Chinese Markets Risk-On: Flamingo Finance Reboots Cross-Chain Bridge for NEO N3

Flamingo Finance (FLM) has rapidly re-opened the NEO cross-chain bridge amid an uptick in Chinese crypto activity after the Beijing stimulus package.

The leading cross-chain bridge on NEO N3, Flamingo Finance (FLM), has reopened, enabling NEO users to bridge their assets between blockchains once again.

This comes as the Chinese crypto community takes center stage in Bitcoin’s recovery amid a shift in Chinese macro-economic policy – expected to fuel major crypto gains in Q4.

At the heart of this macro-economic reversal is Beijing’s aggressive economic maneuver, which amounts to a jaw-dropping $142Bn fiscal stimulus move—including significant interest rate cuts and a reduction in the cash-on-hand required at Chinese banks.

China… CSI 300 Index … pic.twitter.com/qXSbmddBaT

— MastersInvest.com (@mastersinvest) September 30, 2024

So far, the announcement last week has landed with dramatic success , with the CSI 300 Chinese stock market climbing +8.5% higher in a move not seen since mid-2008.

Bitcoin (BTC), Price Trading volume in 24h Last 7d price movement , has benefited from the shift to risk-on sentiment, with BTC prices now targeting a new all-time high above $70K after Chinese capital inflows saw BTC mount its’ best September performance in history.

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Yet, this isn’t the only China-linked news stirring bullish sentiment in the cryptocurrency market. The iconic founder of Binance, Changpeng Zhao (CZ), also made headlines this week with a much-anticipated release from his US custodial sentence.

The combination of these events is rapidly charging the idea that Q4 could be dominated by a breakout ‘Chinese Narrative’ (in a repeat of the exceptional performance of Chinese cryptocurrencies in H1, 2023).

And it seems traders aren’t missing a beat, with 3 leading Chinese-linked cryptocurrency projects undertaking major gains over the Weekend.

( CFXUSDT )

Conflux Network (CFX) is leading the charge with a +31.5% gain over the past 14 days, and this has been quickly followed by Neo (NEO) with a +14.92% gain, and also Filecoin (FIL) with a 7.4% gain in the same time period.

This shows an appetite for altcoins in the Chinese domestic market and could hint at key tokens to watch in Q4.

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Flamingo Finance Moves Quickly To Open The Gates For Chinese Narrative

Testament to these quick-fire gains, Flamingo Finance Price Trading volume in 24h Last 7d price movement , has quickly re-opened its’ vital cross-chain bridge on NEO N3 , which had been closed for more than 2-months following a lengthy re-development after security breaches in July 2023, enabling the exploitation of Poly Network.

The Flamingo Finance team has been working to restore the bridge throughout September. It will reopen for ERC-20 tokens on September 6 and Binance’s BNB Chain on September 11.

Yet, the rapid decision to reopen the NEO N3 bridge is likely in response to the surging trading activity in Chinese markets, which often utilize NEO as a ‘Chinese Ethereum.’

It’s clear that this has been a reactive move, rushed ahead of the original schedule. Assets are currently bridgable but limited in volume, and waiting times of up to two days add weight to the idea that this move was driven by significant demand from Chinese traders – although equally, there is a need for Flamingo Finance to ensure smooth and secure operations with the reopening.

Nevertheless, with the FLM bridge now reopened, users can once again bridge assets between NEO and popular networks like Ethereum and Binance Smart Chain once again – a bullish sign indeed, especially as NEO N3 pushes towards the launch of side-chains via it’s sister token GAS.

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Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.