An initial DEX offering feature will be launched on Flamingo Finance following its migration from Neo Legacy to Neo N3. MyMingo developer, Adrian Fjellberg, recently delivered a video update offering an overview of the upcoming IDO module.
Flamingo is a Neo-based DeFi platform that launched in Sep. 2020. It allows users to swap tokens, wrap ERC-20 tokens on the Neo blockchain, and provide liquidity in return for NEP-5 FLM token rewards. The Flamingo platform was incubated by Neo Global Development, but has since had features added to it through collaboration with the Norway-based team, MyMingo.
In May 2021, MyMingo announced a joint effort with the Flamingo team on an IDO module. An IDO is a fundraising method where blockchain projects can list new tokens on a DEX for purchase from within a liquidity pool.
MyMingo is responsible for designing the front-end user experience of the IDO feature, while NGD is building the smart contracts.
In the video update, Fjellberg showcases the functionality of the IDO module, pairing several fictional tokens against the Tether stablecoin, USDT.
IDOs on Flamingo will feature a pre-sale and public sale phase. To participate in a pre-sale phase, users must first stake FLM tokens. The amount of FLM staked will place a participant into a tiered system that determines how much they can purchase in the token sale. Once the pre-sale is over, the remaining tokens in the IDO’s liquidity pool will become available for the public phase.
Additionally, users will earn FLM staking rewards while their tokens are locked to participate in the pre-sale phase on Flamingo IDO.
At the time of press, Flamingo is only available on Neo Legacy. However, the team anticipates migrating to Neo N3 by the middle of Nov. 2021. Following the migration, the Flamingo team aims to launch an updated website alongside various other features.
One plan for the website is to simplify the onboarding process for users unfamiliar with DeFi applications. For example, modules will be renamed to terms that are more understandable by the broader population, and there will be step-by-step user guides to walk users through the process.
The full video update can be found at the link below: