Flamingo adds fBNB to DeFi platform, steps towards FUSD stablecoin

Flamingo Finance is adding the BNB token and new LPs to Neo’s DeFi platform. FLM minting distribution rates will also change on a per-pool basis, alongside the launch of a new set of Reverse Pools.

Stevenson

• Updated: Monday, November 14, 2022, 19:47

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Flamingo Finance is adding the BNB token and new LPs to Neo’s DeFi platform. FLM minting distribution rates will also change on a per-pool basis, alongside the launch of a new set of Reverse Pools. The changes took effect on Flamingo at 12:45 p.m. (UTC) on Wednesday, Nov. 16, and new FLM minting rewards will begin at 10:00 a.m. on Nov. 18.

The announcement is the first of four “waves,” each representing updates to the platform’s LPs, FLM reward distributions, and new token listings. In the first wave, the newly added fBNB token will pair against bNEO and FLM.

The first wave will also include new bNEO-oriented Reverse Pools designed to reward liquidity pool providers in tokens other than FLM. The new bNEO FLPs will distribute rewards in the following tokens paired against bNEO:

• bNEO-NUDES
• bNEO-CANDY
• bNEO-DOGEF
• bNEO-DOGER
• bNEO-SOM

Looking forward, the Flamingo team intends to launch the FUSD stablecoin. FUSD will be modeled after MakerDAO’s DAI token, which uses over-collateralization of digital assets to ensure its peg is held to US $1. Alongside the launch of FUSD, the Flamingo team also intends to import other stablecoins and launch several FUSD-based LPs.

The full announcement can be found at the link below:

https://medium.com/flamingo-finance/flamingo-finance-announces-first-wave-of-new-liquidity-pools-including-binance-chains-bnb-3499d3cd4ce0https://medium.com/flamingo-finance/flamingo-finance-announces-first-wave-of-new-liquidity-pools-including-binance-chains-bnb-3499d3cd4ce0

This article was originally published on: Nov 14, 2022 at 07:47 PM

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