Binance Launchpool, a new product where Binance users are able to acquire new token rewards in return for staking BNB, BUSD, and other tokens, today announced its new project. The third Launchpool project to be presented on Launchpool is Flamingo (FLM).
From September, 27 at 0:00 AM (UTC), you can stake BNB and BUSD, on Binance Launchpool to earn FLM tokens. Read this announcement for more information.
Flamingo is an interoperable, full-stack decentralized finance protocol built on the Neo blockchain. Flamingo is composed 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.
Flamingo is based on Neo, which launched the Poly Network, an interoperability protocol together with Ontology, and Switcheo Network. Designed as a clustered DeFi protocol, Flamingo innovatively integrates the liquidity pool in Swap and the collateral pool in Vault. Flamingo will distribute FLM 100% based on contribution to the platform with 0% pre-mining or team reserve. FLM distribution in the early stage will be determined by the Flamingo Team, and the long term distribution of FLM will be determined by DAO through FLM voting.
Being the part of Launchpool, users will be in a position to stake their BNB and BUSD tokens into two liquidity pools to farm FLM tokens, starting from 2020/09/27 at 0:00 AM (UTC). Binance will list FLM token on 2020/09/28 at 7:00 AM (UTC) and open trading for FLM/BTC, FLM/BNB, FLM/BUSD and FLM/USDT trading pairs.
The FLM Launchpool will not use the same participation mechanics as the BEL and WING Launchpools. Further information will be released in a later announcement.
“Many members of the team, the community and also myself are all very optimistic about the future direction of DeFi. We believe that it’s going to change the existing financial paradigm. Neo, as a digital asset protocol, has a relatively mature smart contract system, a large asset volume, and an active community across the world, which makes Neo a good fit for DeFi. We believe, as a full-stack crosschain DeFi protocol, Flamingo will change current DeFi”, said Da Hongfei, Founder of Neo.
“Binance Launchpool continues to introduce the promising DeFi projects to our community. With its breakthrough technology, Flamingo is delivering optimized user experiences by integrating platforms for improved liquidity, capital efficiency, and reduced investor risk”, said Binance CEO and Founder, CZ (Changpeng Zhao). “We are happy to support Flamingo's aim at becoming a full-stack DeFi protocol and welcome the project to Binance Launchpool”.
Learn more about Flamingo from Binance Research’s in-depth report here.