Flamingo Finance has launched its voting module and proposed the first Flamingo Improvement Proposal. FIPs are voted on by FLM token holders as part of Flamingo’s governance model. The first FIP allows voters to decide if GAS accumulated from NEO locked in the nNEO contract should be used as a prize pool in a Perp trading contest.

Perp is Flamingo’s automated market maker-based exchange that will allow users to trade perpetual contracts with up to 10x long or short leverage. The beta version of the Perp module is tentatively slated to launch on Tuesday, December 15th, with a BTC/TestUSD pairing.

Source: Flamingo Finance

The first FIP by Flamingo proposes using 20,000 GAS as prizes in a trading competition to celebrate the launch of Perp. Prizes would be rewarded to the top ten traders as follows:

  • First place: 6,000 GAS
  • Second place: 4,000 GAS
  • Third place: 3,000 GAS
  • Fourth through tenth place: 1,000 GAS each

Additionally, moving forward, the proposer of successfully passed FIPs will receive 1,000 GAS.

A quorum of 4.42% of circulating FLM must be used for the vote to reach a decision. The vote began at block height 6,559,291 on December 2nd and will conclude at block height 6,576,571, estimated to fall on December 5th, 2020.

Users with staked FLM will need to unstake their tokens to vote. Flamingo has released an FAQ to answer broad questions such as how to vote, passing a proposal, how votes are counted, and more.

Flamingo plans to release more information about Perp in the future, along with further competition details if the FIP is successful.

The full announcement can be found at the link below:
https://medium.com/flamingo-finance/fip-1-using-gas-generated-by-nneo-as-rewards-for-perp-trading-competition-865ab9d70e80

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