The Flamingo Finance team will launch its automated market maker-based perpetual contract exchange earlier than expected. The perpetual contract exchange, Perp, was initially scheduled for release after Flamingo’s FUSD stablecoin minting module. Flamingo reasons it already has a “relatively large amount” of stablecoin volume that is suitable for the DeFi platform’s needs.
Perp is an AMM-based exchange that will allow users to trade perpetual contracts with up to 10x long or short leverage. Flamingo’s original plan was to use its own FUSD stablecoin for staked margins and to provide liquidity to markets.
However, with the success of Flamingo’s Vault and Swap launches, it already has a large volume of stablecoins on the platform. Flamingo currently maintains a stable liquidity provision of approximately US $200 million in the Swap module.
Flamingo has incrementally rolled out its DeFi stack, beginning with Vault and Wrapper to enable the Mint Rush in Phase One, followed by the Swap module in Phase Two.
According to September’s roadmap, the Flamingo Finance team anticipated introducing FUSD as a NEP-5 collateral-backed synthetic stablecoin pegged to USD’s price, as Phrase Three. However, Perp has been moved forward to Phase Three, with FUSD’s future development to be “planned in accordance with the platform’s actual need for stablecoins.”
Looking forward, the team will also incorporate a Swap “Analytics” page to provide daily/weekly volume for trading pairs.
Additionally, beginning at 1:00 pm (UTC) on October 21st through December 23rd, the weekly FLM release will lower from 7.5 million to 5 million FLM tokens.
The full announcement can be found at the link below: