Neo Monthly Report: August 2020, Neo Launches Its DeFi Flamingo Finance Protocol
The monthly report of Neo by August 2020 shows that the community-driven blockchain platform is on the fast track to Neo3, the next version of Neo blockchain. But what is worth mentioning is the Decentralized Finance (DeFi) protocol from Neo, Flamingo Finance.
Neo Global Development (NGD) released the monthly report on Monday, September 14. The important milestones are:
Neo3 Preview3 version
According to the report, the first major milestone in August was the release of Neo3 Preview3, the third version of Neo 3 testnet. As reported by Crypto Economy, Neo3 Preview2 was launched in April 2020 and focused on improving the speed of transactions per second (TPS).
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 reading and faster block synchronization, for developers.
Neo2 Mainnet update 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, which brings cross-chain functionalities and State Root.
According to the company, the State Root functionality will ensure data consistency between nodes.
The release of version V2.11.0 led Neo to the 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 required for the integration".
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 the founding members of the Poly Network, has leveraged this network to launch TradeHub, an independent order comparison engine that currently processes millions of dollars in cross-chain transactions.
DeFi Flamingo Finance Protocol
To top off a great month is the launch of the protocol itself DeFi Flamingo Finance. The protocol is developed under the Neo Global Development (NGD) incubation and is expected to be released in September.
Flamingo Finance introduces a cross-chain asset gateway, automated market making (AMM) based swaps, synthetic stablecoins, AMM based perpetual trading contracts and its own Neo based FLM token, which is will distribute 100% through participation based on community contributions.
Da Hongfei, founder of Neo, at the Flamingo launch, said:
"This is just the beginning. As a community-driven open ecosystem, Neo welcomes all public broadcasters, developers and investors to build together the smart economy of the future.
As reported, Neo also joined the Coinbase-led Rosetta project, an open source project that aims to simplify the integration of blockchains with wallets, websites, and exchanges.
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