Flamingo was founded by Da Hongfei, who is known for creating the Neo blockchain, which is integral to the Flamingo system. He has built Flamingo to be a multi-purpose DeFi platform.
While most decentralised finance systems make use of the Ethereum network, Flamingo uses the Neo blockchain and the Poly network interoperability protocol. Instead of being a simple decentralised finance tool, Flamingo aims to serve the entire DeFi ecosystem.
What is the Flamingo coin?
The Flamingo (FLM) has been in public circulation since October 2020, and at the time of writing, is trading at $0.3447. The total market cap of the token is not specified, but the maximum and current supply is set at 150 million FLM.
The Flamingo token is used mainly to power the ecosystem, but the most important function it serves is to encourage people to use the Flamingo DAO. One of the interesting features about the token is that there is no fixed max supply.
The token reached its all-time high value worth $1.24 in April and has since been orbiting around half the value.
What are the benefits of the Flamingo coin?
Being an alternative to Ethereum, the project aims to build a seamless decentralised finance ecosystem. It also has plans to extend its services to all kinds of tools in the niche. DeFi is expected to grow rapidly in the upcoming years, which is good news for the project and the token.
Tokenomics allows growth
The total circulation of the token is currently set, but the limit can be increased. The project is strongly community-driven and democratic. If the members of the Flamingo DAO decide that the amount needs to be increased, it can be done.
But due to the relatively small number of tokens on the market, it is projected that the value will rise sharply.
While a lot of cryptocurrencies on the market don’t have a lot of real-world value, Flamingo does. It has a very elaborate project that focuses on establishing a suite of solutions for decentralised finance. Being a multi-functional asset, there is a lot of room to grow for the token.
Apart from moderating the supply of the token, the Flamingo DAO community is also responsible for overseeing the functionality. The project mainly aims to do away with the fragmented nature of DeFi as seen right now, and the tools that are being combined are moderated by the community as well.
Price Analysis for Short and Long Term
WalletInvestor predicts positive growth for the token and an estimated value of $0.549 by 2023. In five years, they predict that the price of the token will jump to $1.429.
PricePrediction estimates a similar bullish trend, with an average value worth $0.71 expected. They calculate the price of the token in five years to climb to $3.09.
Over the last year, the value of the token has peaked, before experiencing a series of dips and rises. While it isn’t close to its highest value yet, there is still cause for optimism.
Flamingo has had both ascending and descending triangles in its price chart, and a breakout might seem likely sooner than later. The crypto seems to have had a resistance level for a while now, and so may not seem to go lower unless market conditions fluctuate wildly.
DeFi is a rapidly growing market, and with the kind of technological advancements that Flamingo is using, there seems to be an eventual rise in value waiting to happen.
Flamingo is aiming to build a unified platform that offers all possible features surrounding decentralised finance to users. Users will have full control of this platform themselves.
With such positive developments planned for the years ahead, FLM can be a great investment for the long term. While the predictions indicate different values, they are all unified in a bullish future for the token.