The Flamingo team has completed development of their redesigned asset flow, following acceptance of the FIP #2 governance proposal. Launch dates for the proposed changes and migration process were disclosed in a recent announcement.
FIP #2 outlined a mechanism to correct price disparities between synthetic assets, bundled with a mix of other changes intended to make the Flamingo platform more user-friendly. With the redesign in place, users will be able to easily swap between original assets and their wrapped counterparts without needing to own the original collateral. More information on the proposal can be found here.
The infrastructure behind wrapped assets on Flamingo will be undergoing a number of breaking changes, requiring users owning Ethereum-based tokens to take action depending on the asset they own:
- nWETH, nUSDT, and nWBTC assets holders will be able to withdraw these to ERC-20 on Flamincome.
- pnWETH, pnUSDT, and pnWBTC asset holders will be able to migrate these assets to the new f-asset form in Wrapper.
Flamingo users providing liquidity with one of these pn-assets will also need to take action in order to continue earning rewards. The FLP-pnWETH-nNEO, FLP-pnWBTC-nNEO, FLP-pnUSDT-nNEO, and FLP-pnWBTC-pnUSDT LP tokens will need to be unstaked from Vault, then liquidity must be removed in Swap.
The resulting pn-assets can then be migrated to f-assets in Wrapper as noted above, which can be used to provide liquidity to new f-asset trading pairs in Swap. LP tokens received can then be restaked in Vault to earn FLM rewards.
The migration process will begin on Mar. 3 at 8:00 a.m. (UTC) with the launch of the updated Flamingo website and opening for WETH-related asset migrations. USDT- and WBTC-related asset migrations will begin a week later, at the same time on Mar. 10.
A number of assets are not affected by the changes, including nNEO, pONT, FLM, and SWTH. Holders of these tokens will not need to take any action. Likewise, the related LP tokens FLP-FLM-nNEO, FLP-pONT-nNEO, and FLP-SWTH-nNEO LP tokens will not require migration.
About The Author: Brett Rhodes
Brett is a blockchain enthusiast and freelance writer who originally began producing content for the gaming & eSports industries. Now he spends most of his time contributing in the Neo ecosystem.
More posts by Brett Rhodes