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Flamingo plans FLM redistribution and Mint Rush relaunch, proposes USDT withdrawal fee compensation for Flamincome

The Flamingo team released the details of its Mint Rush restart and FLM distribution plan, which was paused shortly after the launch. Users are instructed to unstake from the original Vault module, now updated and redeployed, then re-stake in the new Vault contract.

Additionally, O3 users have been prompted to move to the NeoLine wallet for Flamingo participation, and information has been released regarding withdrawal fee compensation for Flamincome USDT users.

Mint Rush relaunch & Vault v2

The Mint Rush event was paused due to issues with the NeoLine extension wallet, stemming from the high influx of traffic from Flamingo. Poly Network also experienced some small delays during cross-chain transactions.

Meanwhile, Neo’s MainNet continued stable operations, which allowed more than 700 staking transactions via the ONTO wallet or manual contract invocations to succeed. This allowed some users to get a head start on FLM rewards whilst many users were not able to participate. Approximately 490,000 FLM were released between the time of the launch and a snapshot by the Flamingo team taken at 14:11:33 UTC.

To address the issues, Flamingo has deployed a new Vault smart contract. Users can unstake their assets from the Vault v1 module, and re-stake in the new Vault v2. The Mint Rush event will resume at approximately 13:00 UTC, giving users time to stake in Vault v2 before FLM distribution begins. The distribution rules of FLM will not be changed, though the remaining 49,510,000 FLM will be generated at a slightly faster rate.

FLM redistribution

To make good on its promise of fair distribution, the Flamingo team announced that all assets (i.e. nNEO, pONTd, pnWBTC, pnwETH, pnUSDT) that were ready to stake at 14:11:33 UTC will be assigned equal mining power to those that were already staked. This will be the case whether the assets were successfully wrapped or confirmed by Poly Network.

The 490,000 FLM generated in the run up to the snapshot will be re-distributed to every address with mining power during this period of time. This will ensure that all users who successfully wrapped assets in preparation for the Mint Rush will receive full FLM rewards as if they had been staking from the very first block. More details on this distribution will follow in the future.

It is also noted that FLM distributed to BNB, BUSD, and OKB is a fixed amount corresponding to rules set out by Binance and OKEx, so this allocation will be unaffected. Further, the Flamingo team will work together with the community to decide whether to compensate Flamingo users that managed to successfully stake.

The Mint Rush ending time, FLM withdrawal time, and overall user FLM yield rates will remain unchanged.

O3 & Ledger users

O3 has announced that it will not continue to support the Flamingo launch with its desktop version, and will 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. This is likely a consequence of its limited memory capacity, so cannot be solved directly by the O3 team with an update.

The article recommends O3 users to create or import a wallet in NeoLine, then move funds to it in order to use Flamingo. In the meantime, users having difficulty moving assets from O3 to NeoLine are encouraged to join the O3 Community telegram for support.

Neon wallet is also an available alternative for Ledger users that need to transfer assets to NeoLine, although it cannot be used to stake/unstake or wrap/unwrap with Flamingo directly.

Flamincome compensation

Flamingo also noted that some users experienced an unexpected 0.5% fee when withdrawing the USDT asset from the Flamincome contract on Ethereum. Withdrawals processed before 13:00 UTC+8 will have their fees refunded to the withdrawal destination address. The fee will remain in place and be charged as usual after this time. Further, Da Hongfei tweeted a proposal to extend this duration:

I will personally subsidize the withdrawal fee as mentioned in the prior announcement, and the timeframe of subsidizing will be extended to: Any USDT that was deposited before the prior announcement (9/26 5:00 UTC), and was/is withdrawn before 3 hours after the MintRush Resume.

— Da Hongfei (@dahongfei) September 26, 2020

The original announcement notes that the withdrawal fee was inherited from the yearn.finance USDT strategy, which is used to prevent frequent transfers from eroding the asset balance of other users. According to the announcement, the fee only applies to users with an insufficient in-contract balance, which results in the need to retrieve assets from an external contract.

Further information regarding Flamincome operations was also noted:

  • The contract will leave 0.5% of fTokens unconverted when minting nTokens in order to ensure accurate value pegging. Users will maintain control over these tokens, which will be unlocked when nTokens are withdrawn to fTokens.
  • Flamincome’s USDT, WBTC, and WETH yield farming strategies will take 5% of the profits to cover Ethereum gas fees, and can be used as insurance deposits in the future.
  • Some marginal slippage (usually less than 0.1%) may occur when the strategy transfers assets to a yield-generating contract such as Curve.
  • Friction costs are common to yield aggregators, and are usually exceeded by interest after a couple of days or weeks.

   

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