The first and largest Decentralized Exchange (DeX) on the Neo blockchain, Flamingo(@FlamingoFinance), was invited to Poly Network (@PolyNetwork2) AMA, taken place on August 31 in the Poly Network Telegram Community. From the Live AMA with Adrian Fjellberg, Flamingo Development and Design Lead, and Odd Jørgen Røland, Flamingo Development and Community Lead, this recap fully grasps the information discussed during the AMA.
Poly Network is a global cross-chain protocol for implementing blockchain interoperability and building Web3.0 infrastructure. Poly Network has integrated 30+ blockchains, including Ethereum, Polygon, Avalanche, Fantom, BNB Chain, Arbitrum, Optimism, HECO, OKC, Neo, Ontology, Zilliqa, Harmony, Metis, etc. Since its launch, the protocol has enabled cross-chain asset transfers of more than USD 16 billion.
Flamingo is the first and largest Decentralized Exchange (DeX) on the Neo blockchain. Flamingo was started in September 2020 by some of the blockchain veterans from Neo Global Development and has since matured into a community-led project. Flamingo aims to bring innovation to Decentralized Finance (DeFi) and at the same time lower the bar for entry into DeFi.
QUESTIONS AND ANSWERS IN LIVE AMA
Q1 Why should people use Flamingo?
A: People should come to Flamingo because we make it easy to trade, earn from yield farming and manage your portfolio. We offer trading on the most popular tokens like BTC, ETH, and USDT + most Neo-based tokens. Flamingo yield farming has consistently had a +60% APR since its launch almost two years ago, so users can expect good returns!
Q2 The theme of this AMA is improving the state of DeFi; what are some ways Flamingo DeFi more accessible for users?
A: As I mentioned in my previous answer, we have made it easy to use Flamingo. I can give you some examples of innovations we have made to make the user experience smoother on Flamingo:
SmartStake: One-step liquidity farming. Just select a token, an amount, and what pool you want to stake in. SmartStake will do the conversion ratios, swapping, adding liquidity, and staking for you.
PoolSwap: If you are unhappy with a pool’s yield, you can easily shift some or all of your holdings to another using PoolSwap. Just select two pools and transfer your holdings between them.
ReStake: Helps you determine the best interval to re-stake your gains for compounded yield. Do your re-staking in a single click! No need to claim, compute ratios, swap, etc., etc.
Q3 Do you have any advanced or “power” features you would like to tell us about?
A: Yes, we are not only innovating on ease of use. In the past months, we have released the FLUND and Advanced Trade. Let me explain in more detail:
The FLUND is single staking with a twist. Stake your FLM and earn minting rewards and fees from the whole platform. Think of it as taking ownership of the revenue and performance of Flamingo.
Advanced Trade is a fully-fledged trading experience with order books, limit orders, TradingView charts, and live data. The order book is unique as it combines traditional limit orders with Automated Market Makers to make trades have zero spread. We call it OrderBook+ :)
Q4 Why did Flamingo choose Poly Network among others for partnership?
A: The descicion to use Poly Network was an easy one: Your cross chain implementation just works out of the box with so many tokens and networks continually being added. “Outsourcing” the cross chain service to professionals helps the Flamingo team to spend more time on building and reaching our goals.
Q5 Any exciting plan for future developments？What shall users expect?
A: Yes, we are excited about the release of the Flamingo USD stable coin called FUSD. It is an over collateralized stablecoin, and users will be able to create FUSD by collateralizing several different tokens. We will share more information as we continue development so we recommend people to join our Discord or follow our Twitter account :)
The AMA with Flamingo was successfully concluded. We will have more AMAs coming in the following weeks. Please stay tuned!