Daily News 19

Tag: Neo Council

  • Operation Meteor Invites Community Input on Neo’s Five-Year Market Strategy

    Operation Meteor Invites Community Input on Neo’s Five-Year Market Strategy

    Neo Council Launches Operation Meteor to Define 2026-2031 Strategic Market Focus

    The Neo Council has officially launched Operation Meteor, an open call for community input into a structured process designed to define Neo’s strategic market focus for the 2026-2031 period. Announced by COZ on September 15, the initiative evaluates potential market opportunities against 16 formal criteria scored by Council members, with two participation windows open through September 25.

    Decision Framework, Not a Single Decision

    Operation Meteor serves as the public-facing phase of the broader Meteor initiative, which NNT first covered in August as a structured attempt to establish a unified product strategy. The process aims to produce a ranked shortlist of market opportunities rather than a single winner-take-all outcome, through transparent, evidence-led scoring by the 21-seat Neo Council.

    The COZ blog post describes Meteor as “Neo’s open, structured initiative to evaluate global market opportunities, assign strategic priority, and establish unified focus for Neo’s growth over the next 5 years.”

    The framework centers on 16 evaluation categories spanning five broad themes:

    • Market viability: timing, staying power, customer pain
    • Competitive positioning: Neo’s distinctive strengths, differentiation, defensibility
    • Commercial sustainability: revenue path, ecosystem activity, token demand
    • Execution feasibility: speed to proof, MVP realism, technical capacity, legal risk
    • Strategic value: learning velocity, future options, narrative clarity, market attention

    Council members will assign relative weights to these categories, determining which dimensions carry the most strategic importance. A seven-person research team will then package five to ten market opportunity dossiers, which the Council scores against the weighted criteria using a Delphi-style consensus process.

    Two Lanes for Community Participation

    The initiative offers two structured participation windows for community members:

    Research Lane

    Ecosystem participants can submit candidate market opportunities to the research team through mid-October. Submissions follow a structured format covering the market or problem name, Neo’s strategic fit, and the customer pain point being addressed. Channels for submission include GitHub Discussions, the Neo Community Discord, r/NEO, and X under the #NeoMeteor hashtag.

    Governance Lane

    Running from September 14 to 25, this window allows Council members to vote on category weighting. Community members are encouraged to lobby Council members on how to prioritize the evaluation criteria—for example, whether to weight market attention and hype more heavily than long-term defensibility, or fast MVP speed over deep infrastructure leverage.

    Research Team Composition

    The Neo Council nominated a seven-person research team to compile the market opportunity dossiers:

    • Dylan Grabowski (NNT)
    • Malcolm Lerider (Ecosystem)
    • John Wang (Neo Global Development)
    • Jimmy Liao (R3E Network)
    • Vitor Coelho (Neo Research)
    • Ivan Poon (Switcheo Labs)
    • Lunar Strategy

    Malcolm Lerider has already released Phase 0 research findings on September 4, pitching Neo as “the verifiable>July NeoPod AMA that Neo needs to “stop boiling the ocean” and “focus on a market segment and build a purpose-built product,” noting the network has operated without a targeted go-to-market strategy since 2017.

    The initiative runs alongside the ongoing founder governance dispute between Da Hongfei and Erik Zhang, though Meteor has secured backing from both Zhang and Neo Global Development, along with core developers and a number of Council members.

    The full Operation Meteor community call to action can be found at: https://coz.io/blog/inside-operation-meteor-community-call-to-action/

  • Flamingo Finance Exploited via Staking Contract Vulnerability as Trillions of FLM Tokens Are Minted

    Flamingo Finance Exploited via Staking Contract Vulnerability as Trillions of FLM Tokens Are Minted

    Flamingo Finance, the leading decentralized finance (DeFi) platform on Neo N3, has been exploited through a vulnerability in its staking contract’s reward calculation system.

    The attacker minted approximately 2.19 trillion FLM tokens—more than 3,500 times the pre-exploit circulating supply of roughly 570 million FLM—and used the newly created tokens to drain liquidity from Flamingo’s trading pools. The incident remains under investigation.

    How the Flamingo Finance exploit worked

    According to Flamingo team members in the project’s Discord server, the vulnerability involved the interaction between Flamingo’s lending and staking contracts. Atlazor, Flamingo’s lead developer, said the lending contract incorrectly calculates the amount of LP tokens released through the staking contract, causing the reward calculation to generate inflated results.

    Mr.Google, Flamingo’s team lead, described a compounding issue in the staking contract that could be triggered by withdrawing extremely small amounts. The attacker used the flaw to claim vastly inflated FLM rewards, minting more than 2.19 trillion tokens.

    Atlazor summarized the mechanism:

    “Someone found that weakness and exploited it to mint a HUGE amount of FLM by claiming FLM rewards with an incorrect reward calculation.”

    The transaction can be viewed on Dora.

    Exploit drains Flamingo liquidity pools

    The attacker immediately sold the minted FLM across all available FLM liquidity pools on Flamingo, including the FLM/WBTC, FLM/FUSD, and FLM/bNEO pairs.

    According to Mr.Google, the exploit caused an extreme market imbalance and pushed the FLM price down to the lowest level permitted by the current orderbook settings.

    The attacker then used the acquired WBTC, FUSD, and bNEO to liquidate additional liquidity across the platform. According to atlazor, the FUSD pool was not completely emptied. Approximately 11,000 bNEO also remained in the pools because the OrderBook contract could not technically imbalance them any further.

    Flamingo team responds to the attack

    Mr.Google said he left his best friend’s wedding early after learning about the exploit. In a message to the Flamingo Discord community, he acknowledged the seriousness of the incident:

    “Right now it feels like the damage may be irreversible.”

    At the time of writing, Flamingo Finance had not published an official public statement on its social media channels or website. The Discord messages from Mr.Google and atlazor represent the team’s initial response as the investigation continues.

    Neo Council freezes attacker’s address

    The Neo Council has since voted to freeze the attacker’s address on the Neo N3 network, preventing the exploiter from moving the remaining assets held there.

    Neo News Today will provide further updates as more information becomes available.