Flamingo Finance will use the GAS earned from the bNEO held in its staking and liquidity contracts to “grow, innovate, develop and secure the platform.” Ultimately, the Flamingo team will use its GAS earnings to attract more users.
bNEO is a wrapped version of the NEO token managed by the NeoBurger governance dApp. NeoBurger uses the underlying NEO tokens to vote in Neo governance, generating optimized GAS rewards for bNEO holders.
The primary reason for wrapping NEO into bNEO for use on Flamingo is that it will make the token divisible and more suitable to work with DeFi features. However, once a user transfers bNEO into a Flamingo contract, the platform becomes the bNEO holder and will receive the GAS earned through NeoBurger’s voting function.
Flamingo will not distribute GAS to platform users, but will instead allocate the GAS into four categories:
- Security (20%): pen testing, audits, and bug bounties
- Adoption (50%): marketing, exchanges, teaching, and communications
- Development (15%): hiring developers, servers, and infrastructure
- Team (15%): content creators, support, designers, advisors, and lawyers
At the time of press, Flamingo is awaiting audit reports from Red4Sec, and its tentative N3 launch date is Wednesday, Nov. 24.
The full announcement can be found at the link below: