FLM will be 100% distributed to participants based on participation. During the early stage of the Flamingo project, the FLM supply will be distributed to the following use cases, which will be subjected to proposals and changes by the community after DAO launches.
Staking of cross-chain assets (only for the first one-week "Mint Rush")
Staking of LP tokens obtained by providing liquidity (After"Mint Rush")
Minting of FUSD in Vault
Depositing of synthetic stablecoin FUSD as margins to trade perpetual contracts
Participating in DAO governance
System fees below 50 GAS are currently exempted on Neo, and you will only pay for the exceeding part if there is any.
You may wish to pay more GAS in cases of heavy network traffic for your transactions to be processed with a higher priority.
Currently you are unable to claim the GAS generated from staking NEO in Vault. GAS generated will be locked in the Vault smart contract and the community can decide its utilization when DAO goes live.
Mint Rush is a special phase designed to incentivize community participation in Flamingo. Users can directly stake crosschain assets during this phase and a total of 50,000,000 FLM will be released.
There is no lock-in, you can withdraw your staked assets any time.
9.23 UTC 13:00 Launch of Flamincome: A tool for yield optimization and value pegging on Ethereum.
9.23 UTC 13:00 Launch of Wrapper, users begin to wrapping crosschain assets
9.25 UTC 13:00 Launch of Vault and Mint Rush, users begin to stake wrapped assets in Vault
9.30 UTC 13:00 Launch of Swap. Mint Rush ends and users begin to stake LP tokens in Vault
Wrap NEO to nNEO in Wrapper
Stake nNEO in Vault to receive FLM
Stake WBTC, USDT, ETH and wETH into Flamincome on Ethereum and receive nWBTC, nUSDT and nwETH
Wrap nWBTC, nUSDT and nwETH to pnwBTC, pnUSDT and pnwETH in Wrapper
Stake pnWBTC, pnUSDT and pnwETH in Vault to receive FLM
Swap ONT to ONTd in Wing
Wrap ONTd to pONT in Wrapper
Stake pONT in Vault to receive FLM
To be announced.
A total of 50,000,000 FLM to be released during Mint Rush.
% FLM Distribution
pUNI-V2 ETH-WBTC LP Token*
* Original assets such as WBTC, USDT, wETH and UNI-V2 ETH-WBTC LP Token will have to be converted in Flamincome to value-pegged nTokens, which can be wrapped to NEP-5 assets in Wrapper.
** ONT needs to be converted to ONTd on wing.finance, which can be wrapped to pONT in Wrapper.
*** Via Binance Launchpool staking starting from UTC 00:00 27th Sep 2020
**** Via OKEx Jumpstart Staking starting from UTC 13:00 25th Sep 2020
During Mint Rush, FLM distribution to single-token staking pools will start from UTC 13:00 25/09/2020 to UTC 11:00 30/09/2020.
During Mint Rush, FLM will be released linearly against time.
During Mint Rush, FLM will be distributed to each staker every time a block is produced, according to the staking percentage of the staker in the respective staking pool. Please take note that your staking percentage in the pool may change every time a new block is produced.
Withdraws of FLM will be available from UTC 05:00 28/09/2020.
After Mint Rush, stakers will need to manually withdraw the assets. No FLM will be distributed for any single-token asset remained in the pool.
Flamincome is the Ultimate Yield Booster on the Ethereum network.
The purpose of Flamincome is to minimize the opportunity cost for ERC-20 token holders when they participate in Flamingo.
In its initial stage, Flamincome will adopt the same strategy as other mainstream yield aggregators to provide Flamincome users with yields similar to YFI while safeguarding the staked assets.
In addition to the earning yield from staking, Flamincome users will also receive pegged assets corresponding to the value of their original assets that are staked for yields on Flamincome. This means that while staking their ERC-20 asset on Flamincome for yields, users can also use the pegged assets obtained from the Ethereum DeFi ecosystem (Flamincome) to participate in Neo’s DeFi ecosystem (Flamingo) and receive FLM.
Flamincome comprises 2 modules：
Optimizing yield with best strategies.
Original assets (USDT, USDC, DAI, WBTC, wETH, and etc.) are converted to interest-bearing assets (fUSDT, fUSDC, fDAI, fwETH, fWBTC, and etc.).
Pegging asset value for crosschain operations.
Interest-bearing assets (fUSDT, fUSDC, fDAI, fwETH, fWBTC, etc.) are converted into synthetic assets (nUSDT, nUSDC, nDAI, nwETH, nWBTC, etc.) whose value is 1:1 pegged with original assets, and these synthetic assets can be used in other blockchains for more yields, e.g., Flamingo.
Only 99.5% of the fTokens will be minted to nTokens while the remaining 0.5% will be released back to the user in the form of original assets when the user withdraws nTokens.
In the initial stage, Flamincome will adopt matured strategies from mainstream yield aggregators, and will gradually develop new strategies for better yields. Flamincome users will be provided with equivalent yield rates and asset security of other mainstream yield aggregators.
Flamincome provides a possibility to boost yields by aggregating crosschain protocols. Flamincome users will enjoy multiplied yields on both Ethereum (Flamincome) and Neo (Flamingo) at the same time.
Flamincome presents a low opportunity cost solution to supplying assets from Ethereum to other public blockchains. In the future, other public blockchains can also use Flamincome as a new channel to migrate assets to their own networks.
More to be announced.
UNI-V2 ETH-WBTC-LP Token
More to be announced.
More to be announced.
Flamingo smart contracts accept NEP-5 based assets. Therefore your original assets will need to be converted or wrapped before being used in Flamingo.
Wrap NEO to nNEO in Wrapper
nNEO can be used in Vault and Swap
Deposit ERC-20 assets (WBTC, USDT , wETH, and etc.) into Flamincome, and obtain the corresponding value-pegged assets (nWBTC, nUSDT, nwETH and etc.)
Wrap the above assets in Wrapper, to NEP-5 based assets (pnWBTC、pnUSDT、pnwETH and etc.)
Now you can use assets such as pnWBTC、pnUSDT、pnwETH and etc in Flamingo modules.
Swap ONT to ONTd on wing.finance
Wrap ONTd in Wrapper, to NEP-5 based pONT
Now you can use pONT in Flamingo modules.
To be announced.
An LP token is the proof of your liquidity provision to a certain trading pair in Swap.
You can stake them in Vault to receive FLM.
You can use certain staked LP tokens as collaterals to mint stablecoin FUSD and receive additional FLM simultaneously.
FUSD is the synthetic stablecoin minted by users using whitelisted LP tokens as collaterals with a collateralization ratio (C-Ratio).
You may use FUSD as margins to trade perpetual contracts, and receive FLM.
The target value of FUSD is 1:1 pegged to that of USD.
The value of FUSD is derived from the claiming rights of the underlying assets of the collateral. The Vault will validate whether the actual C-Ratio maintains above the liquidation C-Ratio. In cases of a sudden drop in the value of the collateral, the liquidation process may be triggered. Upon liquidation, the minter would have to manage the portfolio in order to restore the actual C-Ratio above the liquidation C-Ratio within the leniency period. Otherwise, the minter's collateral will be liquidated to the amount where the actual C-Ratio is restored above the liquidation C-Ratio. The value of FUSD is therefore stabilized.
The target C-Ratios of different LP tokens varies by their risk profiles and are subject to change for risk management purposes.
The user's collaterals will be subject to liquidation if the actual C-Ratio is below the liquidation C-Ratio. There will be a 3-day (tentative) leniency period for users to manage their portfolio so that their actual C-Ratio returns above the liquidation C-Ratio.
Distributed FLM can only be claimed by users when their actual collateralization ratio is above the target collateralization ratio for their collaterals.
At the event of liquidation, use's staked assets will only be liquidated by the amount needed to restore the liquidation C-Ratio, and the user needs to pay a 10% liquidation fee to the liquidator.
Since the beginning of the project, comprehensive audits have been done covering various modules of Flamincome and Flamingo:
Smart Contracts of Flamincome's Normalizer - Audited by PeckShield and Red4Sec;
Smart Contracts of Flamingo - Audited by PeckShield;
Poly Network Protocol - Audited by NCC Group;
Ethereum Smart Contracts on Poly Network - Audited by Certik;
Neo Smart Contracts on Poly Network - Audited by PeckShield;
Product safety is always our top priority during the development process, and we are putting in our best effort to ensure the security of smart contracts. However, there is no guarantee that all smart contracts are completely risk-free. We urge all users to fully understand the potential risks before using the product.
Examples of potential risks are listed below (not limited to):
Services and interactions on Flamingo are built around smart contracts. The technical security of assets depends on the underlying code of smart contracts.
All smart contracts on Flamingo have undergone security audits before being released, yet there is no guarantee there is zero smart contract risk.
Prices of cryptocurrencies are subjected to high volatilities, it's possible for a user to experience sudden changes in fiat values of their assets on the platform. As a result, the user may face the following risks depending on their utilization of the platform:
In cases where the price of an asset in a Swap pool diverges in any direction, the user who provided liquidity to that pool may experience a decrease in the fiat value of the assets provided, as compared to holding them.
Since the AMM-based Swap is naturally disconnected from other exchanges and markets, asset prices in Swap won't automatically synchronize with external markets. The price adjustment process in Swap starts when an arbitrageur comes in to buy the underpriced asset or sell the overpriced asset until prices in Swap match with external markets.
During this process, the profit obtained by the arbitrageur is removed from the pool, resulting in impermanent loss to the liquidity provider.
When minting stablecoin FUSD, a user has to use staked assets as collaterals. If the fiat value of the collateral suddenly drops, the actual collateralization ratio may raise above the liquidation C-Ratio. If the user fails to manage his collaterals within the leniency period, the liquidation process may be triggered.
Decentralized finance as a whole is still a pretty new concept, and are subjected to broader risks in terms of policies and regulations.
nNEO: View on NeoTube
pnUSDT: View on NeoTube
pnWBTC: View on NeoTube
pnwETH: View on NeoTube
pONTd: View on NeoTube
nUSDT: View on Etherscan
nWBTC: View on Etherscan
nwETH: View on Etherscan
fUSDT: View on Etherscan
fWBTC: View on Etherscan
fwETH: View on Etherscan