Flamingo Finance has put forth FIP #3 that includes a new cGAS/nNEO trading pair, adjusts the weekly FLM distribution, and establishes capital for a third-party team to assume responsibility for Neo’s DeFi platform.
The voting period is live from April 8 through April 14, 2021. To vote, visit the following link:
If the FIP receives community approval, a new cGAS/nNEO pairing will go live in the Vault module on April 15, 2021. With the addition of the new pair, FLM distribution will be altered accordingly for the following pools:
- FLP-FLM-nNEO 20%
- FLP-fWBTC-nNEO 20%
- FLP-nNEO-fUSDT 20%
- FLP-fWBTC-fUSDT 17.5%
- FLP-fWETH-nNEO 10%
- FLP-pONT-nNEO 5%
- FLP-SWTH-nNEO 2.5%
- FLP-cGAS-nNEO 5%
Additionally, if the third FIP moves forward, FLM’s release rate will decrease from five million to two and a half million per week. The new FLM distribution will begin on April 22.
Third-party team to take over Flamingo
Flamingo Finance recently announced it is seeking an independent team to take responsibility for the development and management of Neo’s DeFi platform. While Neo Global Development will accept submissions and screen applicants, FLM token holders will ultimately vote on approving the team.
NGD proposes setting aside 50% of the FLM generated the week before the halving takes effect to fund the new team. The two and a half million FLM will then be sent to an open multi-sig address.
Any team interested in building and maintaining the Flamingo DeFi platform is encouraged to reach out to NGD at firstname.lastname@example.org.
Until successors are in place, NGD will continue operating and maintaining Flamingo.
The full announcement can be found at the link below: