An Open Letter to the Flamingo Community

Dear Flamingo Community Members:

What a ride it’s been! We’d like to first thank everyone for their full-hearted support for Flamingo from our launch towards the end of September 2020 to now. Since then, Flamingo has seen continuously growth with the rollout of Flamincome, an Ethereum-side asset gateway plus yield aggregator, along with the asset cross-chain portal — Wrapper, DEX and liquidity platform — Swap, as well as the one-stop asset management module — Vault. As an innovation and community-driven project, Flamingo has achieved spectacular results since its launch — more than USD1 billion of cross-chain assets have been processed, highest TVL has surpassed USD2 billion, and Swap has generated over USD20 million in transaction fee income for liquidity providers.

Moving forward, Flamingo is poised to launch Perp, a vAMM based perpetual contract trading module, after a round of real-world testing through the Perp Tading Competition. We’d also like to take a moment to thank our community for their enthusiastic response and feedback — both will be taken into consideration as we move towards an official launch.

In addition, Flamingo has also launched the MVP (Minimum Viable Product) — the Vote module of the decentralized governance module DAO that has enabled members of the Flamingo community to engage in platform governance by voting on two FIP governance proposals. After the community came to a consensus in March 2021, the team successfully implemented the proposal to redesign the Flamingo asset flow while also completing asset migration. The implementation of the FIP#2 further optimized cross-chain asset liquidity of the platform while maintaining the price peg. As of now, the team and community have built the foundation for greater cross-chain asset accessibility and future scalability.

Flamingo’s Future Plans

As a project incubated by NGD, its current development and day-to-day operations have thus far been supported by NGD. However, as a community-driven open platform, we are exploring ways to nurture and grow this project into the next stage together with the community. As the project matures, we aim to transform Flamingo into a more community-driven project leading by an independent team chosen from the community. We strongly believe that an independent community team will be able to focus on the long-term innovation and development of the Flamingo project.

To that end, we are now initiating a world-wide open recruitment looking for the future Flamingo project team with following traits:

  • A complete and stable team structure;
  • Strong familiarity with blockchain smart contracts, especially with DeFi projects;
  • International project operation experience;
  • Open team culture and excellent language communication skills.

If your team fulfills these requirements, please reach us at contact@flamingo.finance to introduce your team from above prospectives.

NGD will screen all registered teams, select shortlisted candidates, and announce candidate teams to the community before opening the selection process to the community, who will eventually decide which independent team will take the lead to move Flamingo forward.

Simultaneously, the team will propose for FIP #3 which will call for the creation of a dedicated project fund to support Flamingo’s independent development and operation in the future, thus effectively functioning as the independent team’s start-up capital.

As NGD has already built Flaming’s foundation — thus covering initial project development, operation, and promotion costs — the project now operates stably. Based on that, we estimate the project will require the following resources for future operations:

  • Developer fees: 2 smart contract developer, 2 front-end developer, 1 back-end developer, and 1 testing engineer, totaling approximately USD30,000/month;
  • Operating staff cost: 4 business staff (business, marketing, operations), a total of about USD20,000/month;
  • Server cost: about USD10,000/month;
  • Marketing and business expenses: about USD10,000/month;
  • Other expenses: about USD5,000/month;
  • Total about USD75,000/month.

Based on the above projections, NGD will prepare 2.5 million FLM for the proposal (calculated based on the average price on Binance in the past 30 days) for a total of approximately USD1.75 million (future currency fluctuations not accounted) to serve as the independent team’s capital reserve for future project activities. Until the independent team has been chosen, NGD will continue operating and maintaining the Flamingo project. In the future, we will stay in close cooperation with the independent team selected, to ensure that the interest of the community is well represented while driving the project forward.

We’d now like to reaffirm our commitment to the community as well as our thankfulness — without your enthusiasm, passion, and support, we could not have come so far. Thank you everyone for participating in Flamingo and helping us grow to what we are today. Since its launch, Flamingo has been continuously optimized and improved with the support of NGD and our ecosystem project teams. Now, we look forward to setting the stage for the next chapter of Flamingo’s independent development.

Best Regards,

The Flamingo Team, NGD

An interoperable full-stack DeFi protocol on Neo. flamingo.finance

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