Flamingo Finance
Published in

Flamingo Finance

Migration Launch Details

Migration is starting soon, and we want to inform the community about some changes to the minting schedule and some risks to look out for on N3.

We received feedback that beginning migration of assets to N3 would be unfair to some users if we simultaneously started minting rewards on N3. We want to give everyone who wants to move their liquidity a chance to participate in the minting rewards from the first seconds. The migration will continue as planned, but the minting will start a few days after.

By doing it this way, we make it fair for everyone. At the same time, we eliminate the liquidity rush from N2 to N3, which could result in an unwanted amount of liquidity moving to N3. Users also get more time to get familiar with migrating assets, and it will be a more relaxed way of doing it.

We have to acknowledge that some users won’t start the process before minting begins on N3, but now they have the opportunity to migrate before if they want to.

We will give users 24h notice before minting starts via all social media channels.

Things to be aware of during the migration period

Minting will not start until some days after launch. But you can still migrate all N2 assets (not SWTH), add liquidity to pools, swap tokens and get trading fees.

It could be possible that there are pools with very low liquidity early on that can result in a high price impact when you convert. If the price impact on your conversion is over 1%, we will show you a warning in the front end.

If the price impact is over 2%, the front end will not allow you to convert, and you can try again later or with a lower amount. We do this to protect people that are unfamiliar with the sensation of losing funds.When the pools have enough liquidity, this won’t be an issue for most conversions.

We believe this is the most honest way to treat the launch for hodlers, traders, and stakers alike. Also, this will give people unfamiliar with migrating the opportunity to take their time instead of rushing it. In this way, we can avoid accidents/misclicks/wrong wallets and thus loss of funds.

--

--

--

An easy-to-use DeFi platform built on Neo N3. Designed with Smart Functions for everyone, from beginners to advanced cryptocurrency users. https://flamingo.finance/

Recommended from Medium

FCA makes mini-bond marketing ban permanent, BitMEX launching services for corporate customers and…

BabylonDAO — Solana’s Reserve Currency (⏳,⏳)

Threshold Rebalancing: Automate and beat the market almost every time

NFTs — Modern Day Dutch Tulips with a Twist

How Start Buying NFTs in 2022 [updated]

🌠 The Baked Collection is now auctioning on OpenSea.

How Does Bitcoin Work?

Introduction for CRODO.IO

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store
Flamingo Finance

Flamingo Finance

An easy-to-use DeFi platform built on Neo N3. Designed with Smart Functions for everyone, from beginners to advanced cryptocurrency users.

More from Medium

Linear Council Voting Live!

TEN X LEND

Belt Finance: 2022 Roadmap

Thorus is going cross-chain to try to be the first DEX on Moonbeam network!