Over the period of one week, the Neo-based Flamingo Finance DeFi protocol launched and surpassed US $1.5 billion in total value locked (TVL). On Wednesday, September 23rd, Flamingo launched its first two modules, Wrapper and Flamincome, and saw an influx of US $100 million in assets within 24 hours.
Wrapper is a cross chain gateway that allows users to wrap tokens on Neo as NEP-5 assets, including tokens from other blockchains (such as ETH or ONT). Flamincome is a yield aggregator that allows Ethereum users to optimize their staking yields while participating in Neo’s DeFi ecosystem through Flamingo. Together, these modules enabled users to prepare tokens for staking in Flamingo’s FLM Mint Rush event.
Flamingo’s Mint Rush began on Friday, September 25th, with the launch of its Vault module. The Mint Rush is a five-day event to distribute 50,000,000 FLM tokens to users who stake supported assets in Flamingo’s Vault. However, the event was almost immediately paused due to technical issues related to the NeoLine wallet, which became overloaded and prevented the majority of its users from joining in from the start of the FLM reward period. Additionally, the Poly Network cross-chain protocol also experienced some small delays during transactions between blockchains.
The Mint Rush resumed on Saturday, September 26th, where users were instructed to unstake from the original Vault module, then re-stake in a new Vault V2 contract. Despite the day-long delay, NGD decided to follow the original Mint Rush schedule and move towards concluding the event on September 30th. The 490,000 FLM that was generated during the disturbed portion of the Mint Rush will be re-distributed fairly to all tokens that were ready to stake during the period. The remaining 49,510,000 FLM allocated for the Mint Rush are being generated and distributed at a slightly faster rate.
By Sunday, September 27th, over US $1.5 billion in assets had been wrapped and / or staked with Flamingo Finance, while Binance announced plans to open FLM trading on September 28th.
Neo News Today (NNT) published a user guide to answer common questions regarding Flamingo’s Mint Rush event. The guide will be updated with the latest information until the event concludes.
Neo founder, Da Hongfei, and Neo Global Development (NGD) Ecosystem Growth director, John Wang, joined two separate ask me anything (AMA) events. Da participated via the official Flamingo Finance Discord channel and Wang joined the Free Coins 24 Community official Telegram channel. In both of the AMA’s, Wang and Da discussed the Flamingo Finance DeFi protocol in the context of broader industry trends, NGD and the Neo Foundation’s (NF) role in Flamingo, the Ethereum-based Flamincome yield aggregator, and details about the FLM Mint Rush.
NGD Seattle lead, John deVadoss, published an article on Cryptoslate entitled Tokenize the World: A Framework for Digital Assets. In the article, deVadoss outlined how digital token frameworks will make tokenization as prevalent as e-commerce.
NNT Catch Up
Neo News Today (NNT) hosted NGD head of marketing, Yuan Gao, on episode 41 of the NNT podcast. In this episode, the discussion focused on Flamingo Finance, the new Neo-based DeFi protocol under incubation by NGD. Discussion topics include comparing Flamingo and Ethereum-based DeFi platforms, NGD’s role in the project, strategic goals, and how listeners can participate in the FLM Mint Rush.
In the conversation, Gao confirmed the NF had allocated a percentage of its holdings to participate, but did not intend to use it all unless deemed necessary. Neo leadership indicated it will not use the majority of its NEO holdings to accumulate FLM tokens during the Flamingo Finance Mint Rush, but did plan to accumulate a “minority share.”
NNT hosted Harry Pierson, NGD Seattle chief architect, on Byzant, a new series that provides insider perspectives from knowledgeable individuals in the Neo ecosystem and broader blockchain industry. In the discussion, Pierson talked about the Neo unified programming model, aiming to unite different subsystems and programming models in Neo to provide a single, productive developer experience.
O3 Labs announced it would not continue to support the Flamingo launch with its desktop version, and would instead work on preparing the mobile versions with a better user experience. Numerous Flamingo participants reported stuck or unsignable transactions when using the O3 Wallet, particularly when attempting with a Ledger device.
September 21st, Nash released more information about its liquidity farming (aka NEX farming) beta program, which rewards platform users that trade a minimum daily US $10,000. Valid markets for the program include BTC/USDC, ETH/BTC, ETH/USDC, LINK/USDC, NEO/USDC, and NEO/ETH.
September 21st, Nash open-sourced a library providing common functionality for Rust BigInt implementations, used for threshold signatures and other Rust protocols.
September 22nd, the Binance custodial exchange announced support for its users to mine FLM on its platform by staking BUSD and BNB tokens.
September 23rd, the OKEx custodial exchange announced support for its users to mine FLM on its platform by staking OKB.
September 23rd, the MXC custodial exchange announced support for its users to mine FLM on its platform by staking NEO.
September 23rd, the Jubi custodial exchange announced support for its users to mine FLM on its platform by staking JT, NEO, BTC, USDT, and ONT.
September 24th, Nash announced updates to market metrics, improvements to Nash Cash, initial services for an anti-money laundering (AML) system, plus more.
September 25th, TypeEarn announced the team had begun to deploy updates to its platform, enabling limited functionality and the ability to register new accounts.
September 25th, a Nash community member released an updated version of the Nash maker bot, which included new spread and taker strategies, stop loss and wait time advanced settings, USDC conversions, plus big fixes.
FLM to list on Binance, OKEx, MXC, and Jubi custodial exchanges.
October 6th – 7th: Da Hongfei will speak at LA Blockchain Summit virtual conference.
About The Author: Dylan Grabowski
Dylan is a reformed urban planner with a passion for covering the Neo ecosystem. His objective as a writer for Neo News Today is to report news in an objective, fact-based, non-sensational manner. When not behind a computer screen, he can be found in the mountains rock climbing. Find Dylan on Twitter (@GrabowskiDylan).
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