The Defi world is immensely complex and even though the strong and large core of developers and programmers mostly work on Ethereum and Binance, at least it seems so, we have other interesting alternatives.
You may have heard of Flamingo.finance. A DeFi platform that works exactly the same as those already known but that runs within the Neo blockchain. The Chinese cryptocurrency founded more than 6 years ago that also wants to gain a foothold within the ecosystem.
Neo works really well, safe, fast, solid and with very low transactions. The only drawback I see is that it is less intuitive.
Flamingo Finance allows us to participate in various liquidity pools and leave our FLP Tokens in staking with the aim of obtaining passive income.
The APY is not its strong point, we will find better opportunities in other applications, however, knowing that the price of Flamingo is still low and the little saturation that its network has is not a disposable option if we seek to diversify.
The Flamingo website has an exclusive section called Wrapper. It is like a kind of token synthesizer, we can pass our WETH and WBTC to the Neo blockchain and in turn reverse the process. Pass our nBTC or nETH to the Ethereum blockchain again.
It also has an Exchange of perpetual contracts like the one we see in Binance and its own wallet called Neoline.
All commissions are paid with GAS. A token whose only use is to support the gas of each transaction with smart contracts. Unlike BNB, OKB or ETH which is what you usually use to pay fees on other blockchains.
In the staking pools we will get Flamingo as a reward. In all. These Flamingos can be claimed whenever we want, they will go to our balance and from there we transfer them to our Neoline wallet.
By the way, on its website we will find the Income area in the upper menu. From here we can migrate our WETH and WBTC to Neo using Metamask. Later, in the Swap section, they can be exchanged for fWETH or fBTC as well, which are those corresponding to the Flamingo website, necessary to enter some pools.
Here is a video explained in Spanish of everything that Flamingo has. I hope it works. Much success on your path dear investor.
Posted Using LeoFinance Beta
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