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Flamingo Finance (FLM) – USDT/WBTC Asset Migration Event on 10 Mar 2021

Flamingo Finance (FLM) - USDT/WBTC Asset Migration Event on 10 Mar 2021
Flamingo Finance (FLM) - USDT/WBTC Asset Migration Event on 10 Mar 2021

“Migration of USDT and WBTC-related assets begins”

Source

As approved by the community, the Flamingo team has been working on redesigning the asset flow within the platform laid out in FIP#2. The development is now completed, and the team would like to announce the following details regarding the launch of proposed changes as well as the migration of relevant assets.

Please follow links below for more information regarding this redesign.

Details of FIP#2.

Flamingo Asset Guide.

Migration Timeline

03/03/2021 0800 UTC

  • Launch of the updated Flamingo website
  • Migration of WETH-related assets begins
  • FLM staking rewards adjustment begins

03/10/2021 0800 UTC

  • Migration of USDT and WBTC-related assets begins
  • FLM staking rewards adjustment completes

FLM distribution schedule

Staking rewards of related FLP tokens will be gradually adjusted during the migration progress:

Before 03/03/2021 0800 UTC (old schedule)

  • FLP-FLM-nNEO 20%
  • FLP-pnWBTC-nNEO 20%
  • FLP-pnWETH-nNEO 10%
  • FLP-pONT-nNEO 5%
  • FLP-nNEO-pnUSDT 20%
  • FLP-pnWBTC-pnUSDT 22.5%
  • FLP-SWTH-nNEO 2.5%

From 03/03/2021 0800 UTC to 03/10/2021 0800 UTC

  • FLP-FLM-nNEO 20%
  • FLP-pnWBTC-nNEO 20%
  • FLP-fWETH-nNEO 10% (adjusted*)
  • FLP-pONT-nNEO 5%
  • FLP-nNEO-pnUSDT 20%
  • FLP-pnWBTC-pnUSDT 22.5%
  • FLP-SWTH-nNEO 2.5%

03/10/2021 0800 UTC Onwards

  • FLP-FLM-nNEO 20%
  • FLP-fWBTC-nNEO 20% (adjusted*)
  • FLP-fWETH-nNEO 10% (adjusted*)
  • FLP-pONT-nNEO 5%
  • FLP-nNEO-fUSDT 20% (adjusted*)
  • FLP-fWBTC-fUSDT 22.5% (adjusted*)
  • FLP-SWTH-nNEO 2.5%

Changes to the release rate of FLM will be proposed soon after the migration process.

Migration Procedure

Assets to migrate

  • Holders of pnUSDT, pnWETH, pnWBTC can migrate existing pn-assets to f-assets in Wrapper.
  • Holders of nUSDT, nWETH, nWBTC can withdraw existing n-assets to original ERC-20 assets on Flamincome.
  • Stakers and holders of FLP-pnWETH-nNEO, FLP-pnWBTC-nNEO, FLP-pnUSDT-nNEO and FLP-pnWBTC- pnUSDT, will need to follow the following migration process in order to continue receiving staking rewards:
  1. Unstake your FLP tokens from Vault
  2. Remove liquidity from trading pairs in Swap
  3. Migrate pn-assets to f-assets in Wrapper
  4. Provide liquidity to new trading pairs using f-assets in Swap
  5. Stake new FLP tokens in Vault to continue receiving FLM rewards
  • f-assets holders can:
  1. Trade assets in Swap
  2. Provide liquidity in Swap and stake FLP tokens for staking rewards
  3. Unwrap f-assets to original assets in Wrapper

Assets not affected

  • Stakers and holders of FLP-FLM-nNEO, FLP-pONT-nNEO and FLP-SWTH-nNEO are not affected.
  • Holders of nNEO, pONT, FLM and SWTH are not affected.

New Flamingo users

  • Holders of USDT, WETH and WBTC can wrap these assets to fUSDT, fWETH and fWBTC in Wrapper, and use in Swap.
  • Holders of NEO, ONTd can wrap these assets to nNEO and pONT in Wrapper directly and use in Swap.
  • Holders of FLM and SWTH can use these assets in Swap directly.

Exchanges

OKEx

Binance

VCC Exchange

BitZ

MXC

Hotbit

ZG.com

LBank

Gate.io

Switcheo

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