Blockelite x Flamingo AMA Recap

Blockelite x Flamingo AMA Recap

Thank you to everyone who joined AMA Blockelite x Flamingo on 26th September 2020 at 1 PM UTC I 8 PM UTC+7. Here is the recap for those who missed this AMA.

Our special guest today is John Wang , Director of Ecosystem Growth, Neo

Mr. John Wang: Hi everyone! Happy to talk to your community today!

Segment 1, Q: Can you briefly introduce yourself as well as the Flamigo project?

Mr. John Wang:

I’m the head of NEO Ecosystem Growth, I have many years of experience in supply chain management consulting, and several times successful entrepreneurial experiences, I’m currently responsible for NEO ecosystem development.

Flamingo is an interoperable, full-stack decentralized finance protocol built on the Neo blockchain. Flamingo is comprised of five main components, including Wrapper — a crosschain asset gateway, Swap — an on-chain liquidity provider, Vault — a one-stop asset manager, Perp — an AMM-based perpetual contract trading platform, and also DAO — a decentralized governance mechanism. FLM is the governance token of Flamingo and will be 100% distributed to the community based on participation.

Segment 2: 5 best questions from twitter

Q1: How many days do we need to lock our $NEO during our mint rush period to get $FLM ? Can we unstake them anytime we want ? — from @TuyenParis

Mr. John Wang:

You can unlock anytime, but Mint Rush has the highest profitability of FLM and is 5 days, I recommend to stake for all the period.

Mint rush started 8 minutes ago and will continue for 5 days

Q2: Flamingo Finance will have a “Mint Rush” this coming days. So can you explain more about what is Mint Rush? How is the process and structure? Is it similar to presale? What are the benefits of Mint Rush to the users? — from @toDaMoon9x

Mr. John Wang:

The important thing about Flamingo Finance and FLM token is that there is no presale or premine. During this period you can stake a number of tokens and receive a reward for that. You can see the types of assets and FLM % on the image below:

Image for post

So I’ve introduced Mint Rush in my answer to the first question

please check it out here: https://flamingo.finance/vault

So in 5 days 50 mln FLM will be issued, out of total 150 mln. That’s a very high speed

We have a discord group in Vietnamese where this is discussed right now!Discord – A New Way to Chat with Friends & CommunitiesDiscord is the easiest way to communicate over voice, video, and text. Chat, hang out, and stay close with your friends…discord.com

Q3: I’m a yield farmer that loves to farm and make good returns. How will Flamincome boost my yields? What additional benefits does Flamincome offers me that others farming pool does not? — from @Crypto_Isaac

Mr. John Wang:

That’s nice, I’m curies where you farmed the yield before?

Flamincome offers same yield as best strategies on Yearn for corresponding assets. But Flamingo will reward you with the FLM token at the same time. FLM is a governance token that will be listed on all major exchanges.

Q4: In the management model of Flamingo Dao, users can participate in voting. So what are the voting cases? Do users need to pay anything for voting? — from @Dngth41995281

Mr. John Wang:

Dao is a new direction

we also have a dao and not only FLM holders don’t have to pay for anything, actually they are rewarded with more FLM for voting. Voting cases are following: Flamingo Improvement Proposal (FIP)

Proposers can submit proposals to improve the overall system design of Flamingo, such as liquidity improvement plans, liquidation mechanism, risk control strategies, and etc.

Flamingo Configuration Change Proposal (FCCP): FLM holders can decide the most important metrics of Flamingo as well as the release schedule of FLM.

Q5: There are many DeFi projects available on the market that even work very similar to FlamingoFinance. So could you say what are the main competitive advantages of Flamingo? What additional benefits and features does FlamingoFinance offer?? — from @LayloMadellin

Mr. John Wang:

So about our competitive advantages:

I have summarized the following highlights for Flamingo:
(1) high capital utilization: for example, the LP Token (liquidity provider’s proof in Swap) can be used to mint FUSD, an d FUSD can be used to trade 10x perpetual contracts. This is a great advantage of the Flamingo full-stack module, and the liquidity of each module can be reused to the maximum extent.

(2) equal participation: Flamingo does not have any pre-sale, team reservation, or pre-mining, everyone can participate.

(3) rich asset diversity: During Mint Rush, in addition to the NEO pool which will have 50% of the FLM distribution, another 50% of FLM can be obtained by staking cross-chain assets. This includes WBTC, ETH, USDT, Uniswap V2 WBTC/ETH LP, ONT and other assets. Moreover, most of the ERC20 assets can continue to generate yields on Ethereum and Neo at the same time.

This is a screenshot of Uni LP token staking. APY is 22% — not bad! And FLM will be added on top.

(4) We will also launch the DAO governance module as soon as possible to allow the community of FLM holders to govern Flamingo.

Segment 3: Live Questions

1. I have been involved with a lot of AMAs from different projects but they talked about the bright and good aspects of their projects so as a person from the famous FLM project you have something unhappy about your product and how to fix it in the future?

Mr. John Wang:

Hi Bear King ok let me share this

Actually we were going to launch our project yesterday, but the demand for Wrapping (bringing assets from Ethereum to Neo) that Neoline wallet didn’t handle the stress well and crashed… So we had to delay by one day and launched today.

2. What upcoming updates and developments of Flamingo that I will tell to my friends so they will more attract to Flamingo and choose it among others?

Mr. John Wang: Hell FF Dior, the main dates are here:

Image for post

Vault was launched today and you can stake Neo, USDT, wBTC, wETH and more.

Next update is the launch of Swap on Sept 30, when you’ll be able to provide liquidity as LP and earn LP for that.

3. What are the new things for Vault V2?

Mr. John Wang: Well

Actually it’s related to my previous answer, the Neoline wallet crashed yesterday, so today we creted the Vault 2 to avoid confusion.

but it works the same way and APY is the same!

4. How many partners currently have trusted $Flamingo technology and what benefits do these partners bring to Flamingo and vice versa?

Mr. John Wang:

Well so Ontology is one of our partners, and you can stake Ontology on our platform too.

and of course because defi is an opensource industry, many of the protocols can be used in a permissionless way, so we use some of Yearn strategies

and Uniswap LP token for wBTC/ETH pair can be used in our vault

5. Despite the recent DEFI hype, current adoption & user engagement in DeFi is only 1% of crypto users. How do you plan to raise your overall DeFi adoption rate to 10%?What strategies do you have to attract users & keep them with #Flamingo for the long term?

Mr. John Wang: Hello KiLo Gold

I agree that % of crypto users using defi is still very small, even though defi solves some of the problems of CeFi

With defi you control your private keys = control the assets, so the situation of exchange team running away with the funds is impossible

6. If the smart contract is securing user funds. why do brokers need to stake anything? Also. broker staking seems to be a crucial value point. How does broker staking play in with products besides terminal, since you have lending, oracle, and other solutions on the way?

Mr. John Wang: well

Actually the beautiful part of Defi is that in the exchanges market makers are replaced with smart contracts, called AMMs

And compared to traditional market makers, automated ones don’t have to bring their own capital, but can user Liquidity provided by Providers

7. What solutions has Flamingo PROTOCOL developed for DeFi’s general problems and how did they manage to aggregate the entire crypto market on a decentralized platform?

Mr. John Wang:

Hi Nico, we have flamincome which is an aggregator similar to yearn, we have vault for staking, swap for trading, FUSD as stable coin and even Perp for derivatives!

8. What is the new token standard that the FlamingoFinance is developing on its network is different from ERC-20 standard?

Mr. John Wang:

We use Neo blockchain’s NEP-5 standard for FLM, but it will be listed on Binance, Huobi etc

Sorry I really have to go, hope I had more time to answer the questions!

We already have a strong support from Vietnamese community

https://discord.com/channels/748375438467793036/758403413951381504

feel free to join!

Thank you for joining today AMA! It was awesome!

Our AMA session is now over !!!

More information about Flamingo

Official website: https://flamingo.finance
Twitter: https://twitter.com/FlamingoFinance
Global Telegram Group: https://t.me/NEO_EN