Hello community. Today we would like to tell you about the AMA session with our friends from NEO project. The AMA took place on September 21 and our guest was John Wang (Head of NEO Ecosystem Growth).
The total reward pool was $500 and it was splitted into three parts.
In this AMA Recap we will try to summarize some of the most interesting points for you.
PART 1, INTRODUCTION AND COMMUNITY QUESTIONS
Mary | Satoshi Club: Hello, Satoshi Club. Today we are happy to announce that today we have NEO project as our guest. Welcome to Satoshi Club!
John Wang: Hi everyone, good to meet your community.
Mary | Satoshi Club: Coud you give us an intro about yourself and Neo project?
John Wang: Neo is one of the established projects, have been around for almost 4 years, just the mainnet itself has been working for 3 years. We’ve joined China’s BSN and estableshed InterWork Association in the US with Nasdaq and Accenture.
Me myself: I’m the head of NEO Ecosystem Growth, have quite a few years of experience in supply chain management consulting, and several times successful entrepreneurial experiences, I’m currently responsible for NEO ecosystem development.
For defi here’s the intro: Flamingo is an interoperable, full-stack decentralized finance protocol built on the Neo blockchain. Flamingo is comprised of five main components, including Wrapper – a crosschain asset gateway, Swap – an on-chain liquidity provider, Vault – a one-stop asset manager, Perp – an AMM-based perpetual contract trading platform, and also DAO – a decentralized governance mechanism. FLM is the governance token of Flamingo and will be 100% distributed to the community based on participation.
D. | Satoshi Club: Why Flamingo? there is a backstory? why did you choose that name?
John Wang: Emoji’s are cool and many projects pick emojis for their name. 🙂
Mary | Satoshi Club: That’s great) how long did you work on the development of the Flamingo project?
John Wang: For a couple of months, some of the smart contracts are very complicated. For example Automated Market Makers for the Swap functionality and the Perp derivatives exchange is not easy to create. 🙂
Serg | Satoshi Club: Is it different from what other projects are offering?
John Wang: Well some of the tokenomics design but not technology itself! Though our Neo blockchain itself indeed is using unique consensus called DBFT, the transactions are not only faster they are cheap and for most cases free! For instance, when using our Vault for staking and contributing as a Liquidity Provider to our Swap you earn FLM tokens, and claiming them is free!
Q1 from bitcointalk user JonahAp
A full-stack defi protocol known as “Flamingo finance” was recently built on NEO Under incubation by Neo Global Development, can you tell us some features of this defi protocol and how this relies on the technology of NEO’s Ecosystem.
John Wang: So it’s using Neo blockchain, which has fast and free transactions. That’s it in short. By the way I have to mention if you guys still have Neo follow the updates, because when we switch to Neo 3 you’ll need to switch your tokens to Neo3 version! But that will be easy like sending tokens to a wallet address.
Some features of the defi protocol:
Mary | Satoshi Club: Is this near? I have Neo and Neo tokens.
John Wang: End of 2020… the protocol will be rewarding users with a governance token FLM similar to the famous UNI from uniswap.
Did you receive any UNI recently by the way?
D. | Satoshi Club: Of course! it was a great present from Uniswap!
All tokens will be distributed during mint rush?
John Wang: 50,000 mln will be distributed during the Mint Rush (5 days) so I recommend to prepare the assets early to participated. FLM will be a governance token, meaning you can use it to vote for important issues like revenue distribution.
Mary | Satoshi Club: Of course, that’s why we were looking at Flamingo project some days ago we didn’t know that we will have chance to talk with you about that.
John Wang: So Flamincom allows you to be the LP of Uniswap and also earn FLM tokens at the same time! Double profit, double capital efficiency! https://docs.flamingo.finance/faq#flamincomemaybe I can share more details answering the next question 🙂
Mary | Satoshi Club: Can you explain, how FLM will work on Uniswap, for example, as they are Neo tokens? For blonde.
John Wang: FLM doesn’t have to work on Uniswap, You stake wBTC and ETH (the most popular assets) on Uniswap, receive so called LP tokens from it. Then go to Flamincome, stake it, continue receiving rewards from Uniswap, but also get rewarded with FLM for contributing to Flamingo protocol.
Q2 from bitcointalk user elissa
What is mint rush on your platform? is it like liquidity providing on uniswap?
John Wang: Mint Rush is the 5 days’ period of very fast FLM issuance to onboard many users. Basically this is the best time to make some money out of it… 50 mln FLMs will be issued at this time and 150 mln in the first 12 weeks in total, basically we will issue a lot to attract liquidity to our platform.
Mary | Satoshi Club: When this period will start? Do you have dates?
John Wang: Hope this answers this question, definitely, September 25th
D. | Satoshi Club: There is a minimum amount for staking?
John Wang: Not really, and actually claiming FLM is free so it makes sense even for small amounts. Neo, USDT, wBTC, + PL tokens from Uniswap.
but right now one specific LP token from Uniswap, specifically, wBTC/ETH LP token, because it has the best liquidity. Guys, don’t be scared by this complecated token name! Might seems like an alphabet soup, but actually not that hard. You know wBTC right? It’s a wrapped bitcoin on Ethereum.
D. | Satoshi Club: Yes, i’ve heard about WBTC.
John Wang: A very popular asset, if you stake it with ETH, 50%/50% you receive an LP token from Uniswap specifically for this pair.
Mary | Satoshi Club: Yes, i know, i even wrapped it once on the eth testnet. Thank you for clarifications) are you ready for the third question?
John Wang: This token will earn you transaction fees from trading with this pair on Uniswap. and UNI token. Now if you move it to Flamincome – you will continue earning these. But plus the protocol token FLP, which will get listed on all major exchanges.
Yes let’s go!
Q3 from Telegram user @blockmen
I can’t find so much info on flamingo.finance If I try to click on wrap, Vault, swap, etc., it is written info coming soon. Can you briefly present them now?
John Wang: Good point. We are working on it right now, when it’s 11pm in Shanghai our developers here are working on it right now 🙂 so that’s coming, Wrap will be available on 23rd for you to wrap nonNeo assets into Neo standard assets. So some time to prepare before the Mint Rush, but before all of that we will publish the user manual. https://docs.flamingo.finance/come Like only one hour ago. Check it out to prepare, specifically what wallets to use.
Q4 from Telegram user @clara_eriksen
What assets we will be able to stake/mint to receive Flamingo tokens? Will you support other assets than NEO? wrapped? Also, why was it delayed? Have you found some vulnerabilities during the audit?
John Wang: Neo, USDT, Ontology, and one Uniswap LP token. But staking NEO brings the most rewards, 50% of all FLM distributed during the Mint Rush.
D. | Satoshi Club: This should incentivise people to buy more Neo.
John Wang: Not delayed, according to schedule actually… but we did announce it just recently.
Q5 from Telegram Username @Nano880
Neo offers an inexpensive double Token system, something unusual and interesting. How does this model work within Neo? How does this system contribute to building a more sustainable platform??
John Wang: Well we are one of the few double token systems. Basically we split the gas and token functions. GAS is divisible and can be used for small functions, like for Blockchain Cuties games. And of course GAS can be used for paying for transactions.
It was quite sustainable so far, we stayed in the top20 for the last 3 years, while the was a lot of adjustments on the list…
D. | Satoshi Club: Do i need to buy Gas token for sending Neo?
John Wang: Nope, but you can use GAS to speed the transaction up. And of course the most important part! Holding NEO produces GAS as a reward. 🙂
D. | Satoshi Club: The more you hold the more you get?
John Wang: Yes exactly, deploying a smart contract costs gas, if you want to build a dapp or a game on the blockchain. Let’s move to the next question.
Q6 from Telegram Username @nyo_cant
I am a little confused about Flamincome. Is it a different platform from Flamingo? If so, are Flamingo and Flamincome related in any ways?
John Wang: Flamincome is a part of Flamingo. It’s what we call yield booster and optimizer. In its initial stage, Flamincome will adopt the same strategy as other mainstream yield aggregators to provide Flamincome users with yields similar to YFI/YFII while safeguarding the staked assets.
Do you know what I mean? Basically it’s like YFI/YFII. In addition to the earning yield from staking, Flamincome users will also receive pegged assets corresponding to the value of their original assets that are staked for yields on Flamincome. This means that while staking their ERC-20 asset on Flamincome for yields, users can also use the pegged assets obtained from the Ethereum DeFi ecosystem (Flamincome) to participate in Neo’s DeFi ecosystem (Flamingo) and receive FLM.
Mary | Satoshi Club: By the way, is Flamincome built on Ethereum?
John Wang: Part of it yes. Basically like YFI. it will be an Ethereum based yield aggregator. But also part of on Neo. 😎
Mary | Satoshi Club: It’s something like cross chain connection?
John Wang: Yes, a cross chain connection. Interest-bearing assets (fUSDT, fUSDC, fDAI, fwETH, fWBTC, etc.) (our version of YFI) are converted into synthetic assets (nUSDT, nUSDC, nDAI, nwETH, nWBTC, etc.) whose value is 1:1 pegged with original assets, and these synthetic assets can be used in Neo blockchain for more yields, e.g., Flamingo.
This is achieved with cross chain, to make sure fUSDT and nUSDT are the same thing. Both represent the same asset, but one is locked, so only another one can be used, so cross chain is actually easy. 🙂
PART 2, TELEGRAM COMMUNITY LIVE QUESTIONS
The chat was open for 80 seconds; a lot of questions were posted by Satoshi Club community. Our guest chose some of them.
Q1 from Telegram User @Zi1i0
Just heard about the Flamingo produce farm assets. Can you help understand the process for obtaining FML? Is this similar to YieldFinance and YFI tokens? How many FML tokens will be released to the public?
John Wang: Yes, as I explained a bit earlier it’s like YFI a bit, it selects the highest yield strategies.
50,000,000 FLM will be distributed to users during the 5-day Mint Rush period starting Sept 25. After that FLM will be listed on big exchanges such as Huobi and Binance (to be confirmed, but shouldn’t be a problem for Neo).
Q2 from Telegram User @huydo
For DAO Governence model of Flamingdo, there are 2 proposals: Flamingo (FIP) and Flamingo (FCCP), so what are they different?
John Wang: Hi Edogawa, thanks for digging into governance. Basically FIP is more general one, responsible for big picture decisions “overall system design of Flamingo, such as liquidity improvement plans, liquidation mechanism, risk control strategies, and etc.” And FCCP is about more specific things, like configurations of your computer/software, some numbers that can be adjusted. Fee mechanism, whitelisted assets and more.
Q3 from Telegram User @adityaaryah
I have seen various DeFi protocols launch in the past few months, and I’m stuck on making a decision on which to go with, can you convince me as to why to go with Flamingo Finance and how can I maximize profit with Flamingo finance?
John Wang: That’s true, the current DeFi landscape is amazing: it’s rich and yet evolving fast. It means it presents new opportunities for new platforms to roll out products and services offering something that wasn’t on the market before. Flamingo.Finance consists of a number of products and Flamincome is one of them. Using Flamincome you can stake Uniswap wBTC/ETH LP (liquidity provider) tokens, what means that you can earn from providing liquidity on Uniswap (the famous UNI tokens) and earn Neo’s FLM at the same time.
That should be the main reason for you to choose Neo!
Q4 from Telegram User @jpsarmah
Is Flamingo.finance giving free tokens to the yield farmers?
John Wang: Hey Goldilock, well these tokens are not free per se, because you have to lock up your assets. In theory you could been trading them, so you are losing some upside opportunity.
But like in a bank locking your assets yields a profit for you, and in Flamingo it also rewards you with extra FLM.
Q5 from Telegram User @Idee01
I recall Antshares rebranded to NEO and gain huge public interest in 2017. Now, with the development of Flamingo Finance, how would this affect development of NEO project? How long do I have to stake $NEO to farm $FLM?
John Wang: It will become the new growth driver for Neo! You can take your stake away at any time, but it most profitable period is the Mint Rush 5-day period.
Q6 from Telegram User @Sicxa
What is Key benefits and competitive advantages of NeoFS???
John Wang: Hi Sicxa, this is quite technical, best explanation is here: https://fs.neo.org/ But I know that homomorphic cryptography is very powerful. 🙂
Q7 from Telegram User @Nickkiii
The transaction fees using NEO blockchain is free, will this be the same on Flamingo or we have to pay to make transactions with FLM?
John Wang: Yes, it will be same on Flamingo, the transactions will be very cheap and in most cases free which is quite cool, many people didn’t even make any money in the recent defi rush because the fees were eating all they yield they farmed!
Q8 from Telegram User @tv100029
What are the differences between Onchain Liquidity Provision and Off-Chain Liquidity Provision?
John Wang: Well actually we only have onchain liquidity… not sure what offchain liquidity is, maybe you can send me a link after the AMA? we have the onchain liquidity, and that’s the real magic and beauty of innovation of DeFi, because for the first time in the history of finance small investors are able to provide liquidity to exchanges! Previously professional market maker firms with very high fees were doing this, and now replaced by smart contracts with a few lines of codes! Isn’t it amazing?
Q9 from Telegram User @Ahmed1760
Projects that are not traded on major exchanges remain unnoticed. What do you think about listing the token on the leading exchanges?
John Wang: Hi Babu, we should list on the major exchanges, considering the background of project (Neo) is quite good.
Q10 from Telegram User @CElllIFE
How Flamingo Finance could impact the continued growth of DeFi? Want to raise the market, or jump on the last car of a departing train?
John Wang: The market is only starting to heat up, the market is huge, many of even most people with switch from centralized exchanges to decentralized ones… Centralized exchanges has the scam risk another risk, and with Defi your assets are always in your control. Your private keys – your assets! Don’t forget about this!
And follow flamingo please! https://twitter.com/FlamingoFinance And the vibrant Discord group: https://discord.com/channels/748375438467793036/748375438467793039
PART 3, QUIZ AND INFO
As usual, for the third part, Satoshi Club Team asked the chat 4 questions about NEO. A link to a Quiz form were sent into the chat. Participants had 10 minutes to answer. 300$ were distributed between winners.
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