Flamingo will facilitate double staking rewards for two blockchains at the same time and investors can yield on NEO and Ethereum from now on as we are reading in the NEO news today.
The platform was endorsed by Da Hongfei who founded NEO. Investors will now be able to use Flaimincome starting September 21. Flamingo will facilitate the double staking rewards via Flamincome which will allow the investors to earn interest by yield farming on both Ethereum and NEO blockchains at the same time, as per the announcement.
Flamincome will work like any other yield framing platform and aggregators in the first stages where the users can invest their tokens and earn income. The team suggested that yields will be similar to those on yearn finance and other mainstream yield aggregators. Flamingo however is different as Flamincome will allow the users to earn revenue on multiple blockchains. ETH-based yield farming platforms are limited to the “inward growing ecosystem” as the company claimed.
This means that the users can stake ERC20 tokens as original assets and can also receive NEO tokens as pegged assets. Flamincome is scheduled to launch on September 25 but the app is already getting a lot of attention. NEO founder Da Hongfei endorsed the app and stated that Flaming has “unprecedented design” for the cross-chain DEFi kickoff. He also believes that Flamingo will benefit NEO and will increase the value as the digital assets protocol.
NEO aimed to compete with ETH in the Defi space but the efforts have not been recognized. The top defi apps are Swithceo and Nash which don’t provide a lot of revenue opportunities as Ethereum’s many choices. Regardless of which blockchain has more merits, yield farming remains a high-risk investment. Investors should always think twice before they select a platform to put their money in.
Finally, in our last NEO news, we reported that the public blockchain and smart contracts platform has integrated with the Coinbase-led and open-source project Rosetta. As NEO integrates with Rosetta, both of the projects will be working to create a next generation Internet. As they outlined in their blog, the collaboration will improve its protocol processes in order to build a decentralized economy of the future.