More and more exciting experiments with decentralized financial instruments (DeFis) are getting launched outside of the Ethereum (ETH) network. Today, Oct. 5, blockchain veterans from Neo (NEO) commence operations of the first NEO-based decentralized exchange, Flamingo Swap.
Flamingo Swap goes live with six trading pairs
According to the official announcement by NEO-based DeFi protocol Flamingo Finance, decentralized exchange environment Flamingo Swap goes live with its inaugural suite of trading pairs. At its launch, tokenized versions of Bitcoin (BTC), Ethereum (ETH), Neo (NEO) and Ontology (ONT) will be available for trading against FLM and the U.S. Dollar Tether (USDT).
Thus, from day one, FLM/nNEO, pnWBTC/nNEO, pnWETH/nNEO, pONT/nNEO, nNEO/pnUSDT and pnWBTC/pnUSDT trading pairs will be available for traders and stakers.
Second distribution of FLM tokens to single-asset stakers (who registered on Flamingo and froze at least one of its assets) is finished prior to the launch of the Flamingo Swap. Starting from 13:00 UTC (Oct. 5), only liquidity providers onboarded by the abovementioned tools can receive FLM rewards.
Neo Smart Economy promotes Flamingo Swap as the "first-ever DEX" based on automated market makers. Extended trading tools, such as customized trading pairs and transaction routing, will be added soon.
FLM price rollercoaster
During the first 48 hours of Flamingo Swap operations, 5,714,286 FLM tokens will be distributed between liquidity providers. Within the period Oct. 7 to Oct. 14, 1,071,429 FLM will be released every day.
The Flamingo team informs users that every swap will be charged with a 0.3 percent fee, disseminated between liquidity providers proportionally to their contribution to liquidity pools.
It should be noticed that right before Flamingo Swap launch, FLM—a native asset of NEO-based DeFi—has plunged to an all-time low at $0.30. According to CoinGecko statistics, it is down 73 percent from the release price level.
Meanwhile, the start of Flamingo Swap operations allowed the FLM price to slightly recover. At press time, FLM is changing hands at $0.37 on major spot exchanges.