Flamingo Vault: DeFi staking on NEO
Flamingo Protocol is a decentralized finance platform build on NEO block-chain, with a high level of interoperability. The project is based in Singapore and aims to innovate the DeFi ecosystem with a bundle of add-ons which will provide a comprehensive infrastructure for users. The Flamingo platform offers frictionless access to Neo, Ethereum and Ontology based Networks.
To access the Flamingo Vault, a NeoLine or O3 wallet is required. NeoLine is a thin wallet chrome extension, it provides dapis for developers who want to interact easily with NEO blockchain.
Took me less than five minutes to create a NeoLine wallet, and than sent my Flamingo (FLM) tokens there. I sent most of them to OKEx for the PVM trial by combat and only 2.32 FLM where generated in the last days of the Binance Launchpool Flamingo farming.
The Flamingo platform has four elements, and from those, I will focus on the Vault. Wrapper is the name of the cross-chain gateway which supports Ethereum (ETH), Bitcoin (BTC), NEO, Cosmos and ONT based block-chains. The Swap is the on-chain liquidity provider for wrapped assets, NEP-5 tokens and Flamingo Token. The Vault is the asset storage that allows users to stake the NEP-5 tokens for Flamingo (FLM) rewards while the Perp is an AMM-based perpetual trading platform.
I transferred 2.322 FLM tokens from Binance hustle free, and they reached the NeoLine wallet in about 5 minutes.
Not the same can be said about the OKEx withdrawal, where the token withdrawal amount must be a full unit. I had to leave some pennies on OKEx because of this silly rule, and on top of that, the tokens reached the NeoLine wallet in 24 hours. I will cover this in another great post about OKEx.
One day later, I had 64.82 FLM in my NEO wallet, ready to put them to work on the Flamingo Vault, hoping to generate some residual income.
I really like how the Vault dashboard looks, but I am not impressed by the range of staking assets, as the majority is made by wrapped tokens.
And at the moment, staking Flamingo (FLM) is not available in the Vault.
The Flamingo (FLM) tokens have no use at the moment, but I will keep them in the NeoLine wallet and hopefully Flamingo staking will be added soon.
Resources:
The fountains: PipeFlare ZCash, GlobalHive ZCash & Get.ZEN
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