NEO set to launch DeFi platform

NEO founder Da Hongfei has announced that DeFi protocol-based platform Flamingo is set to begin rolling out in September 2020.

According to Hongfei Flamingo has the capacity to support a variety of use cases and from asset cross-chain and reward distribution.

Flamingo is set to become a key Neo-based asset which will comprise fees, collaterals and governance functions.

Da acknowledged that NEO ecosystem is missing essential DeFi components and noted plans to pursue their development.

Flamengo Aiming To Transform DeFi

Flamingo is regarded as one of the key projects that NEO has been working on in the past few months with features such as cross-chain asset gateway, synthetic stablecoins and automated market-making.

The platform is set to have several components that have been developed to make it a leader in the DeFi sector. One of which is a cross-chain gateway that would support popular tokens like Ethereum, Bitcoin and Ontology tokens.

Furthermore there will be a swap function that will provide liquidity via an onchain exchange which would enable token swaps from supported ecosystems. There are also plans for a vault that would serve as a one stop asset manager where users can store assets, stake assets as well as mint stablecoins. While a DAO component would enable the community to have a consensus mechanism to agree on the future of Flamingo.

With this features NEO hopes that Flamingo will be able to ascend as one of the top DeFi platforms that offers comprehensive features and services.

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