Flamingo Finance (FLM), a multi-purpose decentralized financial protocol (DeFi) by blockchain veterans Neo (NEO), has announced s multi-asset "yield farming" design. According to Mr. Da Hongfei, the co-founder of the Neo Smart Economy network, the new instrument will launch in a few hours.
Bring UNI, mint FLM
Today, Sept. 24, anonymous Twitter user @blacksquirrel18 asked leaders of the Neo (NEO) blockchain network and Nash (NEX) cryptocurrencies exchange whether it is possible to implement a bridge between the "top Ethereum DEX" Uniswap and "yield farming" ecosystems.
Mr. Da Hongfei answered promptly that his team is very close to the release of such a feature. He shared that UNI, the overhyped governance tokens of UniswapV2 decentralized exchange, will be accepted by Flamingo Finance to mint FLM assets.
Already did, Flamincome accepts Uni BTC-ETH LP to yield simultaneously $UNI on eEthereum and $FLM on Neo. Check out https://t.co/PrPTt95meV 5 or 6 hours later. https://t.co/L1Hk2fhpvT
— Da Hongfei (@dahongfei) September 24, 2020
The NEO co-founder invited all Bitcoin (BTC) and Ethereum (ETH) liquidity vendors from Uniswap to yield UNI on the synthetic Ethereum-pegged chain and FLM on the Neo (NEO) blockchain.
Should this strategy be more profitable than existing instruments provided by Uniswap and its competitors, it may boost FLM value and siphon liquidity from the most popular Ether-based decentralized exchange. Also, NEO has the opportunity to introduce itself as a powerful and attractive DeFi environment.
Vampires' fall
It should be noted that UniswapV2 was recently drained by SushiSwap (SUSHI) decentralized liquidity aggregator. The SushiSwap team implemented more profitable "yield farming" strategies, accompanied by SUSHI distribution among all traders.
Australian blockchain evangelist Alex Saunders noticed that it took only 48 hours for SushiSwap (SUSHI) to attract 70 percent of Uniswap's liquidity, or roughly $1.3 bln. Emphasizing the exhausting effect of this process, crypto experts called SushiSwap (SUSHI) the "vampire DeFi."
The massive launch of UNI and FLM "yield farming" on Flamingo Finance will also showcase whether the "second-wave" platforms are ready to challenge Ethereum's (ETH) supremacy in the DeFi segment.
As covered by CryptoComes recently, numerous blockchains demonstrate DeFi ambitions. The first decentralized derivatives trading platform, Serum DEX, has recently launched on Solana (SOL). Also, Zilliqa (ZIL) has released a new roadmap with a clear focus on DeFi.
