Yield farming has grown in recognition over the previous 12 months alongside the rise of decentralized finance, however just lately the flexibility to earn a very good return has been restricted by the excessive transaction prices on the Ethereum (ETH) community. 

In consequence, yield farmers have begun exploring choices outdoors the Ethereum community for extra accessible alternatives in a low price atmosphere.

One possibility that has proven regular development in liquidity since launching is Flamingo Finance (FLM), a DeFi platform based mostly on the Neo (NEO) blockchain and the Poly Community interoperability protocol.

Flamingo finance whole liquidity and 24-hour quantity. Supply: Flamingo Finance

Flamingo goals to develop into a full-service DeFi platform and the protocol at present has a cross-blockchain asset gateway (wrapper), an on-blockchain liquidity pool (swap), a blockchain asset vault, a perpetual contract buying and selling platform (perp) and a decentralized governance group (DAO).

The cross-blockchain asset gateway is at present able to wrapping ERC-20 tokens together with Wrapped Ether (WETH) and Wrapped Bitcoin (WBTC), in addition to Ontology-based (ONT) tokens.

Interplay with the protocol is finished utilizing the NeoLine or O3 pockets browser extensions for Neo tokens, the Cyano pockets browser extension for Ontology-based belongings, and the MetaMask browser extension for transactions requiring the Ethereum community.

Whereas the platform isn’t actually a contender with Etheruem, the low charges have been attracting customers, as proven by the rising TVL. As soon as all collateral has been wrapped and deposited on the Neo blockchain, all transactions on the Flamingo protocol have a hard and fast value of 0.011 GAS and there’s a possibility to decide on a feeless transaction if the person is keen to attend a bit longer for the transaction to course of.

Aggressive yields increase liquidity

When Flamingo initially launched, it supplied easy staking and excessive yields to draw the preliminary pool of liquidity that helped get the ecosystem established. It has since shifted into providing yield alternatives for liquidity pool suppliers, particularly on swimming pools the place there’s a better want for liquidity.

Liquidity pool staking charges on Flamingo Finance. Supply: Flamingo Finance

As seen within the graphic above, the entire swimming pools are paired with Neo and rewards are paid out in FLM token.  

In keeping with Flamingo’s Twitter feed, the protocol is now gearing up for the discharge of Neo 3.0, which started its Testnet launch on March 25. As soon as totally carried out, Neo 3.0 might see elevated exercise on the community and spark an increase in worth for FLM because it’s the bottom pair for the entire liquidity swimming pools.

The views and opinions expressed listed here are solely these of the writer and don’t essentially replicate the views of Each funding and buying and selling transfer includes threat, you must conduct your individual analysis when making a choice.