Flamingo Finance has announced its Neo Legacy to Neo N3 migration plan and released a roadmap through Q1 2022. The Flamingo team expects to begin migrating the DeFi platform’s various smart contracts in the middle of Nov. 2021. However, FLM reward distributions for liquidity providers will cease in late Oct. 2021 ahead of the contract migration to N3.
The migration process will not be a one-click solution, and requires a series of steps to move assets. Users must unstake their LP tokens, remove their assets from liquidity pools, and then migrate the assets individually. Any nNEO and cGAS on Flamingo will need to be unwrapped and sent as NEO and GAS.
In the announcement, the Flamingo team noted community concerns surrounding potential impermanent loss between assets in an LP when performing the migration. According to the team, “If you remove liquidity and make no trades, when you add your liquidity back to N3, you will not experience any additional IL from the migration.”
More information will be released closer to the estimated timeframe of the Flamingo contract migration.
Flamingo’s Roadmap through Q1 2022
The Flamingo team also released the project’s roadmap, with goals running through Q1 2022.
Before the end of the year, the Flamingo team aims to complete the migration to Neo N3 while also improving the platform’s frontend by incorporating features like MyMingo’s SmartStake. There are also plans to launch an Initial DEX Offering module, which will allow Flamingo users to participate in crowdfunding opportunities through the DeFi platform. The team also noted intentions to run for Neo Council and aims to offer Flamingo users the ability to vote using their wrapped NEO.
In the first quarter of 2022, the team plans to add a compounding feature to automatically handle FLM claiming, swapping, and restaking on behalf of the user. Additionally, users will be able to “pool” just their FLM tokens and receive staking rewards outside of providing liquidity to an LP.
The Flamingo roadmap can be found at the link below: