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NGD hands off Flamingo Finance to MyMingo


neonewstoday.com 24 October 2021 19:28, UTC
Reading time: ~3 m

Beginning Oct. 25, the MyMingo team is assuming responsibility for the development, maintenance, and marketing of Flamingo Finance. The MyMingo team intends to reach new users and increase adoption rates through a range of marketing campaigns and community engagement initiatives. Neo Global Development Head of Eco Growth John Wang said:

As the MyMingo team worked side by side with NGD this year, they showed MyMingo to be a stable and trustworthy partner with both the capability and the innovative mindset to take Flamingo forward.

Flamingo Finance History

Flamingo, an NGD-incubated product, is a decentralized swapping and staking platform that launched in Sep. 2020. Flamingo was designed to improve the liquidity and capital efficiency of financial applications and reduce investor risk. Through the Poly Network protocol, Flamingo is interoperable across multiple blockchains via cross-chain atomic swaps. It has five components: Wrapper, Swap, Vault, Perp, and DAO.

Users are rewarded with FLM tokens for using the platform’s features. The FLM token was 100% distributed through contribution-based participation from the community. There was neither a pre-mine nor a pre-distribution; it was a fair distribution event that favored early participation. There have been three different ways in which users have earned FLM:

  • Staking of cross-chain assets
  • Contributing to the liquidity pool
  • Participation in governance processes

In April 2021, NGD announced it had begun seeking an independent team to take responsibility for the development and management of Neo’s DeFi platform.

That month, NGD also published a Flamingo Improvement Proposal, which put to vote whether or not the team should set aside 2.5 million FLM tokens as capital to support future activities. FIP #3 passed with overwhelming support, with 8 million FLM tokens voted in favor and approximately 345,000 FLM in opposition.

MyMingo Background

MyMingo is a web-based platform that offers Flamingo analytics and a simple solution for staking FLM into various liquidity pools. MyMingo’s first service, SmartStake, allows users to transfer FLM into their LP of choice with a single click. Since then, the team has added new features such as a claim history and the ability to export transactions to an Excel file.

Shortly after NGD announced its search for a new team, MyMingo submitted its proposal, which included goals for a transition between the two teams, marketing ideas, and suggestions for new features.

In the months following its proposal submission, MyMingo has been collaborating with NGD on a Flamingo initial DEX offering module. An IDO is a fundraising method where blockchain projects can list new tokens on a DEX for purchase from within a liquidity pool. MyMingo co-founder Adrian Fjellberg gave an update on the progress of the Flamingo IDO in Sep. 2021.

MyMingo Co-Founders Joining Neo Live

Fjellberg and co-founder Odd Jørgen Røland will join the next installment of Neo Global Development’s AMA series, Neo Live. Røland and Fjellberg will be discussing the next steps for the Flamingo DeFi platform, and participants will be eligible to earn rewards from a pool of 400 FLM tokens.

The hour-long session will take place on the official Neo Telegram channel, beginning at 1:00 p.m. (UTC) on Tuesday, Oct. 26, 2021.

Neo Live is an AMA-style community event held on the official Neo Telegram channel. It seeks to connect the Neo community with NGD core teams, ecosystem projects, the Neo developer community, and blockchain leaders to learn about the latest technological developments and industry insights.

The full announcement can be found at the link below:
https://flamingofinance.medium.com/flamingo-finance-graduates-to-community-ownership-by-mymingo-finance-d9ea8f947882


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