Neo (NEO) Dives into DeFi with Flamingo Finance (FLM) 14

Neo (NEO) Dives into DeFi with Flamingo Finance (FLM)

Quick take:

  • Flamingo Finance (FLM) is a DeFi project being built on Neo (NEO)
  • It will be launched on September 23rd
  • Flamingo Finance will be an interoperable full-stack DeFi protocol
  • PeckShield is currently carrying out a security audit of Flamingo’s Smart Contracts

The blockchain network of Neo (NEO) is currently the home of a DeFi project in the making known as Flamingo Finance (FLM). According to the team at Flamingo Finance (FLM), the DeFi project is scheduled for launch by the 23rd of September. Below is a tweet by the team at Flamingo Finance providing the launch date.

Flamingo Finance (FLM) to Introduce Interoperability

The DeFi project of Flamingo Finance is a product of NGD’s (Neo Global Development) incubator initiative and hopes to unleash the full potential of DeFi by introducing interoperability between blockchain networks and their corresponding assets. According to the project’s whitepaper, Flamingo will be made up of five components:

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.

Focusing on the Wrapper component of Flamingo Finance (FLM), it will be a crosschain gateway for Bitcoin (BTC), Ethereum (ETH), Ontology (ONT) and Cosmos-SDK based blockchains. This means that users can wrap BTC, ETH, NEO, USDT and ONT on the NEO blockchain as NEP-5 tokens. Additionally, Flamingo Finance aims at supporting Bitcoin itself at a later stage.

To achieve this, Flamingo will utilize the Poly Network: an interoperability protocol launched by NEO, Ontology and Switcheo. The Poly network will allow Flamingo Finance to connect to the aforementioned blockchains thus providing users access to more assets within them.

FLM Smart Contracts Currently Being Audited by Pecking Shield

Also worth mentioning is that Flamingo Finance’s smart contracts are currently being audited by PeckShield Inc. The latter company has also carried out audits for other DeFi projects such as Harvest Finance, OneSwap, StarkExV2, SushiSwap, and more.