The ongoing rally of Flamingo (FLM) has successfully managed to reach an all-time high owing to the support from the highest ever trading volume. Along with this, FLM also has increased capabilities in governance as well as DeFi users who are presently looking for alternatives to Ethereum.
Decentralized finance has been improving at an exponential pace and is already considered as the benchmark to the cryptocurrency industry. On the other hand, the ecosystem is becoming more centralized towards the ETH network. This has caused the whole industry to be afflicted by very high gas fees as well as slow transaction approvals.
Flamingo Being Preferred To DeFi
The gas fees are currently hitting explosive high amounts that are driving the users to search for effective alternatives like Flamingo finance. FLM has built its protocol on Neo and developed it with the intention of focusing on interoperability and governance.
Interoperability has now become a very important crypto issue in the market since different blockchains along with remote DeFi platforms require communication networks with one another and trade in all the protocols.
The value pegging at the time of dealing with the cross-chain assets is proven to be a huge test for protocols as of now. Very recently it has become a main focus for the FLM developers. FLM price has recently reached a record high in 2021 while DeFi protocol witnessed a spike in their trading volume on 1st February which assisted the token to double in worth overnight.
During the beginning of 2021, FLM was trading at a mere $0.12 following the fall from an earlier record high in September of 2020 which was $1.59. This happened right after the summertime of DeFi.
