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Here’s Why Neo (NEO) Price is Trading Higher This Week

Practice Stock Trading
Updated: 22 September 2020

Neo (NEO) price is trading over 20% higher this week as the open-source blockchain project prepares to launch “Flamingo Finance (FLM)”, the DeFi platform.

According to the official website of the platform, FLM is expected to launch by September 23.

“Flamingo is an interoperable, full-stack decentralized finance protocol built on the Neo blockchain,” the whitepaper states.

Accordingly, it consists of five main components.

Wrapper – a cross-chain asset gateway, Swap – an on-chain liquidity provider, Vault – a one-stop asset manager, Perp – an AMM-based perpetual contract trading platform, and also DAO – a decentralized governance mechanism.

NEO price logged 2-year highs in August before the buyers decided to take profits at highs, leading to a correction in the price action. The uptrend is obviously very strong as NEO trades more than 20% higher this week.

NEO price trades higher ahead of the FLM launch September 2020