FLM minting is live on Flamingo N3, now offering rewards to users who stake tokens and provide liquidity to the platform. This activity was delayed from the planned Nov. 30 start until Dec. 3, to ensure fairness for users migrating from Legacy. The change was made to give users more time to migrate and stake before N3 FLM rewards distribution began.
FLM rewards on Flamingo Legacy will reduce by 25% every 10 days while equally increasing on Flamingo N3.
The last day FLM tokens will be minted on Flamingo Legacy is Jan. 3, 2022, at which point all new FLM will be minted on Flamingo N3. Up until that date, the minting schedule is as follows:
- Dec. 3 through Dec. 12: 25% FLM minted on N3, 75% minted on Legacy
- Dec. 13 through Dec. 22: 50% FLM minted on N3, 50% minted on Legacy
- Dec. 23 through Jan. 2: 75% FLM minted on N3, 25% minted on Legacy
- Jan. 3, 2022 and onward: 100% FLM minted on N3
The Flamingo team has released a guide for migrating assets. Flamingo Legacy users contributing to liquidity pools will first need to unstake any assets in the Vault and then remove the two underlying assets from the pool. Users can migrate any NEP-5 asset on Flamingo to N3’s NEP-17 standard using the NEP Migration portal.
The full announcement can be found at the link below: