Flamingo will begin migrating its platform from Neo Legacy to N3 on Tuesday, Nov. 30, 2021. Throughout Dec. 2021, FLM rewards on Flamingo Legacy will reduce by 25% every ten days while equally increasing on Flamingo N3. Beginning Dec. 31, 2021, FLM minting will only occur on Flamingo N3. The FLM minting schedule for Nov. 30 and the month of December is as follows:
- Day 0 through 10: 25% FLM minted on N3, 75% minted on Legacy
- Day 11 through 20: 50% FLM minted on N3, 50% minted on Legacy
- Day 21 through 30: 75% FLM minted on N3, 25% minted on Legacy
- Day 31 and beyond: 100% FLM minted on N3
On Flamingo N3, liquidity pools will differ slightly from those on Legacy. Alongside new pools, Flamingo users will see a new token wrapper, bNEO, instead of nNEO. The primary reason for wrapping NEO into bNEO for use on Flamingo is to make the token divisible and more suitable to work with DeFi features. Flamingo N3’s initial liquidity pools will include:
The Flamingo team has also released a guide for migrating assets. Flamingo Legacy users will need to unstake the assets in the Vault and then remove the two underlying assets from the liquidity pool. Once removed 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:
About The Author: Dylan Grabowski
Dylan is a reformed urban planner with a passion for covering the Neo ecosystem. His objective as a writer for Neo News Today is to report news in an objective, fact-based, non-sensational manner. When not behind a computer screen, he can be found in the mountains rock climbing. Find Dylan on Twitter (@GrabowskiDylan).
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