The features that Flamingo Finance rolled out will ultimately make the staking process easy and avail rewards for liquidity providers
Decentralized finance platform based on New Blockchain, Flamingo Finance recently rolled out all-new three features. Together, these features are meant to simplify the moving between the liquidity pools process and contribute to rewarding back in liquidity pools. New functionalities on the platform include launching Reverse Pools features like PoolSwap and ReStake. The first one, Reverse Pools, was designed in order to reward the liquidity providers of tokens other than FLM and the other two for simplifying the process.
Features of Reverse Pools would allow users to stake FLM and any token, let’s say ‘x’ token, to a pool, and then in return for the staking, the user could receive the same token as a reward as FLM. On Flamingo, the first reverse pools would include FRP-FLM-CANDY and FRP-FLM-NUDES. Users who contributed would receive CANDY and NUDES tokens in rewards in these two pools.
The tokens CANDY and NUDES are the ones that are newly listed on Flamingo for trading. Former is a community token of NEP-17 characteristics designed for people interacting with decentralized applications on the Neo blockchain network. At the same time, the latter is the first meme coin on the Neo N3 blockchain that was based on the usual joke used by token holders as ‘send NUDES’ to send tokens to each other. It’s also a NEP-17 token, and no adult content is exchanged as its name suggests.
Any project anticipating joining the token list in Flamingo Reverse Pool can do so by filling out their application form, and then they are good to go.
Other than the Reverse Pool Swap feature, Flamingo has launched a feature that would help in removing the complications faced by users while moving liquidity across one FLP to another, that is PoolSwap. Before the PoolSwap, there was a need to unstack from an LP, then remove both tokens’ liquidity, trade the assets for another LP and then go through adding liquidity and staking again. But with PoolSwap, the process became frictionless, and users now, with a single click, can choose an amount of FLP tokens from a pool and put them up to another pool.
Finally, with the ReStake function on Flamingo, it is easy for users to convert FLM rewards from the liquidity pool and then contribute to the same LP. Users from Flamingo can now claim and convert the FLM in both the token in LP, then can add liquidity to LP and stake the FLP. All this can be done with just a single click. Before the ReStake function, users needed to go through each step individually to complete the process.
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Source: https://www.thecoinrepublic.com/2022/03/25/what-new-features-did-neo-network-based-flamingo-roll-out-simplifying-staking/