Neo launched Flamingo, a DeFi full-stack project, and launched Binance New Coin Mining
DeFi is the biggest breakthrough in the history of encryption after Bitcoin. In the summer of 2020, waves of DeFi booms made the originally quiet blockchain industry restless again, and major public chains and exchanges launched DeFi applications one after another. The domestic star public chain Neo has also laid out the DeFi track, and recently launched the interoperable full-stack DeFi protocol Flamingo.
On the 23rd, Flamingo opened the two modules of Flamincome, a revenue enhancement tool on the Ethereum side, and the cross-chain asset portal Wrapper, and the inflow exceeded US$100 million within 24 hours, and exceeded US$300 million within 48 hours. However, Mint Rush, which was originally scheduled to open at 21:00 on the evening of the 25th, has just launched due to excessive concurrent traffic, causing wallet failures, resulting in a large number of users unable to pledge assets smoothly. The Flamingo team took a snapshot of the contract around 22:00 that night, and resumed Mint Rush at 21:00 on the evening of the 26th. The total amount of assets pledged in the Vault at the beginning of the restoration has exceeded 600 million US dollars.
Cointelegraph Chinese (CTC for short) HUB is an online interview column initiated by Cointelegraph Chinese. Focus on blockchain and cryptocurrency industry leaders, discuss the development opportunities and challenges of current industry segments, and how companies can break through the status quo of the industry and lead the future.
Cointelegraph Chinese (CTC for short) HUB is an online interview column initiated by Cointelegraph Chinese. Focus on blockchain and cryptocurrency industry leaders, discuss the development opportunities and challenges of current industry segments, and how companies can break through the status quo of the industry and lead the future.
The moderator of this interview is Tracy, the Chinese business director of Cointelegraph, and the guests are Da Hongfei, the founder of Neo, and He Yi, the co-founder and CMO of Binance. This interview discusses topics such as the Neo interoperable full-stack DeFi protocol Flamingo launched on Binance launchpool, Binance’s current DeFi ecological strategy, Flamingo’s token economic model, and how token FLM captures network value.
Key points of view of guests:
Da Hongfei: DeFi has actually built a process that traditional finance has gone through for hundreds of years, including currency, lending, exchanges, insurance, etc. The entire financial market has gone through the process of hundreds of years. DeFi uses one or two It has been initially built in two years, and it is not yet the time when the heat has passed, and more and more applications will be seen.
He Yi: Most projects in DeFi will fail; it doesn't mean DeFi is bad, but only a few can succeed. Because DeFi has real and essential innovations, if this company really brings value to this industry, it will survive in this industry and live well.
Da Hongfei: The distribution mechanism of FLM has a principle called extreme equality. There is no fundraising process and no external operation is required. It is incubated through Neo. 100% will be allocated based on the contribution of Flamingo project participants, without any pre-sale, pre-mining and team allocation.
He Yi: The most powerful enemy of Binance does not come from outside, but from ourselves. We have to find a way to defeat ourselves. It doesn’t matter who He Yi is, and who Binance is. We use Binance Smart Chain to create a brand new ecology. This is the direction we hope to go. Although it sounds like a fantasy now, if you don’t do it, who knows ?
The following is the content of the online interview:
1. Tracy: Neo and Binance are also old friends of Cointelegraph Chinese. This time, they participated in the live video broadcast of Cointelegraph Chinese. Do you have any big news to announce?
Da Hongfei: We recently started the development of an interoperable full-stack DeFi protocol - Flamingo. Two of the components, Flamincome+Flamingo Wrapper, were launched at 9:00 p.m. the day before yesterday, and the inflow of the entire network has exceeded 200 million U.S. dollars when staking mining has not yet started. Pledge mining, that is, the Mint Rush phase will start at 9:00 pm on September 25th, supporting mining of multiple cross-chain assets, and a total of 50 million FLM will be issued within 5 days. Binance users will exclusively enjoy mining pools for BNB and BUSD.
He Yi: There are a lot of news about Binance. You often hear what Binance said. We hope to make some innovative attempts in this industry. It cannot be said that every innovation will surely succeed. Maybe 10 innovations In the end, what you saw and understood may be one of them. Recently, you have seen our announcements and news. The third phase of our new coin mining project Flamingo (FLM) was officially launched. Users started from 08:00 on September 27. Starting from 00, users can participate in new currency mining. By using BNB and BUSD to mine FLM tokens, FLM will be launched at 15:00 on September 28, and FLM/BTC, FLM/BNB, FLM/BUSD and FLM will be opened /USDT trading pair. Flamingo runs on the Neo blockchain. In fact, the Binance main site will support all kinds of excellent domestic lights like Uncle Da, and support everyone to make more innovative attempts on our Binance.
Binance new coin mining has become popular recently, and many users have participated in it, and the return rate of many users participating in the early stage is still good. To put it simply, you can deposit existing tokens in Binance to mine new tokens (i.e. mining pool), and the whole process does not require any cost. The user's daily income depends on the proportion of the user's total holdings in the mining pool. The new currency income will be issued daily, and users can also increase or remove positions in specific mining pools at any time.
2. Tracy: The DeFi upsurge this time allows everyone to see many opportunities for the in-depth development of the blockchain, but some people think that the current DeFi has begun to cool down and de-bubble. What is the purpose and consideration of the new project of the Neo team as the third phase of the heavy launch of Binance launchpool?
Da Hongfei: Binance’s Lunchpool is a very good DeFi mining product. In fact, it is very difficult for users to operate on the chain to participate in DeFi liquidity mining, and the technical cost is very high. The popularity of DeFi has not yet fully risen. First of all, DeFi has brought new possibilities. As I mentioned in my previous speech, DeFi has created brand new assets. DeFi has actually built a process that traditional finance has gone through for hundreds of years. There are central banks that mint new currencies through mortgage assets, commercial banks for lending, exchanges, and now insurance and various derivatives. In the course of the entire financial market in the past few hundred years, DeFi was initially built in one or two years. Now that the heat has not passed, more and more applications will be seen. Neo is a digital asset protocol. It has its own relatively mature smart contract system, a large amount of assets, and a relatively active community atmosphere at home and abroad. It just fits well with DeFi.
Neo has cultivated the DEX ecology before, and we believe that an excellent DEX needs to provide many core assets available for trading, smooth trading experience and sufficient liquidity. At present, Switcheo and Nash running on Neo have achieved quite good results in terms of transaction volume, and Switcheo's cross-chain TradeHub has realized cross-chain asset transactions supported by Poly Network, and completed tens of millions of dollars on the first day of launch transaction volume, Neo's asset cross-chain infrastructure has been fully tested. Through the continuous evolution of the protocol layer, Neo is ready to undertake a smart economic platform with higher performance and efficiency. After the preconditions were gradually met, Neo decided to go further in the DeFi field.
The reason why NGD participated in the incubation this time is that DeFi needs some basic modules to start development, and time is tight. Neo3 will be launched around January next year. We also need to understand the requirements of the application layer in order to do a good job at the protocol layer. At the same time, I also hope that Neo's domestic and overseas communities can be better activated this time, and various innovative directions can be explored.
He Yi: Some time ago, the popularity of DeFi was very high. These days, the popularity of DeFi has only receded as the project cools down. I still hold the previous view that most projects in DeFi will fail; this does not mean that DeFi is bad, but only a few can succeed. DeFi has real and essential innovations in the near future. If this company really brings value to this industry, it will survive in this industry and live well.
Neo was launched quite early in 2019. The reason why we chose the Flamingo project this time is very important because we have the same views as Uncle Da. We don’t think that the DeFi thing is actually outdated. , farm may not be as popular as before, but DeFi is a broader concept, and it is indeed building a new and more decentralized system. In the entire market, we see that more and more projects are starting to issue anonymous projects. Some projects will grow very well, and many projects will run away.
This is like the ICO in 2017. Although the ICO bubble burst, the fundraising mechanism of the blockchain is still there, and many companies including Binance were born during that period. A great company. The popularity of DeFi can be illustrated by a statistic: the total amount of assets locked in DeFi smart contracts has soared from US$680 million at the beginning of this year to US$6.2 billion in August 2020.
However, such growth has also brought its own set of challenges. At present, the DeFi ecosystem is facing problems such as high block fees and network congestion, and the emergence of our Binance Smart Chain (BSC) can help solve this problem. BSC, which is compatible with the Ethereum Virtual Machine and runs in parallel with Binance Chain, provides a brand new platform for the development of DeFi solutions. Developers can focus on innovation while enjoying the benefits brought by Binance Chain.
3. Tracy: Flamingo is an interoperable full-stack DeFi protocol based on Neo. Can you introduce in detail how Flamingo achieves interoperability and a full-stack platform?
Da Hongfei: Flamingo is mainly composed of five modules and one tool, including cross-chain asset gateway—Wrapper, on-chain asset liquidity exchange—Swap, one-stop asset management center—Vault, and AMM-based perpetual contract trading platform —Perp, decentralized governance mechanism—DAO, and the ultimate revenue optimization on the Ethereum side—Flamincome.
The design of Flamingo has three goals: to integrate multi-chain assets, strive to be equal to the community, and provide super liquidity. We must use the available and safe liquidity to the extreme. Unlike most projects, which are a process of reducing leverage, in fact Flamingo can achieve a process of increasing leverage by setting a lot of safety boundaries.
Flamingo integrates cross-chain assets from two aspects:
1) Through Poly Network, we support multi-chain assets to Wrap in the Wrapper module and migrate to NEP-5 assets that can be used in Flamingo.
2) Flamincome, which has been launched on 9/23, is an "ultimate income enhancer" deployed on Ethereum, similar to yEarn (commonly known as the uncle), but more powerful. For example, if a user deposits USDT to Flamincome (imagine it as saving money), he will get fUSDT (a certificate of deposit), which can then be mortgaged and normalized to generate nUSDT that anchors the original asset USDT (mortgage the certificate of deposit to lend money). The "borrowed" nUSDT cross-chain to Neo to participate in Flamingo mining. At this time, USDT and nUSDT are mining for you at the same time, which is the magic of Flamincome.
4. Tracy: As a well-known leading exchange, what is Binance’s current strategy for building its own DeFi ecosystem?
He Yi: Binance's most powerful others do not come from the outside, but from ourselves. We have to find a way to defeat ourselves. In our past understanding, we thought that this path might be DeFi, so how can we defeat ourselves in the matter of DeFi? It may be divided into several dimensions. If we want to maintain excellence and innovation in CeFi, what do we need to do in DeFi? It is necessary to learn their advantages from DeFi projects. In 2020, DeFi is undoubtedly one of the hot spots that attract the most attention in the blockchain industry. Binance actually has a long-standing layout in this field. According to the top 5 market value rankings of CoinMarketCap's DeFi projects, whether it is LEND, which was launched on Binance as early as the end of 2017, or LINK, which was launched in early 2019, or the recent Internet celebrities Compound and MakerDAO, Binance is the earliest The leading trading platform for deploying high-quality DeFi projects.
In addition to accurately judging and listing DeFi high-quality token projects, Binance also participates in DeFi projects in a deeper way. Binance’s investment department continues to provide financial support for innovative DeFi projects with development potential, and will also discuss with high-quality project parties how to design more optimized transactions, liquidity models, token economy, etc., to help them better define Product market positioning and future development planning.
Binance continues to explore and build a financial infrastructure for digital assets, especially stablecoins, transactions, lending, and financial derivatives including futures, options, etc., and actively seeks cooperation and cooperation with high-quality DeFi from different fields. Discuss together and strive to provide infrastructure services for the global blockchain ecosystem. Binance has a tight layout in various fields related to DeFi, which is not comparable to the crazy listing of DeFi tokens, and the competitive landscape of exchanges is not easily changed by the crazy listing of related currencies.
Binance has been actively exploring and building the financial infrastructure of digital assets, especially in stablecoins, trading, lending, financial derivatives (futures, options), etc. We are actively working in different fields and aspects Seek high-quality DeFi cooperation and joint discussions to build a truly open finance.
stable currency
stable currencyCooperation: Kyber, Aave, etc. have launched the Binance stablecoin BUSD, and the cooperation with Compound and MakerDao is also in progress. Stablecoins can be used as collateral and loan assets at the same time, and are an important part of Defi. We hope to participate in the Defi ecosystem as much as possible while controlling risks, and cooperate with high-quality Defi projects.
Investment: Our investment department, including Binance Labs, Binance X and the M&A investment team, can provide financial support for promising and innovative DeFi projects. Many DeFi projects are still in a very early stage. We will discuss with the projects how to design more optimized transactions, liquidity models, token economy, etc., to help them better define product market positioning and future development plans.
Binance ChainAnd Binance Smart Chain: Both Binance Chain and Kava are Tendermint-based chains. KAVA realizes the cross-chain function of Binance Chain through the BEP3 proxy mechanism of Binance Chain, and has made a preliminary attempt for the multi-network interoperability of DeFi. Recently, we have successively released several new products, including the introduction of the Mini-Token token mechanism and smart chain, etc., to provide more convenient token issuance, native cross-chain technology and other infrastructure, hoping to promote more DeFi innovations.
Binance China Blockchain Research Institute: Solidly promote basic technology research and development, and work with outstanding technical talents and institutions at home and abroad to jointly research and overcome more topics, such as key management based on multi-party computing, financing models for small and medium-sized enterprises, financial anti-fraud, etc. , in order to seek the landing and popularization of distributed financial applications.
Staking: Our staking rebate team also provides related Staking cooperation and support. Binance has supported staking rebates for more than 20 projects, such as EOS, XTZ, ATOM, KAVA, NEO, ONT, VET, TRX. At the same time, Binance has also becomeStaking as a Service of Ethereum 2.0the earliest members of .
Binance Smart ChainBinance Smart Chain, and officially launched the mainnet the day before yesterday. as withBinance ChainThe parallel running blockchain can not only create token smart contracts, but also introduces BNB, one of the world's top encrypted assets, to form a pledge mining mechanism. A key goal of Binance Smart Chain is to fully integrate the assets on Binance Chain (>6 billion US dollars) to establish a sustainable DeFi ecosystem. We will eventually turn Binance into community governance and a more open ecosystem. It doesn’t matter who He Yi is, and who Binance is. We use Binance Smart Chain to create a brand new ecology. This is the direction we hope to go. Although it sounds like a fantasy now, if you don’t do it, who knows ? Just like when we first started working on the platform currency, everyone said that the model of platform currency does not exist, but we finally made it, let time prove it.
5. Tracy: How is the token economic model of the project designed? How does Flamingo's token FLM capture network value?
Da Hongfei: FLM is the governance token of Flamingo. The distribution mechanism of FLM has a principle called extreme equality. Like the smart chain, there is no fundraising process and does not require external operations. It is incubated through Neo. 100% will be allocated based on the contribution of Flamingo project participants, without any pre-sale, pre-mining and team allocation.
All FLM will be distributed according to the contribution of the participants. In the early days of the Flamingo project, FLM will be allocated according to the following usage scenarios, and will be handed over to the community for modification and decision after the DAO goes live.
1) Cross-chain asset pledge (only for the first week of "Mint Rush" stage)
2) Pledge the LP token obtained by providing liquidity (after "Mint Rush")
3) Mint FUSD in Vault
4) Perpetual contract transactions in Perp with FUSD as margin
5) Participate in governance through DAO
The mining of forging assets we did earlier is quite different from the previous pie candy. The first is through pledge liquidity mining or asset mining. Buy a cup of HEYTEA or Internet celebrities in your own time. Candy distribution is like a company that puts a coupon or exchange coupon in your mailbox and you can get something. The strength of the community that can actually be united between the two is completely different. This is an important reason why this time the liquidity mining does not need to provide liquidity even if it is just a pledge, and you can build a greater community consensus.
6. Tracy: What kind of review criteria does Binance have for selecting DeFi projects?
He Yi: In fact, for the entire industry now, DeFi is a boom, and indeed many projects will emerge. In the selection of the project itself, it is easier to make some judgments about the centralized projects in the past, including who the team is, the development process, experience, etc. Now DeFi projects will pay attention to its security audit, innovation, and community. What kind of mechanism is structural governance, as well as the economic model and user needs, may be our more focus.
Recently, with the arrival of the DeFi boom, we have also received requests from the community to launch more "DeFi popular projects". In this regard, we have opened up the Binance Innovation Zone, looking forward to providing users with a safer space to participate in these popular project investments. But again, the price fluctuation of these tokens may be higher than that of other project tokens. Users need to pass the investment risk management test of Binance Innovation Zone before they can access the innovation zone.
7. Tracy: There are currently many DeFi products on the market. For users, how to judge the prospect of a DeFi product? What are the advantages of Flamingo over other platforms?
Da Hongfei: From Neo’s perspective, the DeFi ecosystem has three elements: assets, markets, and funds. The launch of Flamingo, an interoperable full-stack DeFi protocol based on Neo, will fill in the missing link of Neo in the DeFi ecosystem. I summarize the highlights of Flamingo as follows:
a. Extremely high capital utilization
For example, the LP Token (liquidity investment token) in Swap can be used to forge FUSD, and FUSD can trade perpetual contracts at 10x. This is a great advantage of the Flamingo full-stack module, the fluidity of each module can be reused to the greatest extent.
b. Extremely equal participation
Flamingo does not do any fundraising, does not make team reservations, and does not have a low-key online pre-mining, and everyone can participate.
c. Rich asset diversity
In addition to the largest 50% NEO pool, another 50% can be obtained by forging cross-chain assets. This includes BTC, ETH, USDT, Uniswap LP, ONT and other assets. Moreover, most of the Ethereum ERC20 assets can continue to earn interest on Ethereum at the same time for double mining.
d. DAO governance module
We will also launch the DAO governance module as soon as possible to allow the FLM holder community to govern Flamingo.
8. Tracy: When can you officially participate in Flamingo?
Da Hongfei: Flamincome and Flamingo Wrapper have been launched at UTC+8 21:00 on September 23. All kinds of assets can be connected to the product side through the wallet to wrap and become NEP5 assets; ERC20 assets in Flamincome can start earning interest.
September 25 UTC+8 21:00. The Flamingo Vault is online, and the five-day Mint Rush will start. Mining will start to obtain FLM. There is no risk of impermanent loss. It is expected that Swap will be opened on 9/30, and then the mined FLM, NEO, USDT, etc. can be used to inject into the liquidity pool to carry out Liquidity mining.
9. Tracy: How to participate in FLM liquidity mining on Binance?
He Yi: Users can add their BNB and BUSD to two separate pools at 08:00 on September 27 to mine FLM tokens. They can mine FLM tokens for a total of 30 days. There is no mining limit and no KYC is required. After participating in new currency mining, users can redeem tokens at any time. Only the tokens in the spot wallet can participate in new currency mining.
In addition, I would like to remind everyone that this mining will not adopt the BEL and WING new currency mining projects’ current deposit into BNB or BUSD Binance treasure mining mode, Flamingo new currency mining will open new mining separately Pool, details will be announced separately.
This industry is still in the early stage. At this time, we found that the learning threshold for many users is too high. What we have been doing is to lower the learning threshold for everyone.
10.Tracy: What suggestions and advice do you have for the projects you do?
Da Hongfei: For some good DeFi projects, especially those with strong originality, and the people behind this project have relatively lofty aspirations, it can be seen that he radiates the light of a new financial paradigm, although there is a layer behind it. I hope to see more original projects appear instead of simple copying, which is meaningless.
Personally, I am very optimistic about this direction of DeFi, and I think it will have a great impact on our future economic life. For example, I recently like a word called "the bank without a bank account". I think this is likely to be the way most of us will live in the future. The Chinese have already achieved this to some extent. They may not deal with banks, but deal with Alipay and WeChat Pay. At least he has achieved this kind of financial behavior without going to the bank. . I think that in the future, many of us may not really need to have a lot of money in the bank. These are the possibilities that DeFi can bring to us.
