As a seasoned researcher with years of experience in the dynamic world of blockchain and cryptocurrencies, I find the announcement of SparkDEX Eternal quite intriguing. The concept of perpetual decentralized exchanges is not new to me, but the integration with Flare’s unique features certainly piques my interest.
SparkDEX recently unveiled its latest project, a continuously operating decentralized exchange called SparkDEX Eternal, which operates on the Flare blockchain.
Perpetual contracts, as mentioned in a recent update on crypto news, allow traders to maintain leveraged positions for an unlimited time span, all while avoiding the need for ownership of the underlying assets.
This platform offers users the opportunity to create leveraged trades on cryptocurrencies like Flare (FLR) and more, with future goals of entering commodities and foreign exchange markets. Traders have the convenience of controlling their positions via automated rules-based orders and can tap into liquidity pooled from various networks. Furthermore, users stand to benefit from the Flare DeFi Rewards Program.
Flare’s Time Series Oracle
SparkDEX Eternal relies on the Flare Time Series Oracle for its functioning, a system that offers continuous and swift price updates in a decentralized manner. The rapid 1.8-second updates from the FTSO ensure accurate funding rate calculations and smooth liquidation procedures, both essential aspects for margin trading.
Contrary to traditional future contracts that come with an end date, perpetual contracts lack expiration dates. These types of contracts instead use a funding rate system to keep their price aligned with the current market value (the spot market), enabling traders to employ various strategies like hedging, leveraging, and short selling.
The given statement implies that SparkDEX has exceeded $409 million in total trades so far. The introduction of perpetual contracts is intended to expand trading possibilities and strengthen the decentralized finance system within the Flare network.
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2024-12-12 19:52