Home CryptoCurrency News NEO News Neo Monthly Report—August 2020, Neo Launches its DeFi Protocol Flamingo Finance

Neo Monthly Report—August 2020, Neo Launches its DeFi Protocol Flamingo Finance

Neo monthly report for August 2020 shows that the community-driven blockchain platform is on the fast track to Neo3, the next version of Neo blockchain. But the worth-mentioning is Neo’s own Decentralized Finance (DeFi) protocol, Flamingo Finance.

Neo Global Development (NGD) published the monthly report on Monday, September 14. Imporant milestone are:

Neo3 Preview3 Release

According to the report, the first major milestone in August was the release of Neo3 Preview3, the third version of Neo 3 testnet. As Crypto Economy reported, Neo3 Preview2 was launched in April 2020 that focused on improving transaction per second (TPS) speed.

Preview3 has brought governance committee mechanisms along with multiple new features and enhancements for smart contracts including the exception handling mechanism. The release also has many new improvements such as reduced database read and faster block synchronization, for developers.

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Neo2 Mainnet Upgrade to Support Cross-Chain Functionality

The next significant moment was the Neo2 mainnet upgrade to support cross-chain functionality. On August 13, NGD announced the release of neo-cli v2.11.0, bringing cross-chain and State Root functionalities. According to the company, State Root functionality will ensure data consistency between nodes.

Poly Network

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The release of version V2.11.0 led Neo to launch of Poly Network, “a new protocol alliance formed to facilitate cross-chain transactions between all participating blockchains without issuing a new token and with minimal overhead needed for integration.”

The Poly Network currently supports cross-chain transactions between Neo, Ethereum, Ontology, and Cosmos. Support for Bitcoin is coming shortly.

According to the report, Switcheo, one of Poly Network’s founding members, has leveraged this network to launch TradeHub, a stand-alone order matching engine that is currently processing millions of dollars in cross-chain transactions.

DeFi Protocol Flamingo Finance

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To top off a big month is the launch of Neo’s own full-stack DeFi protocol Flamingo Finance. The protocol is developed under the incubation of Neo Global Development (NGD) and is expected to be rolled in September.

Flamingo Finance features cross-chain asset gateway, automated market making (AMM)-based swaps, synthetic stablecoins, AMM-based perpetual trading contracts, and its own Neo-based token FLM, which will be 100% distributed through contribution-based participation from the community.

Da Hongfei, Founder of Neo, at the launch of Flamingo, said:

“This is just the beginning. As a community-driven open ecosystem, Neo welcomes all public chains, developers, and investors to build the smart economy of the future with us together.”

As reported, Neo also joined Coinbase-led project Rosetta, an open-source project led by Coinbase that aims to simplify the integration of blockchains with the wallets, websites, and exchanges.


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Atiq Ur Rehman
Atiq Ur Rehman
Electronics Engineer with a passion to write about Disrupting Technologies like Blockchain. He joined Crypto-Economy in July 2019.
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