- NEO-based Flamingo FLM token enters Binance Launchpool.
- FLM will have a total supply of 150 million tokens. 4.17% will be allocated to Binance’s Launchpool.
The race for the favor of the DeFi users continues despite the negative development of the last days. For example, Binance has launched a new project with the FLM token, which will be available from September 27. Binance was one of the first centralized exchanges to compete with its own interpretation of centralized financing, and has offered a “secure” alternative to yield farming with its Binance Launchpool.
FLM is the governance token for the NEO-based protocol, flamingo.finance. According to the announcement, users can farm FLM by staking BNB and BUSD tokens. Flamingo’s platform has been designed to provide its users with a comprehensive DeFi infrastructure. Flamingo users can benefit from its multiple functions to trade, stake and provide liquidity with different tokens. In addition, Flamingo has created a roadmap to launch the following additional products and features: wrapper, swaps, trunks (an asset management feature), perpetual contracts and a DAO governance platform.
Of the products mentioned, the wrapper feature could offer the most appeal to users because it will allow them to use Flamingo as a cross-chain gateway to use Bitcoin, Ethereum, NEO, Ontology, Cosmos and Tether. Users will be able to take the above assets and deposit them as tokens with the NEP-5 standard to create nBTC, nETH, nUSDT, nONT. These tokenized versions will be interchangeable with each other and will allow holders to swap back for native tokens.
The distribution of the FLM token on Binance
The Binance Launchpool will see 6,250,000 FLM Tokens allocated, which means 4.17% of the total FLM supply (of 150,000,000) will be distributed via Binance. Furthermore, the total FLM supply will have the following distribution as shown in the figure below: 29.17% to support participation in the first phase of the project, 53.33% will be allocated for liquidity staking, 10% will be used to coin FUSD which will serve as the platform’s stablecoin, and finally 3.33% for the margin rewards of perpetual contracts which will have up to 10 times the leverage.
Via his Twitter account, Binance CEO Changpeng Zhao celebrated the introduction of FML. Zhao stated that 7% of FML circulating supply will be allocated to BNB token holders with the Binance Launchpool. He further clarified the following:
FLM is a separate pool from BEL + WING, if you want receive everything you need to manually spread your BNB allocations. We are working on a feature to address this better soon.
Der Beitrag Binance Launchpool introduces NEO-based Flamingo Protocol (FLM) erschien zuerst auf Crypto News Flash.