Cryptocurrency News

Total Value Locked for Flamingo Rises amid Ethereum Gas Problems

In the past year, the yield farming sector had gained a lot of growth and adoption from the investors’ sector. The sector had been gaining almost the same amount of adoption and growth like other products such as non-fungible tokens (NFTs) and decentralized finance (DeFi).

Unfortunately, the sector has been plagued by the downfall, which has been limited by the high transaction costs. As a result of the high transaction costs on the Ethereum (ETH) network, the investors in this sector haven’t been able to earn many good returns.

The cryptocurrency analysts who have been closely monitoring this situation have come up with their views around the recent downfall. They have explained the impact that the recent high transaction fees have implicated on the entire Ethereum (ETH) network.

According to the analysts, the high transaction fees are the main reason why many yield farmers are now concerned and content. They have now started looking into other options where there will be more opportunities of gathering profitable returns. On top of that, they are looking for a solution that will solve their high transaction fee problems.

This is where Flamingo Finance (FLM) has come in and offered investors the solution they were looking for. Ever since the Ethereum (ETH) network started experiencing high transaction fees and it became somewhat permanent, FLM has started experiencing an upward trend.

According to the crypto-data analyzing firms, Flamingo Finance (FLM) has started experiencing steady growth ever since the Ethereum (ETH) network’s high transaction costs started becoming a nuisance. The data shows that many yield farmers have found their way to Flamingo Finance (FLM) and are continuing to show up on the platform.

Flamingo Finance (FLM) is a decentralized finance platform that is based on the Poly Network interoperability protocol as well as the Neo (NEO) blockchain.

On several occasions, the development teams at Flamingo Finance (FLM) have stated what they aim for the platform to become. It has been clarified by the development teams that Flamingo strives to become a decentralized finance (DeFi) platform that provides full-services.

They revealed that currently, FLM provides services that include a decentralized governance organization (DAO), a perpetual contract trading platform (perp), a blockchain asset vault, and a blockchain asset vault.

On top of that, FLM also provides an on-blockchain liquidity pool (swap), and a cross-blockchain asset gateway (wrapper).

At present, the cross-blockchain asset gateway has the ability to carry out ERC-20 tokens wrapping. The major ERC-20 tokens that the gateway currently has the ability to wrap include Ontology-based (ONT) tokens, Wrapped Bitcoin (WBTC), and Wrapped Ether (WETH).

The users have the ability to interact with the protocol through the O3 wallet browser extensions that are set up for Neo tokens or NeoLine.

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