As a seasoned researcher with a strong background in blockchain technology and decentralized finance (DeFi), I’m thrilled to share my perspective on SparkDEX’s upcoming deployment on Flare and the launch of its DeFi hub, featuring an automated market maker (AMM) and perps protocol.
SparkDEX, a friendly version of QuickSwap’s decentralized exchange, plans to introduce its DeFi Hub with an automated market maker (AMM) and perpetual swap protocol on Flare.
On Monday, Flare revealed that SparkDEX intends to debut its Decentralized Finance (DeFi) platform on their data-centric layer 1 blockchain. Utilizing Flare’s data protocols, SparkDEX aims to provide decentralized data access within this hub.
SparkDEX is a versatile trading platform, combining Decentralized Exchange (DEX) functionality and on-chain perpetual contracts. This setup enables users to engage in leveraged trades with up to 100x magnification. As the project gathers momentum, its developers intend to incorporate an Artificial Intelligence (AI) feature and other DeFi strategies.
At the same time, the implementation of SparkDEX will positively impact the Flare DeFI platform. This development follows the integration of LayerZero V2 into Flare’s system.
“Following the community’s approval of the new Flare DeFI emissions plan and LayerZero V2 integration, the arrival of SparkDEX marks yet another significant achievement in the swift development of Flare’s decentralized finance (DeFi) ecosystem. We eagerly anticipate substantial liquidity additions to their pools and the resulting impact on DeFi expansion within Flare. The upcoming launch of their perpetual exchange (perps DEX) is certain to generate much excitement.” – Hugo Philion, co-founder of Flare.
Perps protocol first to launch
Starting from late July, SparkDEX’s Perpetuals Exchange Version 2 will be the pioneer to roll out, integrating Flare Time Series Oracle (FTSO) as its core technology. This innovative approach enables instantaneous price feed updates, safeguarding against the risks of front running and inaccurate liquidations.
The V2 perpetual swap platform allows users a maximum leverage of 100x on their trades, as well as various order types such as trailing stop loss. To begin with, the Decentralized Exchange (DEX) will offer trading in digital assets only, later broadening its scope to encompass commodities and foreign exchange.
To show appreciation for the early support from the community, SparkDEX will distribute an airdrop as part of the integration process. A total of 5% of SparkDEX’s supply has been set aside for this rewarding initiative.
Those holding QuickSwap (QUICK) tokens will be entitled to claim 40% of the distribution. Half of this amount, or 20%, is allocated for QUICK stakers. The remaining 20% will be given to the QuickSwap Foundation.
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2024-07-15 19:46