Flamingo has announced the upcoming rollout of governance components to the platform, allowing users to vote on new proposals. The team is also testing the Perp contract in preparation for a mid-December release, and is working on a new mechanism to resolve n-asset pegging issues.
According to the new announcement, Flamingo’s first governance proposal will open to voting at the start of December. This proposal will let the community decide whether or not to use GAS generated by locked NEO in the nNEO contract for a Perp trading competition. The voting period will be open at 08:00am (UTC) on December 1st, and end at 08:00am (UTC) on the 4th, with instructions to follow in the future.
This means the DAO module will arrive before Perp, originally set to launch on November 28th. Flamingo notes that the team is delaying the launch till mid-December to create time for more thorough testing:
“AMM-based perpetual contract protocol is a rather new concept, the combined challenges of liquidity provision, volatility and leverage management have created a very complex situation for protocols to manage. The team therefore decided to take a more cautious approach towards launching the product, and the team will be hosting a trading competition along with the beta launch.”
Finally, the team also responded to community concern regarding the difficulty in pegging the value of n-assets to their original, unwrapped counterparts. This price difference is noted to be a consequence of non-transferable collateralized debt positions (CDPs). These are used to securely mint n-assets, but the inability to transfer them creates a barrier to redemption for n-asset users.
To resolve the issue, the team has reported it plans to take a more innovative approach by designing a new mechanism for yield aggregation Ethereum. The new approach is intended to fix the issue with asset liquidity while preserving capital efficiency. More details on the design will follow in the future.