NEO-based Flamingo surpassed $100 million inflow in assets

The Decentralized Finance (DeFi) sector continues to grow unabated with the latest launch of Flamingo Finance following this trend. The DeFi protocol has surpassed $100 million inflow since its launch 48 hours ago.

This latest inflow came through via Flamengo Wrapper and Flamincome modules that were launched on September 23. 

As at the time of writing the total assets includes:

• 9,438,529 NEO wrapped to nNEO
• 20,995 BTC wrapped to pnWBTC
• 99,973 ETH wrapped to pnWETH
• 9,976,056 USDT wrapped to pnUSDT
• 988,737 ONT wrapped to pONTd

Flamingo Finance is the first major DeFi platform that has made wave with leading exchange Binance listing it earlier in the week. OKEx followed the listing. The launch has been fairly successful despite some complaints from users experiencing loading issues. 

O3 wallet issues

There has also been some issues with difficulties unwrapping nNEO when using a Ledger. This has raised speculations whether the issue was with the O3 Wallet, which could be due to the Ledger’s limited memory or insufficient fees. The developers behind the protocol have been working to rectify it with updates on their progress so far. 

Wrapper makes it possible to wrap tokens on the NEO, Ontology, Ethereum and more blockchains, making it a cross-chain gateway. Flamincome is a yield farming module which allows people to earn extra tokens using the NEO DeFi ecosystem.

These two modules are the major components that would enable users to prepare their tokens for staking on the Flamingo Mint Rush program. It will be interesting to see how the DeFi protocol develops in the coming weeks.