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Flamingo Finance has announced the upcoming launch of Flamincome’s DAO module and its governance token. The new Ethereum-based token, FLAG, will be distributed to Flamincome users who provide liquidity to Uniswap pools with guaranteed nToken or participate in governance.
Similarly to the planned Flamingo DAO which will be governed by FLM owners, Flamincome DAO will allow FLAG holders to make decisions on various issues critical to the Flamincome platform. These include issues such as which new assets to support, which return strategies should be implemented, and any changes to platform fees or tokenomics.
Changes to the platform are sent in the form of proposals, which are then opened for voting by the token owners. If a proposal is approved, the changes are made, allowing FLAG holders to govern the growth of the Flamincome project.
Unlike the Flamingo DeFi stack, which exists exclusively on the Neo blockchain, Flamincome is a yield enhancement protocol on the Ethereum blockchain, similar to Yearn Finance. Users can deposit funds which will be used to earn interest via various staking strategies. The project was launched together with Flamingo with a unique module created to allow you to earn simultaneously on other blockchains.
This “Normalizer” module is used to create nToken, with value anchored to the originally staked assets. Currently these nTokens can be transferred to the Neo blockchain for use in the Flamingo Swap module.
Once the Flamincome DAO module is launched, users will be able to use the nWBTC, nWETH and nUSDT tokens to provide liquidity on Uniswap. The received LP token can then be staked on Flamincome, allowing the user to receive a proportional distribution of the FLAG tokens.
FLAG distribution through cash extraction and governance participation will open on 11 June 2020 at 12:00 UTC. 1,048,576 FLAG tokens will be created in the first year, with annual inflation initially set at a rate of 100%.
Half of the tokens will be distributed to users who redeem Uniswap LP tokens on Flamincome. The stakes of the LP tokens are proportionally incentivized as follows:
- 50% to the Uni-LP nUSDT-UST pool
- 25% to the Uni-LP nWBTC-WBTC pool
- 25% to the Uni-LP nWETH-WETH pool
The remaining 50% of the FLAG offer will be distributed to users who vote in the governance proposals on the platform. The first proposal on the DAO platform will be used to decide what percentage of FLAG tokens should be assigned to the Flamincome team for use in participating in governance.
This proposal will be issued one month after the start date of the cash draw, with voting options for 0%, 6.25%, 12.5%, 18.75% and 25%. Once the vote is complete, the team will immediately receive the corresponding amount of FLAG tokens.
The full announcement is available at the link below:
https://medium.com/flamingo-finance/launch-of-flamincome-dao-and-governance-token-24ce19936d46
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