Launch of Flamincome DAO and Governance Token
In order to accelerate the decentralization of Flamincome governance, the team will launch the distribution of FLAG — the governance token of Flamincome at UTC 12:00, 11/06/2020, and the first proposal from the Flamincome team will come a month later.
1. Flamincome Governance Token
Token Info
Token Name: FLAG (ERC-20 Standard)
Contract Address：0x57dD84042ec9507963016596A34EdaD42F7e4CCE
Initial Supply：1,048,576 in the first year
Tokenomics
To constantly incentivize governance participation from community members,there will be an annual inflation rate of 100% from the second year onwards.
E.g.,
Year 2: New Supply: 1,048,576, Total Supply 2,097,152;
Year 3: New Supply: 2,097,152, Total Supply 4,194,304 and so on…
Token will be released linearly with respect to time.
Token Distribution
- 50% of the FLAG supply will be distributed to users staking specified Uniswap LP Tokens;
- 50% of the FLAG supply will be distributed to users voting for Flamincome governance proposals;
E.g., in first year, 524,288 FLAGs will be distributed to users via liquidity mining, the other 524,288 FLAGs will be distributed to users voting for governance proposals.
The detailed distribution rules are as follows:
1. FLAG Distribution for Liquidity Mining
Users first need to provide liquidity to any of the 3 trading pairs (nWBTC-WBTC, nWETH-WETH, nUSDT-USDT) on Uniswap to obtained corresponding LP Tokens, and then stake the LP Tokens in corresponding reward pools on Flamincome to receive FLAG.
FLAG Distribution for LP Token Pools (First Year)
- 50% (262,144): nUSDT-USDT Uni-LP Pool
- 25% (131,072): nWBTC-WBTC Uni-LP Pool
- 25% (131,072): nWETH-WETH Uni-LP Pool
FLAG will be distributed proportionally to pool share and staking duration. FLAG holders may vote to adjust the distribution rules as new n-tokens become available in the future.
2. FLAG Distribution for Governance Voting
The DAO governance of Flamincome adopts the framework provided by Aragon.
FLAG distribution for governance voting will follow the formula below:
- i: the voting for proposal i;
- gap{i}: gap between the starting time of the current vote from the previous vote;
- rewards{i}: FLAG received by the users after voting for proposal i;
- vote: number of votes cast by the user towards proposal i;
- yea{i}+nay{i}: The sum of “yes” and ”no” votes for proposal i;
- oneYear: Duration of FLAG distribution for governance voting, i.e., 365 days.
- totalSupply: Total FLAG distribution for governance voting within a year, i.e.,524,288.
If the user has voted for multiple proposals, the total receivable amount of FLAG will be the sum of receivable FLAG for each vote.
E.g.,
If the voting for proposal {i} starts one day after that for proposal {i-1}, and user A casts 10,000 votes for proposal {i} (regardless of yes or no), and the total votes gathered for proposal {i} is 200,000 after the voting is completed.
In this scenario, user A will receive 10000/200000 * 1/365 * 524288 = 71.82 FLAG after the voting is completed for this vote.
Launch Date
- Distribution of FLAG tokens starts from UTC 12:00 11/06/2020 for both liquidity mining and governance voting.
- The team will propose the first governance proposal one month after the start of liquidity mining. This proposal will decide the ratio of additional FLAG tokens to be distributed to the team for governance participation. Voting options are 0%, 6.25%, 12.5%,18.75%, and 25%. The team will receive the corresponding amount of FLAG immediately as decided by the voting results, without any lock-in period.
2.Rights of FLAG holders
Flamincome currently manages various types of assets with a total value exceeding 100 million USD and is continuously generating yields for users.
The Flamincome DAO has the highest level of project governance rights. FLAG holders can propose new governance proposals and vote on other proposals.
Via governance voting, users can decide on critical issues of the Flamincome platform such as adding support for new asset types, changing asset management strategies, changing fees in various strategies, changing FLAG release and distribution schedule, and so on.
The changes will be executed accordingly if the proposal is passed. In this way, FLAG holders can truly participate and decide on the growth of the Flamincome project.
3.How to participate in staking and governance
Providing Liquidity
Users can provide liquidity on Uniswap to the 3 trading pairs below, and obtain the relevant LP tokens:
LP Token Contract Address: 0xFF4eB4541Ccb20587c78c8639dd89Cbe2588a4d0
LP Token Contract Address: 0x8F86981955cd59E512150D0dd1425748E556a9d9
LP Token Contract Address:
0x7E2a722FC51b0F693F0c60a43e656787f27509Ab
Staking
Users can stake the above LP Tokens on https://flamincome.finance
Please refer to the official docs for more information.
Governance
Detailed rules and the user guide will be provided one week prior to the launch of the first voting.
*Note: Please exercise caution to avoid unnecessary losses, as there may be risks associated with the above operations. Flamincome will not be responsible for any issue resulting from the governance voting.
