{"id":29780,"date":"2020-10-07T20:20:22","date_gmt":"2020-10-07T17:20:22","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=29780"},"modified":"2025-08-27T18:54:11","modified_gmt":"2025-08-27T15:54:11","slug":"opinion-neo-poised-to-challenge-ethereum-in-the-defi-sector","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/opinion-neo-poised-to-challenge-ethereum-in-the-defi-sector\/","title":{"rendered":"Opinion: Neo poised to challenge Ethereum in the DeFi sector"},"content":{"rendered":"<p>Launched in September, the DeFi protocol Flamingo.Finance on the Neo blockchain is not a copycat, as is often associated with all that is created in China. In an interview with <a href=\\\"https:\/\/www.coindesk.com\/amid-us-china-tech-war-can-neos-defi-stack-rival-ethereums\\\" target=\\\"_blank\\\" rel=\\\"nofollow noopener noreferrer\\\">CoinDesk<\/a>, co-founder Da Hongfei said.<!--more--><\/p>\n<p>In doing so, he responded to the comments by the Compound platform\u2019s co-founder, Robert Leshner, who described Flamingo as an attempt to clone and launch all of Ethereum\u2019s popular DeFi projects at once.<\/p>\n<blockquote>\n<p>\u201cThis is yield farming, and an automated market-maker algorithm, and Uniswap, and MakerDAO in one bottle,\u201d Leshner explained.<\/p>\n<\/blockquote>\n<blockquote class=\"twitter-tweet\" data-conversation=\"none\">\n<p dir=\\\"ltr\\\" lang=\\\"en\\\">Why pay attention to <a href=\\\"https:\/\/twitter.com\/Neo_Blockchain?ref_src=twsrc%5Etfw\\\" >@Neo_Blockchain<\/a> at all?<\/p>\n<p>With the help of <a href=\\\"https:\/\/twitter.com\/binance?ref_src=twsrc%5Etfw\\\">@binance<\/a> and <a href=\\\"https:\/\/twitter.com\/OKEx?ref_src=twsrc%5Etfw\\\">@OKEx<\/a>, NEO is attempting to clone &#038; launch all of Ethereum\u2019s popular apps at once.<\/p>\n<p>It\u2019s Farming + Uniswap + Perp AMM + MakerDAO under one umbrella, <a href=\\\"https:\/\/twitter.com\/FlamingoFinance?ref_src=twsrc%5Etfw\\\">@FlamingoFinance<\/a><a href=\\\"https:\/\/t.co\/mUEc53tzrE\\\">https:\/\/t.co\/mUEc53tzrE<\/a><\/p>\n<p>\u2014 \ud83e\udd16 Leshner (@rleshner) <a href=\\\"https:\/\/twitter.com\/rleshner\/status\/1310318501265956864?ref_src=twsrc%5Etfw\\\">September 27, 2020<\/a><\/p>\n<\/blockquote>\n<p><script async src=\\\"https:\/\/platform.twitter.com\/widgets.js\\\" charset=\\\"utf-8\\\"><\/script><\/p>\n<p>He added that Flamingo.Finance is the first credible, mass-scale attempt to clone a DeFi protocol. According to him, the project\u2019s success or failure has extremely important ramifications for Ethereum\u2019s network effect.<\/p>\n<blockquote class=\"twitter-tweet\" data-conversation=\"none\">\n<p dir=\\\"ltr\\\" lang=\\\"en\\\">IMO it\u2019s the first credible, wholesale blockchain-scale \u00abvampire\u00bb attempt.<\/p>\n<p>The success or failure of the project has extremely important ramifications for how we think of Ethereum\u2019s network effect &#038; composability lock-in.<\/p>\n<p>Will it work?<\/p>\n<p>\u2014 \ud83e\udd16 Leshner (@rleshner) <a href=\\\"https:\/\/twitter.com\/rleshner\/status\/1310318503807737856?ref_src=twsrc%5Etfw\\\">September 27, 2020<\/a><\/p>\n<\/blockquote>\n<p><script async src=\\\"https:\/\/platform.twitter.com\/widgets.js\\\" charset=\\\"utf-8\\\"><\/script><\/p>\n<p>According to Da Hongfei, over time Flamingo.Finance developers will offer users options available in protocols such as Uniswap, Curve Finance, yearn.finance and Synthetix. In doing so, the project intends to seriously compete with Ethereum in the DeFi sector.<\/p>\n<p>What has drawn attention is the fact that, despite <a href=\"https:\/\/forklog.com\/en\/news\/flamingo-finance-defi-protocol-begins-flm-token-distribution\">disruptions in the distribution of FLM governance tokens<\/a> due to extremely high concurrent traffic, in its first days of existence it attracted $1.6 billion in locked assets. This accounted for 80% of the TVL of the popular decentralised exchange Uniswap.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p dir=\\\"ltr\\\" lang=\\\"en\\\">The total value locked participating in Flamincome\/Flamingo has surpassed 1.6 billion USD. <a href=\\\"https:\/\/twitter.com\/search?q=%24FLM&#038;src=ctag&#038;ref_src=twsrc%5Etfw\\\">$FLM<\/a> <a href=\\\"https:\/\/t.co\/JrMgU8LxEQ\\\">pic.twitter.com\/JrMgU8LxEQ<\/a><\/p>\n<p>\u2014 Flamingo Finance (@FlamingoFinance) <a href=\\\"https:\/\/twitter.com\/FlamingoFinance\/status\/1310404098055761920?ref_src=twsrc%5Etfw\\\">September 28, 2020<\/a><\/p>\n<\/blockquote>\n<p><script async src=\\\"https:\/\/platform.twitter.com\/widgets.js\\\" charset=\\\"utf-8\\\"><\/script><\/p>\n<p>As of writing, this figure <a href=\"https:\/\/forklog.com\/en\/news\/chinas-state-blockchain-platform-adds-support-for-six-public-blockchains\">fell<\/a> to $247 million.<\/p>\n<p>Among Neo\u2019s touted advantages, once described as the \u201cEthereum killer,\u201d are roughly zero fees. In the network of the second-largest cryptocurrency by market capitalization, the average transaction fee in September rose to $15 and only recently fell below $2.<\/p>\n<p>Da Hongfei also rejects the view that Neo is oriented primarily toward Chinese users. He says that in the project\u2019s Discord chats 90% of users use English, signalling its international status.<\/p>\n<blockquote>\n<p>\u201cWe do not attract people, we attract crypto assets\u2026 We do not care where the private key originates\u2014from China or from America,\u201d Da Hongfei said.<\/p>\n<\/blockquote>\n<p>Whether Neo can compete with Ethereum will only be known with time. Observers, however, are not rushing to conclusions, noting among other things the unclear degree of influence by Beijing authorities on the crypto space in the country.<\/p>\n<p>Back in August, Neo and Ethereum <a href=\"https:\/\/forklog.com\/en\/news\/chinas-state-blockchain-platform-adds-support-for-six-public-blockchains\">became<\/a> among the first blockchains that the Chinese state infrastructure blockchain platform (BSN) integrated.<\/p>\n<p>Subscribe to ForkLog news on <a href=\\\"https:\/\/twitter.com\/ForkLog\\\" target=\\\"_blank\\\" rel=\\\"nofollow noopener noreferrer\\\">Twitter<\/a>!<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Launched in September, the Flamingo.Finance DeFi protocol on the Neo blockchain is not a copycat, as is often associated with Chinese-made projects. In an interview with CoinDesk, co-founder Da Hongfei said.<\/p>\n","protected":false},"author":1,"featured_media":29781,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1093,1970],"class_list":["post-29780","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-defi","tag-neo-blockchain"],"aioseo_notices":[],"amp_enabled":true,"views":"22","promo_type":"1","layout_type":"","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/29780","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=29780"}],"version-history":[{"count":1,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/29780\/revisions"}],"predecessor-version":[{"id":29782,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/29780\/revisions\/29782"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/29781"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=29780"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=29780"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=29780"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}