Flamingo Finance Graduates to Community Ownership by MyMingo Finance
Neo Global Development (NGD) has announced that the Flamingo decentralized finance (DeFi) platform will graduate out of NGD and into the Neo community. As a community-driven open platform, Flamingo is now ready to transform into a fully community-driven project led by an independent team. As of October 25th, MyMingo Finance will manage the future development, maintenance, and marketing of Flamingo. With the support of MyMingo, Flamingo will continue to contribute to and play a vital role in the Neo ecosystem.
Flamingo and MyMingo Finance
Launched in September of 2020, Flamingo is an interoperable full-stack DeFi protocol on Neo that has been incubated and maintained by NGD since inception. The Flamingo platform was designed to improve the liquidity and assets efficiency of financial applications and is interoperable across multiple blockchain networks through Poly Network protocol. The platform comprises components including Wrapper (a cross-chain asset gateway), Swap (an on-chain liquidity provider), Vault (a one-stop asset manager), Perp (an automated market maker-based perpetual contract trading platform), and DAO (a decentralized government mechanism).
Flamingo has achieved overwhelming success since launch — including processing more than $1 billion USD of cross-chain assets, hitting a Total Value Locked (TVL) high surpassing $2 billion USD, and, through Swap, generating more than $20 million USD in transaction fee income for liquidity providers.
In April of 2021, the Flamingo group in NGD initiated a rigorous search for an optimal team that could drive Flamingo’s future forward within the broader Neo community. MyMingo Finance stood out as a team that met Flamingo’s stringent requirements, including a complete and stable team structure; strong familiarity with blockchain smart contracts (especially DeFi projects); international project operation experience; and an open team culture with excellent language communication skills.
Launched in April of 2021, MyMingo was developed by Adapted Consulting AS, a Norway/USA-based team of five established in 2017. Adapted Consulting AS is the software consulting company responsible for developing platforms such as I’m Here, Prospecta, and Estate Hunter. From here forward, the MyMingo team will shift focus from these Web 2.0 platforms over to Flamingo and Web 3.0.
MyMingo initially launched with SmartStake, a service that allowed users to transfer FLM (the Flamingo token) into their liquidity provider of choice with a single click. In May of 2021, the MyMingo team announced plans to collaborate with NGD on the next Flamingo feature, an initial DEX offering module.
MyMingo plans to aggressively market the Flamingo platform, focusing on reaching new users and driving up adoption rates through a range of campaigns and community engagement initiatives. The team also plans to implement additional capabilities to Flamingo over time. Plans for the initial Flamingo DEX offering (tentatively titled Flamingo IDO) and other capabilities are described in more detail in the Flamingo roadmap preview provided in September 2021.
Continued partnership within the Neo ecosystem
“We at MyMingo would like to thank the community for their continued support. Together with our supporters, our journey has finally brought us to the next step: Bringing more DeFi innovation to Flamingo. Working closely with NGD’s Flamingo group in the last months has been a pleasure. With their help, we now feel even more confident in building additional features for Flamingo. Without the Flamingo and Neo community at large, we would not have been able to come this far. We look forward to writing the next chapters together,” said Adrian Fjellberg, core developer for the MyMingo team.
Under the management of MyMingo, Flamingo will continue to function and grow as a productive community project, retaining a close partnership with NGD and continuing to benefit from the support of the global Neo community.
“Neo has always been community led, and we at NGD are proud of the Flamingo project’s success as it evolves into this next stage of maturity,” said John Wang, Head of Neo Eco Growth. “We congratulate the Flamingo and MyMingo teams on this milestone and thank all within the Neo community who have contributed.”
Wang praised MyMingo as an optimal team to lead Flamingo. “As the MyMingo team worked side by side with NGD this year, they showed MyMingo to be a stable and trustworthy partner with both the capability and the innovative mindset to take Flamingo forward,” Wang said. “We’re excited about our ongoing collaboration. The Flamingo platform will continue to play a central role in the growing DeFi powerhouse within the Neo ecosystem.”
MyMingo official website: https://mymingo.finance/
MyMingo on Twitter: @mymingofinance
MyMingo community: Discord
Flamingo official website: https://flamingo.finance/
Flamingo on Twitter: @FlamingoFinance
Flamingo community: Discord
Neo official website: https://neo.org
Neo on Twitter: @Neo_Blockchain