The popularity of profitable agriculture has grown in the last year along with the increase in decentralized financing, but lately the opportunity to make a good profit has been limited by increasing transaction costs on the Ethereum (ETH) network.
As a result, breeders are beginning to explore alternatives outside the Ethereum network to access more affordable opportunities in a low-cost environment.
An alternative that has shown solid liquidity growth since its launch is Flamingo Finance (FLM), a DeFi platform based on the Neo blockchain (NEO) and the Poly network’s interoperability protocol.
Flamingo aims to become a full-fledged DeFi platform, and currently the protocol includes a cross-blockchain asset gateway (envelope), a blockchain liquidity pool (swap), a blockchain asset treasury, a perpetual contract (perp) trading platform, and a decentralized platform. management organization (DAO).
The blockchain asset portal can currently encapsulate ERC-20 tokens, including Wrapped Ether (WETH) and Wrapped Bitcoin (WBTC), as well as ontology-based tokens (ONT).
Interaction with the protocol occurs through the NeoLine or O3 wallet extensions for Neo tokens, the Cyano wallet extension for Ontology-based assets, and the MetaMask browser extension for transactions that require the Ethereum network.
Although the platform is not a real competitor to Etheruem, lower fees attract users, as evidenced by the growth of TVL. Once all security is encapsulated and deposited on the Neo blockchain, all Flamingo transactions will have a fixed value of 0.011 GAS, and there is the option to choose a sensible transaction if the user is willing to wait a while while the transaction is processed.
Competitive profits that increase liquidity
When Flamingo was originally launched, it offered a single purchase and high profit margins to attract the original pool of money that helped build the ecosystem. Since then, he has turned to providing income opportunities for suppliers of liquidity pools, especially in pools where there is a great need for liquidity.
As shown in the image above, all pools are linked to Neo, and rewards are paid in FLM tokens.
According to Flamingo’s Twitter feed, the protocol is now preparing for the release of Neo 3.0, which started the launch of Testnet on March 25. After full implementation, Neo 3.0 can see increased activity on the network and lead to an increase in the cost of FLM is the base pair for all liquidity pools.