News
Flare Blockchain Welcomes SparkDEX’s Advanced DeFi Hub
Flare, a Layer 1 blockchain distinguished by its data protocols, recently announced that SparkDEX will be deploying its sophisticated decentralized finance (DeFi) hub on the network. The integration of SparkDEX is intended to capitalize on Flare’s innovative data protocols to significantly improve access to decentralized data.
SparkDEX DeFi Hub is described as a “friendly fork” of the successful QuickSwap decentralized exchange on the Polygon network. Backed by the QuickSwap team, SparkDEX features a high-performance decentralized exchange (DEX) and an on-chain perpetual platform that can facilitate trading with up to 100x leverage.
To incentivize early participation, SparkDEX has allocated 5% of its total token supply for an airdrop, with 40% of this amount designated for existing QuickSwap users. Additionally, it was mentioned that both Flare and SparkDEX will be added to the QuickSwap website’s network selection menu. Anita Ng, Business Development Representative at SparkDEX, noted that the strategic selection of Flare allows SparkDEX to utilize advanced infrastructure and integrated data protocols.
Launch of the V2 Perpetuals Exchange
The flagship offering on SparkDEX DeFi Hub, V2 Perpetuals Exchange, is expected to launch later in July. This platform will use the updated Flare Time Series Oracle (FTSO) for real-time price feeds, designed to protect against front-running and false liquidations. The exchange will support up to 100x leverage and offer multiple order types, including a unique trailing stop loss feature.
SparkDEX’s Chain Abstraction mechanism is set to aggregate leading perpetual DEXs across 12 chains, including Arbitrum, Optimism, and Polygon, to settle orders efficiently. This mechanism, powered by LayerZero, aims to ensure optimal execution for users. Initially, the DEX will offer perpetual futures on digital assets, with plans to expand to commodities and forex once the necessary data feeds are available on Flare’s FTSO.
Incentive and competitive negotiation structures
SparkDEX V3 DEX will provide access to multiple cryptocurrency trading pairs with competitive liquidity incentives and a revenue-sharing model where DEX fees are distributed to token stakers. Backed by Flare’s new DeFi issuance program, industry-leading rewards are currently available on the wFLR-sFLR and wFLR-USDX pools.
Flare co-founder Hugo Philion commented that the launch of SparkDEX represents a significant milestone in the progression of Flare’s DeFi ecosystem. He expressed anticipation for significant liquidity inflows into their pools and exciting developments from their perpetual DEXs.
Integration and future prospects
SparkDEX’s integration into the Flare ecosystem is seen as a pivotal move that highlights the potential of Flare’s advanced data protocols to enhance decentralized finance operations. Leveraging Flare’s robust infrastructure, SparkDEX aims to deliver a superior DeFi experience, fostering greater liquidity, and providing a wide range of trading options and incentives to users.
As SparkDEX continues to develop and expand its offerings, it is expected to play a critical role in furthering Flare’s mission to revolutionize decentralized finance. The strategic partnership between SparkDEX and Flare highlights the innovative capabilities of blockchain technology in creating more efficient and secure financial systems. With the upcoming launch of the V2 Perpetuals Exchange and the ongoing integration of advanced data protocols, the future looks bright for both SparkDEX and Flare’s broader DeFi ecosystem.