BlockTalks x NEO/Flamingo Finance AMA Transcript!

Hello! BlockTalkers & Blockchain Enthusiastic!

BlockTalks x NEO/Flamingo Finance AMA Transcript

We recently hosted an AMA with NEO/Flamingo Finance, on September 24th at 1PM UTC. Many of you might have participated or many of not. But we make sure no one missed out from the knowledge shared by John Wang, Head of NEO Ecosystem Growth. So here we are up with the AMA transcript, for those who missed the live session, this blog post will be a saver & feeder of knowledge for them.

INTRODUCTION

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.

Introduction Questions Asked By BlockTalks

Q1. Could you please introduce Flamingo Finance to our community in layman’s term?

Ans — A short intro of our project: 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.

It really aims to solve 3 problems

  1. Siloed DeFi, so we have a full-stack solution, everyone under one roof.
  2. High transaction fees on Ethereum, Neo transactions are free.
  3. NEO tokens holders are looking for more yield opportunities.

Q2. What are the advantages of Flamingo Finance to the other alternatives in the Blockchain field?

Ans — 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.

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

Q3. What are the major milestones Flamingo Finance achieved so far & what are in the future pipeline?

Ans —

Questions Asked on Twitter to John Wang !

Q1. The first DEFI protocol in the NEO ecosystem will be launched soon. How Flamingo Finance will be different from other DEFI projects and How do you see NEO’s continued participation in the DEFI space?

Ans — I’ve listed some of the advantages of flamingo above. high capital utilization, equal participation and asset diversity. Neo is putting all effort into Flamingo right now, we do think we are bringing some innovative stuff but will continue following the development of the industry…

Q2. Flamingo has introduced its own stablecoin, FUSD. Will I be able to use it outside of the FlamingoFinance ecosystem or is it exclusive to this protocol?

Ans — Thank you for the well researched question. Likely it will stay exclusive to this protocol, the plan is to make it similar to Dai of maker, not similar to Banker… “Users holding whitelisted LP tokens can mint stablecoin FUSD by using staked LP tokens as collaterals and receive FLM.” this is the info from our https://docs.flamingo.finance/litepaper

Q3. While On-chain order books are more difficult to manipulate, why does Flamingo Swap still Support On-Chain order books ? In the case of all pending orders are stored in the order book of the blockchain, is it affected to the security and transparency?

Ans — Well actually we will use Automated Market Makers similar to Uniswap.
That doesn’t have order books and is superior to CEX because on DEX users keep their private keys!

Q4. How does NEO / FlamingoFinance compare to the DeFi project created at ETH and / or TRON in terms of cost (cost) to users and scalability? Will there be dedicated tokens for governance / DAO, or will FLM tokens handle governance too?

Ans — FLM tokens handle governance too

“In the long-term, the governance of Flamingo will be taken over completely by the community in the form of Flamingo Improvement Proposal and Flamingo Configuration Change Proposal. Through DAO, FLM holders can vote for critical topics such as tokenomics, parameter configuration and functionality improvements/changes. Voters will receive FLM for participating in governance.” I’ve mentioned a bit how we compare in terms of cost before the fee is 0.011 GAS for most transactions on Neo…

Q5. What exactly is market markup? How do market makers make a living? Tell me more about FlamingoSwap Maker-Taker fees. What is AMM and how is it used ? What is the pricing algorithm that FlamingoSwap uses ? What are the benefits for both users and liquidity provider?

Ans — The pricing algorithm is classical formula x*y=k market makers are smart contracts now, so they don’t have to make a living :) AMM basically is a bot that if you want to exchange USDC to WETH, will take WETH from the liquidity pool provided by LPs and will give it to you for the USDC.

Questions Asked by our BlockTalks Community Members during live Session to John Wang!

Q1. Currently, a lot of technology related to virtual reality is emerging and NeoVM also occupies this market, how are the scalability levels within your virtual machine and why is it considered as “multiplatform”?

Ans — Hi Cleo, let me clarify a little bit, I hope this will be interesting to you. Actually virtual reality is not related to the Virtual Machine, the Virtual Machine is responsible for executing code

It’s called multiplatform because “With the help of NeoCompiler, source code written in Java, C# or other high-level languages can be compiled into a unified NeoVM instruction set, thus achieving cross-platform” this is a unique feature of Neo blockchain that many different languages are supported.

Q2. Why do you need to create DeFi? Is it fear of missing out from the trend or there is something more? While there are unlimited DeFi projects why Flamingo? & Why .(dot) Finance Domain 🤣?

Ans — Hi Shiro
It is a little bit of that, but we actually are brining innovation to the market, and the market is far from saturation. What % of the market do you think will be taken by DEXs? I think it could be quite a large one :)

Q3. 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?

Ans — Hi Jasika! It’s basically a period during the rate of reward distribution is the highest. 50 mln will be given out, and here’s the list of accepted tokens:

NEO (50%) of all rewards, also wBTC, ETH and USDT. if you have NEO, then stake NEO, if you want to play safe, you can stake USDT

Q4. As you know, YFI is very success DeFi project. I read that Flamincome work like YFI yeild. Can you explain more about it? What is the strategy of Flamincome?

Ans —Basically the part of Flamingo.Finance that works on Ethereum is called Flamincome. So what does it do? Well it similar to YFI finds the best investment strategies for your asset in this sea of DeFi.

But the extra thing that we do at Neo is that we will reward you with the FLM token (soon to be listed on all major exchanges) for using Flamincome instead of YFI (Yearn)

Q5. How can I contribute to your success as a community driven project? Will I get any benefit from storing the token in FLM in the long run?

Ans — This is a governance token, so you can use it to vote on important decisions and receive more FLM for this.

Q6. 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 ? Thnx.

Ans — you can unstake any time, but the firs FLM will be claimable on Sept 28th

Q7. I see that there are some Liquidity Providers (LPs) on Uniswap and Balancer were attacked by hackers, so how will Flamingo prevent this for specific liquidity pools?

Ans — Our smart contracts were audited by peckshield.

Here are some important links of NEO/Flamingo Finance 👇

Official Website https://flamingo.finance/
Mediumhttps://medium.com/flamingo-finance
Twitter https://twitter.com/FlamingoFinance

BlockTalks is all about Blockchains & Crypto. We do discussions about new Blockchain projects, the innovations & such more.