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.
Despite all the ups and downs, the Total Value Locked participating in Flamincome and Flamingo is now over $1.3 billion USD!— Flamingo Finance (@FlamingoFinance) September 27, 2020
Also, about 30% of this $1.3 B comes from crosschain transactions via @PolyNetwork2!
🦩 Flamingos unite! pic.twitter.com/50T3pWuXQw
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.
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.
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.