At 6 pm on September 22, Maizi Wallet held the 13th issue of the Math Show, inviting Neo Ecological Development Manager Nigel, and the host of Carbon Chain Value CMO Jiang Lu, with the theme "Neo-Public Chain Breaking, Fighting DeFi".
Neo DeFi product-Flamingo, can visit
flamingo.finance.
Flamingo is positioned as a Neo-based cross-chain full-stack DeFi protocol group, incubated by Neo's operating organization NGD, the early development, audit, and operation are assisted by NGD, and the community will become a fully decentralized governance (DAO) in the later period. s project.
With the gradual deepening of Neo’s layout in the entire industry and the continuous improvement of infrastructure, PolyNetwork, a cross-border agreement initiated by Neo, was officially launched last month. This provides Flamingo with a larger vision, with lower friction, Provide higher asset utilization efficiency and build a community-governed cross-chain DeFi protocol group based on contribution distribution incentives.
Next, I will introduce you to the operating mechanism of Flamingo. There are 5+1 modules in the Flamingo protocol group, and users who participate in these five modules will be rewarded with FLM tokens.
The five modules are: 1) Wrapper cross-chain gateway; 2) Swap liquidity incentive/AMM-based decentralized exchange; 3) Vault asset management; 4) Perp perpetual contract trading; 5) DAO decentralized governance
Neo-chain assets enter the Neo chain through Wrapper ==> provide liquidity to Swap to obtain fee sharing and LP token, LP Token pledged to Vault can generate FLM incentive ==> LP's second role as collateral, mortgage Generate FUSD stable currency, and get FLM and incentive ==> FUSD to Perp as margin, perform perpetual contract trading, and get FLM incentive. All FLMs can participate in DAO governance.
The +1 module is Flamincome, which is an "ultimate earnings enhancer" deployed on Ethereum, similar to yEarn, but with more powerful functions.
For example, if a user deposits USDT to Flamincome (think of depositing money), he will get fUSDT (deposit certificate), which can then be mortgaged and normalized to generate nUSDT anchoring the original asset USDT (deposit certificate mortgaged to lend money). The "borrowed" nUSDT is cross-chain to Neo to participate in Flamingo mining. At this time, USDT and nUSDT are mining for you at the same time, which is the magic of Flamincome.
DeFi's current dominance on Ethereum is actually not so conducive to innovation and public participation. The high network costs cause high friction, which in turn restricts the participation of some people, which causes the involution of the Ethereum DeFi ecosystem. .
Therefore, it provides many opportunities for other high-performance public chains, but the problems of most public chains other than Ethereum are their own ecological insufficiency and insufficient asset liquidity.
As a relatively old public chain, Neo has an early layout in DeFi. Many projects of the same period have not survived. Neo has also been iterating and updating. It can be said that Neo has not been absent every time the industry progresses. Including the very early deployment on DeFi, there were stablecoins based on asset over-collateralization at the end of 2017, as well as DEX Switcheo and Nash that have caused very good responses in the market.
Therefore, we believe that the possibility of Neo on DeFi has been verified, and the next step is to use Flamingo to test the completion and load capacity of Neo for DeFi. In addition, everyone knows that Neo3 may be launched at the end of this year. For an underlying protocol, it is a good long-term path to use DeFi to verify the requirements of the application layer and supplement the protocol layer.
Next, let’s talk about the project participation and the distribution of FLM tokens that everyone is more concerned about.
In the early stage of the Flamingo project, FLM will allocate according to the following usage scenarios, and will be handed over to the community for modification and decision after the DAO goes online.
Cross-chain asset pledge (only for the "Mint Rush" phase from September 25 to September 30)
Pledge LP tokens obtained by providing liquidity (after "Mint Rush")
Minting FUSD in Vault
Use FUSD as margin to trade perpetual contracts in Perp
Participate in governance through DAO