake Fund (FLUND) for sustainable returns.

Price History

The price history of FLM can be tracked through various sources, providing data on the token's performance over time. This includes historical price data, trading volume, and market capitalization.

Overall, the Flamingo (FLM) cryptocurrency has a well-defined tokenomics structure, with a capped supply and decreasing inflation rate. Its history is closely tied to the development and growth of the Flamingo DeFi platform, which continues to evolve and offer innovative features to its users.

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How Flamingo works

Flamingo Finance ($FLM) is a decentralized finance (DeFi) platform built on the NEO blockchain. It aims to provide a comprehensive DeFi ecosystem where users can convert assets, wrap assets, provide liquidity, and earn yield through staking. The platform is powered by its native cryptocurrency, FLM.

Governance and Tokenomics

FLM is the native currency of Flamingo, used for governance and distributed to the community based on participation. It does not have a cap on its maximum supply. Users can earn FLM by staking cross-chain assets, staking LP tokens, minting FUSD (Flamingo's stablecoin pegged to the US dollar), and contributing to governance proposals. FLM holders can submit and vote on proposals, ensuring community involvement in the platform's governance.

Key Modules
  1. Earn Module: This module integrates asset staking and collateralized stablecoin issuance. Users can stake LP tokens to earn FLM rewards, which are distributed in real-time. The module also provides data points on staked LP tokens, such as token price, APY, and total value.

  2. Perp Module: This module is designed for perpetual contracts, using automatic market-making to power a perpetual contract exchange. It supports leverage of up to 10X for both long and short positions.

  3. Vault Module: This module is used for minting FUSD, which is pegged to the US dollar. Users can mint FUSD by staking LP tokens, and the minted FUSD must be burned to unlock collaterals.

Interoperability

Flamingo connects to various blockchain platforms, including NEO, Ethereum, Binance BNB Chain, and Ontology, through the PolyNetwork protocol. This allows users to access a broader range of assets within the blockchain ecosystem.

Capital Efficiency

Flamingo's design aims to improve capital efficiency by integrating liquidity pools and collateral pools. This allows liquidity providers to stake LP tokens and continue using synthetic stablecoins, leading to higher capital efficiency compared to isolated DeFi protocols.

Flamingo's Purpose

Flamingo aims to accelerate the development of NEO's DeFi ecosystem and expand its services to include lending, insurance, and asset management. The platform is designed to be user-friendly, low-cost, and interoperable, making it a comprehensive DeFi solution.

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Flamingo's strengths

The token Flamingo (FLM) has several strengths that contribute to its potential as a valuable investment opportunity:

  1. Governance and Community Involvement: FLM is designed to facilitate governance through a decentralized autonomous organization (DAO), allowing holders to participate in decision-making processes and submit proposals. This ensures that the community has a significant say in the platform's development and direction.

  2. Interoperability: Flamingo connects to various blockchain platforms such as NEO, Cosmos, Bitcoin, Ontology, and Ethereum, making it a versatile and widely accessible DeFi protocol.

  3. Capital Efficiency: Flamingo's full-stack DeFi protocol allows liquidity providers to provide liquidity and collateral simultaneously, enhancing capital efficiency and offering a more comprehensive DeFi experience.

  1. Reward Mechanisms: FLM tokens are awarded to users for providing liquidity, staking LP tokens, minting FUSD, and contributing to governance proposals. This incentivizes users to engage actively with the platform, fostering a robust ecosystem.

  2. SmartStake and Automated Transactions: Flamingo's SmartStake feature enables users to perform multiple asset actions in a single step, streamlining the process and making it more user-friendly. Additionally, automated transactions are facilitated through smart contracts on the Neo N3 blockchain, ensuring seamless interactions between crypto tokens.

These strengths collectively position Flamingo Finance as a robust and innovative DeFi platform, offering a range of benefits to users and investors alike.

Flamingo's risks

Flamingo Finance (FLM) is a decentralized finance (DeFi) platform built on the Neo blockchain ecosystem. It offers various services such as token conversion, liquidity provision, and staking for yield earnings. The platform's native token, FLM, serves as the primary reward token and incentivizes liquidity providers and users by offering FLM for adding liquidity to pools and staking their liquidity pool tokens (LP tokens).

Financial Risks
  1. Smart Contract Risks: There is a risk associated with the wrapping and staking process, which involves trusting smart contracts. Bugs in these contracts could lead to asset losses.

  2. Default Risk: When users mint FUSD by opening a Vault and depositing collateral tokens, there is a risk of default. If the collateral value drops below the loaned FUSD, lenders can seize and sell the collateral to mitigate default risk.

  3. Market Volatility: Flamingo's token, FLM, is subject to market fluctuations. Its value can drop significantly over time, as seen in the past when it fell from $1.20 to $0.01667000 between April 3, 2021, and August 21, 2023.

  1. Governance Risks: Flamingo uses a decentralized autonomous organization (DAO) for governance. Issues with DAO decision-making or implementation could impact the platform's stability and FLM's value.

  2. Scams and Phishing: There have been reported scams, such as the Flamingo airdrop scam, which asks participants to send their NEO tokens to a designated address in exchange for FLM tokens. Users must be cautious and avoid such fraudulent activities.

  3. Liquidity Risks: Flamingo's liquidity provision and staking mechanisms are critical to its functionality. Any disruptions or lack of liquidity could negatively impact the platform and FLM's value.

  1. Regulatory Risks: As with any cryptocurrency, Flamingo and FLM are subject to regulatory changes and potential restrictions, which could impact their use and value.

These financial risks highlight the importance of careful consideration and thorough research before investing in Flamingo Finance and its token, FLM.

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Did Flamingo raise funds?

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Flamingo’s team

  • Flamingo Team Members:
    • Da Hongfei: Founder of Neo (NEO) programmatic blockchain, involved in the major revamp of Flamingo (FLM).
    • Odd Jørgen Røland: Co-founder of MyMingo, part of the new Flamingo team, discussed DeFi platform strategy.
    • Adrian Fjellberg: Co-founder of MyMingo, part of the new Flamingo team, discussed DeFi platform strategy.
    • Mr. Google: Lead developer at Flamingo Finance, involved in smart contract auditing.

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The fundamental analysis assistant for crypto value investors.

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