Flamingo Finance has identified several areas of improvement as a result of its ongoing Perp trading competition. Some updates will be introduced immediately, while other improvements will roll out in phases.
Perp is an AMM-based exchange that allows users to trade perpetual contracts. The competition is taking place on the Neo MainNet using a Virtual AMM contract. Participants can trade virtual Bitcoin using TestUSD test coins at up to 5x leverage. Flamingo noted:
The Flamingo team would like to thank all community members for the generous support and feedback. The main objective of the competition is to comprehensively test the robustness of the protocol and gather valuable feedback from users before the official launch.
On Jan. 19, Flamingo implemented fixes for bugs found in payment settlements. Future improvements include changes to the liquidation mechanism, methods to detect front-running, a change in the k-value algorithm, and the placement of restrictions on opening positions under exceptional circumstances.
Flamingo also noted plans to improve the user interface by introducing pop-up notifications to teach users about the platform’s features and displaying data more clearly.
The Flamingo Perp trading competition ends at 10:00 a.m. (UTC) on Jan. 22, 2021.
The Flamingo team will announce results after it gathers and verifies the balance on each participant’s address. Users must close their positions before the conclusion of the event to be eligible for rewards. Flamingo also recommends participants withdraw mock USDT to their wallet address to make it easier for the team to verify the reward recipients.
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