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NEO-Based DeFi Flamingo Finance Reportedly Surpasses $1.3B in TVL

Flamingo Finance, the first-ever decentralized financial protocol on the Neo (NEO) blockchain, shared inspiring statistical update

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Flamingo Finance, the full-stack decentralized financial protocol (DeFi) built on top of the Neo (NEO) blockchain, is finally up and running after the resolution of server issues. On its third day of operations, the protocol team shared its first statistics on value inflow.

First billion locked in NEO-based DeFi

Today, Sept. 27, the Flamingo Finance team announced that the Flamingo protocol and Flamincome "yield farming" ecosystem combined have surpassed $1.3 bln in terms of total value locked in smart contracts.

Thus, the ecosystem demonstrates a parabolic rise; during its first 24 hours, traders added $100 mln in liquidity, the team reported. On Sept. 25, the server that supported the Neoline Chrome extension utilized by Flamingo Finance crashed due to a traffic spike.

As a result, the Mint Rush distribution program of FLM tokens had been postponed. Yesterday all server issues were fixed without losses of funds, and protocol liquidity rocketed.

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At press time, the NEO token is responsible for the lion's share of staked liquidity. Also, the Flamingo team revealed that almost $400 mln, or 30 percent of all TVL, have come from PolyNetwork cross-chain interoperability bridges.

Many assets, many strategies

Besides NEO, eight assets are locked in Flamingo Finance and Flamincome: U.S. Dollar Tether (USDT), synthetic Ethereum tokens, "wrapped" Bitcoins and Ethereums, Binance Coin (BNB), Binance USD (BUSD), Ontology Network Token (ONT) and OKB, a native asset of OKEx cryptocurrencies exchange.

A large amount of FLM will be also distributed via centralized initial exchange offering platforms Binance Launchpool and OKEx Jumpstart.

As covered by CryptoComes previously, NEO founder Da Hongfei emphasized that Flamingo Finance invites all liquidity providers from UniswapV2, the top Ethereum-based decentralized exchange.

👉 MUST READ Neo (NEO) DeFi Flamingo Finance (FLM) Invites Liquidity Providers from Uniswap. Another SUSHI?related article image

To make the transition truly seamless, special interoperability bridges were organized between Ethereum (ETH) and Neo (NEO) blockchains. Recently, the SushiSwap (SUSHI) protocol drained Uniswap liquidity by offering its clients more profitable "yield farming" strategies and SUSHI token payouts.

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Vladislav Sopov

Blockchain Analyst & Writer with scientific background. 5+ years in IT-analytics, 2+ years in blockchain.

Worked in independent analysis as well as in start-ups (Swap.online, Monoreto, Attic Lab etc.)