Neo Global Development (NGD) has extended the period in which Flamingo users can collect FLM as rewards for staking tokens in its Vault. The extended period, dubbed Mint Rush 2, also introduces the option for staking FLM. Mint Rush 2 has allowed the Flamingo Swap launch to be delayed while it undergoes further testing to “ensure an optimized user experience.”
NGD had initially planned the Mint Rush to be a five-day event that concluded at 11:00 am (UTC) on Wednesday, September 30th, followed by the launch of the Flamingo Swap module. Swap is an on-chain automated market maker (AMM) that relies on its users to provide liquidity by staking assets into liquidity pools. Liquidity providers are rewarded in FLM tokens, earmarked as the second phase of Flamingo’s FLM distribution schedule.
Mint Rush 2 will run while NGD further tests the Swap module, estimated to end between 11:00 am (UTC) on October 3rd through 11:00 am (UTC) on October 5th. The release rate of tokens during Mint Rush 2 will remain consistent with the economic model outlined in the Flamingo litepaper. 2,857,100 FLM tokens will be distributed each day to assets staked in the Vault 2 module.
NGD notes users who already have tokens staked in Vault from the initial Mint Rush do not need to take any further action to continue earning FLM. Further, previously rewarded FLM tokens can be claimed and staked to mint additional FLM. There is no wrapping necessary to stake the minted FLM tokens.
OKEx and Binance pools are not eligible for FLM token distribution during Mint Rush 2.
FLM will be distributed accordingly:
- NEO (50% of FLM)
- WBTC (10% of FLM)
- USDT (10% of FLM)
- ETH (5% of FLM)
- ONT (5% of FLM))
- UNI-V2-ETH-WBTC (2.5% of FLM)
- FLM (17.5% of FLM)
Looking forward, NGD is seeking input on Swap trading pairs and reward distribution weight.
Additionally, NEXT co-founder, Edison, is participating in an ask me anything (AMA) in the general Flamingo Finance Discord channel at 12:00 pm (UTC +8) on October 2nd. Edison intends to discuss lessons learned from the NeoLine experience during the FLM Mint Rush.
The full announcement can be found at the link below: