On September 28, 2020, Coco, Binance OTC Business Lead, held a conversation with Wang Jiachao, John-Neo Ecosystem Expansion Director & Flamingo Operations Lead. During the live session, Wang introduced in detail the third installment of Binance's new coin mining project—Flamingo—and shared his insights on DeFi.
Flamingo (FLM) is the third project in Binance’s new coin mining series—a fully interoperable, full-stack decentralized finance protocol built on the Neo blockchain. The core motivation behind launching Flamingo, according to Wang, is twofold: first, to provide more developers with a DeFi infrastructure on Neo; and second, to address innovative DeFi use cases that decentralized exchanges (DEXs) alone cannot fully realize.
Regarding DeFi, Wang believes it represents a new business model and financial paradigm, one that holds long-term significance. In the short term, however, he anticipates a downturn for DeFi around November, which may temporarily affect its overall value. Nevertheless, once the market stabilizes, the DeFi ecosystem will experience a leap forward. What's needed now is an opportunity for the DeFi market to settle and undergo a phoenix-like rebirth.
