It looks like Binance is all set to become the Newsmaker of the year 2020! After several new and crucial announcements made in the last month, Binance here is excited again to announce the third project on the Binance Launchpool called Flamingo (FLM). Users will be able to stake their BNB or BUSD tokens into two separate pools so that they can farm FLM tokens for 30 days. The farming for the same begins from 27th September 0:00 AM (UTC). On how to participate in the new project’s launch pool, more information will be released in a later announcement.
Flamingo is a DeFi protocol cluster that integrates several modules to provide an exhaustive DeFi infrastructure. Users can participate in Flamingo as traders, stakers, and liquidity providers. It is an interoperable, full-stack Decentralized Finance protocol that is built on the Neo Blockchain. As of now Flamingo plans to launch several new products and features in its product line.
- With wrapper that is positioned as a cross chain asset gateway for Bitcoin, Ethereum, Ontology etc.
- With the component Swap it plays the role of an on-chain liquidity provider
- Vault will be Flamingo’s version of a one-stop asset manager
- FUSD is the synthetic stablecoin asset from its house
- DAO will be for platform governance
After the farming is done on 27th this month, Binance will list FLM the next day which is 28/09/2020 7:00 AM (UTC). The trading will begin for FLM/BTC, FLM/BNB, FLM/BUSD and FLM/USD trading pairs.
The FLM token is the governance token for Flamingo and holders can vote for changes in the platform parameters as well as issuance of new FLM tokens. During its early stages, the FLM supply will be distributed based on the below given use cases:
- Staking cross-chain assets.
- Staking Liquidity Provider (LP) tokens.
- Minting FUSD, Flamingo’s synthetic stablecoin asset.
- Depositing FUSD as margins to trade perpetual contracts.
- DAO governance participation
FLM Launchpool Details:
- Token Name: Flamingo (FLM)
- Launchpool token rewards: 6,250,000 FLM (4.17% of Total Token Supply)
- Total Token Supply: 150,000,000 FLM
- Private Sale Token Price: No private sale
- Farming Period: 2020/09/27 0:00 AM (UTC) to 2020/10/27 0:00 AM (UTC).
- Staking Terms: No upper limit. No KYC required.
The users can easily unstake their funds whenever the way without any fuss or delay. They can also participate in any other available pools on an immediate basis. But the users have to remember that only tokens in the spot wallet will be able to be staked into Launchpool. BNB token which is staked into Launchpool will also provide users with the usual benefits for holding BNB such as airdrops and other VIP benefits. The FLM launchpool does not intend to hold the same set of participation systems relative to WING and BEL launchpools earlier.
As of now, Flamingo intends to focus its efforts on community building in Asia, Europe and North America. It will then expand into other regions as well depending on the growth pace of the project.