NEO-sponsored yield farming platform Flamingo crashed after staking on the platform was opened to the general public.
Flamingo postponed the launch of its liquidity mining vaults by 24-hours.
NEO costs dropped 4.2% after the delay was introduced.
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The launch of yield farming on NEO-based Flamingo was postponed after “heavy demand” overloaded one in all NEO’s official wallets, prompting builders to delay the launch by 24 hours.
NEO-Backed Flamingo Postpones Launch
Neoline is an official crypto pockets for interacting with sensible contracts on the NEO blockchain. NEO’s first DeFi mission, Flamingo Finance, prompted Neoline’s servers to crash only one hour after launch.
NEO’s Flamingo DeFi experiment consists of Flamincome, Flamingo Wrapper, and yield farming vaults. Flamingo is NEO’s try and convey yEarn Finance-like capabilities to each NEO and Ethereum. Flamincome and Flamingo Wrapper mirror “Earn” and “Zap” on yEarn Finance.
Someday after launch, Flamincome and Flamingo Wrapper reported $100 million in deposits.
Flamincome offers liquidity supplier (LP) tokens to those that make deposits to the platform. LP tokens from Flamincome might be wrapped into NEO-based tokens for yield farming on Flamingo’s vaults.
A part of this elevated site visitors might be attributed to “mint rush,” a five-day promotional occasion initially scheduled to start on Sept. 25 that will increase rewards for liquidity suppliers.
Nevertheless, one hour after mint rush started, NEO founder Da Hongfei introduced on Twitter that the launch could be postponed after NEO’s primary pockets for interacting with Flamingo Finance crashed:
“Neoline server simply crashed because of the big site visitors. Your property are secure and staked within the sensible contract. Layer 1 is working as regular. Please keep affected person and we’re working collectively to resolve these tech issues proper now. We are going to hold you up to date.”
The elevated site visitors seemingly prompted a number of blockchain explorers and wallets to change into unresponsive, together with Neoline, inflicting concern amongst NEO holders. NEO costs dropped 4.2% regardless of affirmation from the event workforce that person property have been unaffected.
NEO/USD 1-hour chart on Binance Supply: TradingView
The botched launch isn’t the primary occasion of poor planning from NEO and Flamingo. On Sept. 23, Flamincome additionally skilled downtime after launch:
“Attributable to heavy site visitors at launch, some person could have skilled momentary loading points with the web site and plug-in wallets.”
Regardless of the event workforce’s finest efforts to get the mission again on monitor, NEO could discover it tough to regain the market’s confidence in Flamingo.
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