Flamingo.Finance DeFi Protocol Begins FLM Token Distribution

On September 25, the DeFi protocol Flamingo.Finance (FLM) began distributing its governance tokens. By September 30, the protocol will distribute 50 million FLM among the first investors.

The reward size depends on the user’s share of the investment pool. In the future, users will receive FLM for providing liquidity on the Swap decentralized exchange.

Flamingo.Finance is a decentralized yield-farming protocol on the Neo blockchain, operating similarly to yearn.finance. Users invest crypto assets into Flamingo.Finance, and the protocol allocates them to crypto-lending services with the best deposit terms. Investors earn profits from deposits on the Ethereum, Ontology and Neo blockchains, and also receive FLM tokens on the Neo blockchain.

Flamingo supports the following assets:

• NEO on the Neo blockchain;
• ETH, WBTC, USDT and wETH on the Ethereum blockchain;
• ONT on the Ontology blockchain.

To invest in Flamingo.Finance and receive FLM, tokens must be moved to the Neo blockchain via the Flamincome service. The sequence of actions for USDT is:

1. Freeze USDT via Flamincome and Metamask. USDT will enter the liquidity pool, and the user will receive synthetic tokens fUSDT on the Ethereum blockchain.
2. Exchange fUSDT for nUSDT tokens. These tokens are needed to transfer investments from the Ethereum blockchain to Neo.
3. Exchange nUSDT for the synthetic token pnUSDT on the Neo blockchain.
4. Freeze pnUSDT and receive a FLM reward.

Detailed instructions for working with the Flamincome service are provided in the Flamingo.Finance user guide.

UPDATE

During the launch of the FLM governance token distribution, the NeoLine wallet extension “crashed due to extremely high concurrent traffic from Flamingo’s website”, according to the project team. Many users were unable to deposit tokens for staking.

The official announcement regarding the resume of Mint Rush. https://t.co/DkprWSZ5U6

— Flamingo Finance (@FlamingoFinance) September 26, 2020

The team captured a blockchain snapshot as of 25 September 2020, 17:11:33 MSK (block # 6212123).

All assets that were ready for deployment or had been deposited in storage at that moment will be counted toward staking.

More than 700 transactions via the ONTO wallet were successfully completed before the distribution was halted.

The resumption of FLM distribution is planned for today, 26 September, at 16:00 MSK.

Yield rates for all users will remain unchanged. The issue of additional compensation for the 700+ successfully conducted transactions will be put to a Flamingo community vote.

As reported earlier, ForkLog published an overview of different kinds of DeFi projects.