Flamingo’s total value locked continues to rise as DeFi investors are attracted to the platform’s zero-fee transactions and high-yield liquidity pools.
Yield farming has grown in popularity over the past year alongside the rise of decentralized finance, but recently the ability to earn a good return has been limited by the high transaction costs on the Ethereum (ETH) network. As a result, yield farmers have begun exploring options outside the Ethereum network for more accessible opportunities in a low fee environment.One option that has shown steady growth in liquidity since launching is Flamingo Finance (FLM), a DeFi platform based on the Neo (NEO) blockchain and the Poly Network interoperability protocol. Flamingo finance total liquidity and 24-hour volume. Source: Flamingo FinanceFlamingo aims to become a full-service DeFi platform and the protocol currently has a cross-blockchain asset gateway (wrapper), an on-blockchain liquidity pool (swap), a blockchain asset vault, a perpetual contract trading platform (perp) and a decentralized governance organization (DAO).The cross-blockchain asset gateway is currently capable of wrapping ERC-20 tokens including Wrapped Ether (WETH) and Wrapped Bitcoin (WBTC), as well as Ontology-based (ONT) tokens. Interaction with the protocol is done using the NeoLine or O3 wallet browser extensions for Neo tokens, the Cyano wallet browser extension for Ontology-based assets, and the MetaMask browser extension for transactions requiring the Ethereum network. While the platform is not really a contender with Etheruem, the low fees have been attracting users, as shown by the rising TVL. Once all collateral has been wrapped …
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