Flamingo Begins Disbursement Process for the Lyrebird LRB Fund

Flamingo has begun the disbursement process for the Lyrebird LRB Fund, established after Flamingo absorbed Lyrebird Finance in June 2022.

Flamingo Finance, a decentralized exchange on the Neo blockchain, has commenced the disbursement process for the Lyrebird LRB Fund. This fund was established following Flamingo's absorption of Lyrebird Finance in June 2022, as part of a strategic move to mitigate risks associated with algorithmic stablecoins.

As part of the transition, the Lyrebird team joined Flamingo to work on a DAI-like, collateral-backed stablecoin called FUSD. At the same time, the LRB Fund was introduced as a speculative option for Lyrebird backers to potentially recoup their losses. LRB token holders were offered two choices: trade their tokens on the open market or hold them within the fund.

The fund itself consists of a diversified basket of tokens, including FUSD that is generated from protocol use and contributions from several ecosystem projects. These projects include TIPS from Meme2Earn, SOM from SOMNIUMWAVE, CANDY from Neo Candy, and DOGER from DogeRift.

LRB holders can participate in the disbursement by sending their LRB tokens to the designated Fund Disbursement address any time between Aug. 27 and Dec. 31, 2024. The official address for this purpose is NPLbJZznqGnN961kpjeiysrPPtxEXSUPAR.

Those who participate in the disbursement will receive their share of the fund in January 2025. After the Dec. 31 deadline, the LRB pool will be removed from the Flamingo platform and the LRB/USDL trading pair will be deprecated.

For more details on this development, please refer to Flamingo’s official announcement on Medium.