The vast majority of DeFi projects are based on Ethereum smart contracts, which has already led to increased network utilization and high commission costs for each transaction. Ethereum lacks the scalability to support multiple protocols properly. The Flamingo project launched in the fall of 2020 uses proof-of-stake on the NEO blockchain network, which helps avoid the high cost and congestion of Ethereum. It is also called “Chinese Ethereum” in the crypto community.
The Flamingo token, backed by Neo Global Development (NGD), highlights Neo’s vision of developing a smart economy in which decentralized finance is vital. NGD facilitated the early development of the Flamingo project in the cryptocurrency emporium, and the governance mechanism gradually changed from Proof-of-Authority (POA) to DAO.
The project, which is a fully functional decentralized finance protocol, consists of six major components:
- Wrapper: an interconnected gateway of assets.
- Swap: a liquidity provider on the network.
- Vault: a versatile asset management tool.
- FUSD: a synthetic stablecoin asset.
- Perp: an AMM-based perpetual contract trading platform.
- DAO: Decentralized Autonomous Organization (DAO) to manage the platform.
Flamingo is a DeFi protocol that provides services of decentralized trading, staking, and earning on liquidity supply. FLM is a Flamingo control token, which gives users the opportunity to participate in adjustments of the protocol and editing of its parameters. The successful launch and promotion of this product increased interest in decentralized instruments from a wide range of participants, as well as contributed to the growth of demand and the rate of NEO cryptocurrency, which currently ranks 63rd in the total capitalization ranking.
Flamingo’s (FLM) cryptocurrency exchange rate on November 24, 2023, is 0.08160467 USD. Among the global ranking of cryptocurrencies, Flamingo is currently ranked 477th with a market capitalization of 43,723,930 USD. As of this day, there are 535,801,837 FLM coins in circulation out of a super limit of 1,000,000,000,000 FLM.
During the time of observing the price of Flamingo, it was noticed that from April 3, 2021, to August 21, 2023, the value of FLM cryptocurrency dropped a lot from 1.20 USD to 0.01667000 USD, so it would be a mistake to invest in this cryptocurrency during the mentioned period. At the moment there is a possibility that the value of this cryptocurrency may boost again to its original price.
Due to Coincodex`s Flamingo Finance’s price prediction for 2025, FLM will be able to conquer the top of 0.654335.
As per Coinmarketcap, FLM will have firmly established itself at $0.4084 by 2025. Digital Coin’s analysis suggests that the coin will be able to rise to a maximum of $0.30. Price Prediction and Captain Altcoin are less optimistic in their estimates of the short-term outlook for the asset, and they predict Flamingo price will reach the topmost possible level of $0.2059 and $0.1559 in 2025 respectively.
The rise in popularity of Flamingo Finance accompanies the growth of other DeFi protocols and networks, most of which run on the Ethereum blockchain. An alternative in the form of NEO may help to offload a bit of ether chain and at the same time open new perspectives for users.
By today, FLM is traded on numerous crypto exchange spots, including Binance, Bitubu Exchange, KuСoin, and others. In addition, FLM can be converted to other assets at the cryptocurrency exchange services such as Godex.io. Via Godex.io`s cryptocurrency converter, you can exchange NEO to FLM in a couple of clicks, anonymously, securely, and at very favorable terms.
