Flamingo is launching the Flamingo Flund, a single-staking feature that receives portions of daily minting rewards and fees accrued on the DeFi platform. The new feature is scheduled to launch at 9:00 a.m. (UTC) on Thursday, April 28, 2022, and distributions will begin 24 hours afterward. Additionally, the non-custodial exchange listed two DogeRift tokens.
The Flund pool will accrue 20% of daily FLM minting rewards and approximately 16% of trading fees on the platform. Users can only enter the Flamingo Flund by purchasing FLUND tokens with FLM tokens.
The “yield” derived from fees and minting rewards isn’t claimable by the user. Instead, it gets distributed to the entire Flamingo Flund and is realized as increased FLM when exiting the fund.
The number of “shares,” represented by FLUND tokens, held by the user determines the percentage of rewards they receive from the Flund pool upon exiting the position.
When liquidating FLUND tokens for FLM, users will incur a 0.5% exit fee.
Looking forward, the Flamingo team aims to add portions of fees accrued from NFT royalties, order book trades, lotteries, and most other platform services into the Flund pool.
DogeRift Listing and Reverse Pools
Flamingo has listed both of DogeRift’s new tokens and launched a reverse liquidity pool for each. Flamingo’s Reverse Pools reward liquidity providers with the other tokens paired in the pool instead of FLM.
DogeRift is a play-to-earn GameFi application built on the Neo blockchain. The game will feature dog-like characters in the form of NFTs, a Doge Food Token (DOGEF) as a form of utility token for in-app purchases, and a DogeRift Token (DOGER) for governance purposes.
The FRP-FLM-DOGEF and FRP-FLM-DOGER pools are now live.
The full Flamingo Flund announcement can be found at the link below: