Flamingo Finance has introduced the upcoming relaunch of the Poly Community bridge and launched a slew of updates. The updates embody an motion middle for migrating f and p belongings affected by the latest Poly Community hack, adjustments to the issuance of FLM tokens, and new collateral tokens and rates of interest for Flamingo Lend.
In early September, Poly Community introduced the whole shutdown of its cross-chain providers following the third main exploit the bridge service supplier has confronted in as a few years. In the latest assault, the hacker disappeared with greater than $3 million in digital belongings, disconnecting the wrapped f and p belongings from their underlying tokens.
Flamingo reviews that Poly Community’s cross-chain bridge will reopen someday between Friday, September 27 and Monday, September 29. The workforce additionally famous that Neo World Improvement will assume duty for the upkeep of the bridge, whose contracts have been prolonged. checked.
Flamingo has added an Motion Heart to the DeFi platform to assist customers put together for the relaunch of the Poly Community cross-chain bridge.
Flamingo’s Motion Heart
The Motion Heart launched on Monday, September 23, permitting customers emigrate f and p belongings to the brand new contracts that restore the 1:1 ratio of wrapped tokens to underlying tokens. The Motion Heart helps customers take away liquidity from the affected outdated swimming pools and migrate the belongings and any collateral to the brand new contracts.
Flamingo has created a video demonstration to information customers by way of the totally different processes. The launch of the Motion Heart is a part of Flamingo’s Asset Assist Initiative, designed to mitigate the unfavorable affect of the newest exploit on platform customers.
Along with the launch of the Motion Heart, Flamingo has additionally modified the best way FLM distributions will happen inside the Neo ecosystem, and lowered the day by day emissions of the token.
Wave Three FLM distributions
In November 2022, Flamingo introduced the primary of 4 ‘waves’, bringing updates to the platform’s LPs, FLM reward distributions, and new token lists. Adjustments within the second wave included the addition of all kinds of LPs and bonus swimming pools that supplied further returns to FUSD minters who staked the stablecoin in opposition to different belongings in LPs. The yield decided how day by day minted FLM must be distributed within the ecosystem.
The wave three LPs launched on September 24 and the brand new FLM returns had been carried out accordingly:
- FLM-bNEO: 32% of day by day launched FLM
- WETH-FUSD: 9%
- GAS-FUSD: 9%
- FLM-FUSD: 9%
- WBTC-FUSD: 9%
- bNEO-FUSD: 9%
- USDT-FUSD: 9%
- FLM-WBTC: 7%
- BNB-FUSD: 1%
- SWTH-FUSD: 0.25%
- FLUND: 5.75%
Along with the brand new income allocations, the day by day FLM minting shall be lowered from 357,142 tokens to 146,880.
Flamingo has additionally made adjustments to the kind of collateral FUSD can use in producing the stablecoin and rates of interest.
Flamingo Lend and FUSD rate of interest adjustments
FUSD is an over-collateralized stablecoin, initially backed by FLUND, bNEO or fWBTC, and could be minted on the Lend module of the Flamingo DeFi platform. It’s modeled after MakerDAO’s DAI token, which collateralizes digital belongings to make sure the peg is stored at $1. When producing FUSD, a borrower should take out an overcollateralized mortgage and preserve the loan-to-value ratio to keep away from liquidation. If the LTV turns into too excessive, the protocol can exit a person’s place and declare all of the underlying collateral used to earn FUSD.
Now customers may also use the FLM token in producing FUSD, the place customers should pay a 1% rate of interest on borrowed capital. Moreover, fWETH can be used as collateral at an rate of interest of 6%. The rate of interest on bNEO collateral has fallen from 3% to 1%.
The complete announcement could be discovered by way of the hyperlink beneath:
https://medium.com/flamingo-finance/flamingo-announces-wave-3-of-liquidity-pool-changes-f-and-p-asset-migration-new-collateral-c7b4ed972d04