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New Flamingo Finance maintainers discuss implementing bNEO into DeFi platform

DeFi

neonewstoday.com 10 November 2021 23:46, UTC
  
Reading time: ~3 m

Flamingo Finance will use the new bNEO token wrapper when it migrates to Neo N3, replacing the current nNEO. In episode 64 of the NNT podcast Odd Røland and Adrian Fjellberg, MyMingo co-founders, talked about taking the lead on Flamingo Finance and what additional developments users may expect over the coming quarters.

The MyMingo team joined the ecosystem in April 2021, offering Flamingo analytics and a simple solution for staking FLM into various liquidity pools. The team officially took the reins of Neo’s DeFi platform in Oct. 2021. Since then, the six-person team has been hard at work adding new features, improving UI, migrating contracts, building mobile support, and increasing the project’s presence on social media.

bNEO

NEO tokens need to be wrapped into nNEO in order to be used on Flamingo on Neo Legacy. Once wrapped, nNEO becomes a contract-based asset following the NEP-5 standard, which is easier to manage in smart contracts than the UTXO-based NEO and GAS. Additionally, nNEO allows NEO to become a divisible token.

NeoBurger is a governance dApp built on N3 that serves as a voting tool by wrapping the NEO token. Similarly, NeoBurger wraps NEO tokens into burgerNeo, or bNEO, divisible to eight decimal places.

Unlike nNEO, however, the bNEO contract doesn’t retain ownership of GAS – it maintains a record of bNEO user balances and the proportion of GAS to distribute to each. NeoBurger earns the majority of its GAS by voting in N3’s governance mechanism. NEO pooled in the NeoBurger contract is automatically managed by a voting strategy designed to maximize GAS rewards.

Upon migrating the Flamingo contracts to N3, the team will replace the nNEO with bNEO. Jørgen said:

It’s really important that we have one divisible token for the ecosystem. And, as long as it’s open and secure, I think that’s the most important part for users as well. And, it’s nice for governance and nice for the users to interact with.

As bNEO will be Flamingo’s wrapped NEO on N3, the transition from nNEO on Legacy will be somewhat seamless for users. Regardless, nNEO assets on Legacy will need to be unwrapped into NEO and then migrated to N3.

At the time of press, the bNEO supply resides at approximately 33,000.

“Potatoes”

The MyMingo team considers themselves “potatoes,” which is a positive term used in Norwegian culture to describe adaptable, jack-of-all-trades team members. Looking forward, the new Flamingo maintainers will focus on implementing bNEO, among many other tasks.

The team intends to add pool staking features, an initial DEX offering, and a lottery, plus much more. The MyMingo team has acknowledged the scope of the undertaking and is up to the challenge. Fjellberg said:

Our task is still from the bottom up. We need to make this more accessible. We need to grow the ecosystem. We need to migrate to N3. So we have a humongous task in front of us. We’re ready to work all the hours that we need to work on it, and grow the team so that we can do even more.


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