Monday, November 23, 2020
Home Ethereum - Top 10 Flamingo Finance Delays Launch As Extreme Demand Causes Issues

Flamingo Finance Delays Launch As Extreme Demand Causes Issues

The team behind the much-anticipated Flamingo Finance Protocol has just announced that the Mint Rush token farming event will be delayed due to technical issues. The Mint Rush is now scheduled to take place on September 26 instead, at UTC 13:00.

Though it was initially uncertain what caused the delay,  NEO Founder Da Hongfei later clarified that the issue was largely due to the excessive traffic seen by the platform, and it will soon be resolved. All pending cross-chain transactions and any corresponding assets are safe.

Flamingo Protocol is NEO’s venture into the world of decentralized finance (DeFi) and acts as a interoperable DeFi protocol for NEO. The Mint Rush event is a 5-day event for the Flamingo Finance Project which will see NEO holders stake their NEO and various assets to a variety of different liquidity pools to earn Flamingo (FLM) tokens. The Mint Rush event will be conducted via the Flamingo Vault module where users can stake NEP-5 assets in exchange for Flamingo (FLM) tokens. 50,000,000 FLM tokens are to be distributed to users staking their assets to pools on the Flamingo Vault.

Beyond this, beginning from September 27, Binance customers will be able to farm FLM tokens through one of several Binance lending pools. A total of 4.17% of the total FLM token supply will be distributed to BNB and BUSD contributors.

Despite generating significant buzz days ago, and arguably contributing to NEO’s temporary bullish price action earlier this week, the failed launch appears to have damaged sentiment somewhat, as NEO is one of the few top 20 altcoins to lose value on the 7-day timescale. Nonetheless, the team behind the project did launched a separate token wrapper module earlier this week, which has already been used to wrap over $100 million in assets, indicating significant interest is lying in wait.

Popular Articles

XRP price rallies 91% in a month due to 3 fundamental factors

In the past month, the price of XRP rallied 91% as the digital asset at last found some spark and is now playing catch up...

PayPal CEO Dan Schulman Reveals Bullish Stance On Bitcoin

Advertisement     In a recent interview with CNBC, Dan Schulman, CEO of PayPal has stated that “Early next year, we’re going to allow cryptocurrencies to...

Bitcoin’s Risk-Adjusted Returns Make It a Better Investment Vehicle than Gold

Bitcoin’s price has been caught within a bout of range-bound trading throughout the past few days, with the support at $18,000 and resistance at...

U.S. feds forget to seize $400k in Bitcoin forks

Crypto research firm Coinfirm has found that US authorities have left “substantial funds” left on various cryptocurrency wallets seized from criminals over the years,...

Biden plans for former Fed Chair and noted Bitcoin bear to lead US Treasury

As President-Elect Biden continues to round out his roster of appointees, he has tapped an Obama-era chair of the Federal Reserve to lead his...

Polymarket reveals change in sentiment around ETH 2.0 Genesis event

One of the most hotly debated topics in crypto of late has been the question of whether the Ethereum 2.0 Genesis event will take...