Flamingo Finance
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Flamingo Finance

Official Announcement: Resume of Mint Rush

Dear Flamingo Users,

During the launch of Mint Rush, many users were not able to stake successfully due to issues with wallet services. The team has taken a blockchain snapshot at 09/25/2020 UTC 14:11:33 (block height #6212123) and will resume Mint Rush approximately on 09/26/2020 UTC 13:00:00.

What Happened?

During the launch of Mint Rush at UTC 13:00 25/09/2020, the NeoLine extension wallet was crashed due to the extremely high concurrent traffic from the Flamingo website. The Poly Network was also experiencing minor delays in crosschain operations. As the Neo MainNet was in stable operation for the entire time, more than 700 transactions were able to go through the staking process via the ONTO wallet or manual contract invocations. All assets in Flamingo, regardless of their current status, are safe.

The Solution

1. From 09/25/2020 UTC 13:00:00 to 09/25/2020 UTC 14:11:33, all assets that were ready to be staked in Vault (Including nNEO, pONT, pnWBTC, pnUSDT, pnwETH and pnUNI_V2_ETH_WBTC assets, either successfully wrapped or already confirmed by the Poly Network) will be deemed to have the equal mining power as assets that have been successfully staked.
The approximate 490,000 FLM released during 09/25/2020 UTC 13:00:00 to 09/25/2020 UTC 14:11:33 will be re-distributed to every address with mining power during this period of time. The detailed distribution arrangement will be announced later.

2. We will be deploying a new Vault smart contract, the staking function will be live on flamingo.finance around 09/26/2020 UTC 10:00:00. Users would need to unstake any asset that is currently staked in the previous vault smart contract, and re-stake to the new Vault after it goes live.
The Mint Rush will be resumed approximately on 09/26/2020 UTC 13:00:00 and the distribution of the remaining 49,510,000 FLM will start at the same time at a slightly faster rate. The distribution rules of FLM remain unchanged.

3. The FLM distribution to BNB, BUSD and OKB holders are controlled by the smart contract with a fixed amount based on corresponding rules set out by Binance and OKEx, and is thus unaffected in this case.

4. According to the plan above, the ending time of Mint Rush, the withdrawal time of FLM, as well as users’ overall FLM yield rates during the Mint Rush will remain unchanged.

5. Furthermore, together with the Flamingo community, we will decide on whether we should provide compensation for the 700+ transactions that were already staked.

What We’ve Learnt?

We have underestimated the impact on our wallet services when all our global communities joined Mint Rush, which caused great stress and time waste to all our users. The Flamingo team has been working 24-hour to solve the issue. We have made deep reflections on this situation and will take it to our future work. At the same time, we are strived to working together with our developer communities to improve product quality and service robustness.

We look forward to your continuous love and support for Flamingo, let’s grow together.

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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/

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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.

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