Crypto News

FIP #3 passes with majority support, cGAS/nNEO trading pair now available in Flamingo Vault

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Flamingo’s FIP #3 has passed with significant majority support. The FIP 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 vote concluded at block 7,213,549, which was produced on Friday, April 16, 2021.

Source: Flamingo Finance

Before the end of the vote, the Flamingo Vault added UI support for the cGAS/nNEO pairing, allowing for liquidity provision and trading. Though, rewards for the FLP-cGAS-nNEO pool didn’t begin until the voting window officially closed.

The following implementations of the FIP

Beginning April 22, 2021, the weekly distribution of FLM rewards will be cut by 50% – from five million to two and a half million each week.

Additionally, funding for an independent team to manage and develop the Flamingo Finance platform will be set aside. Neo Global Development will appropriate 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.

While NGD will accept submissions and screen applicants, FLM token holders will ultimately vote on approving the independent team.

Flamingo’s liquidity and steady volume increase

Flamingo Analytics shows that the Neo DeFi platform’s liquidity and volume have been steadily rising in 2021.

Source: Flamingo Finance

Flamingo’s liquidity peaked at approximately $500 million in Oct. 2020 and dropped below $100 million by Jan. 2021. At the time of press, liquidity is roughly $278 million, with a 24-hour volume of nearly $13 million.

The FIP approval announcement can be found at the link below:
https://twitter.com/FlamingoFinance/status/1383067878669225986?s=20

   

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