News
SparkDEX’s Cutting-Edge AMM and Perps Protocol to Debut on Layer 1 Blockchain, Flare
Flamelayer 1 blockchain for data, is pleased to announce that the SparkDEX team has decided to deploy its advanced defi hub on the network, which includes an AMM and perps protocol. Using Flare’s established data protocols for decentralized data access, SparkDEX can achieve its goals.
The SparkDEX DeFi Hub is an offshoot of the popular QuickSwap decentralized exchange on Polygon, backed by the QuickSwap team. It features a high-performance DEX along with an advanced on-chain perpetual platform, enabling trades with up to 100x leverage. Going forward, the SparkDEX team will incorporate more advanced AI components and DeFi strategies as they diligently work to execute their roadmap and realize their vision.
A portion of the total SparkDEX token supply has been set aside as an airdrop to show appreciation for early participants on the platform. A portion of this will be made accessible to current QuickSwap users. Flare and SparkDEX are set to join the network selection menu on the QuickSwap website.
Anita Ng, BD Representative at SparkDEX, comments: “As a high-performance DeFi ecosystem seeking to leverage the most advanced infrastructure available in the industry, the SparkDEX team strategically selected Flare to leverage its sanctioned data protocols. Flare’s comprehensive approach to data management distinguishes its ecosystem as a go-to data blockchain that will support further innovation and data-driven decision-making on SparkDEX. This marriage of cutting-edge DeFi and Flare’s data interoperability will be a powerful combination.”
The V2 Perpetuals Exchange, which will launch on SparkDEX DeFi Hub later in July, will be the highlight of their offering. It will leverage the updated Flare Time Series Oracle (FTSO) to provide real-time price feeds, protecting against front running and false liquidations. With support for up to 100x leverage and multiple order types, including a first-of-its-kind trailing stop loss feature, traders can effectively safeguard their positions.
SparkDEX’s Chain Abstraction mechanism combines leading perpetual DEXES from 12 different chains, such as Arbitrum, Optimism, and Polygon. It intelligently manages order settlements by carefully choosing the best path and rate for each transaction, ensuring efficiency. With the integration of Flare, LayerZero’s powerful message passing network now provides users with an abstraction mechanism that ensures optimal execution on their blockchain of choice. The DEX plans to introduce perpetual futures positions on digital assets, including commodities and forex once the necessary data feeds are live on Flare’s trusted oracle, the FTSO.
SparkDEX V3 DEX is now available on Italian: https://SparkDEX.ai/. It offers access to a wide range of cryptocurrency trading pairs and highly competitive liquidity incentives. The platform also features a generous revenue sharing model, sharing DEX fees with token stakers. SparkDEX V3 DEX provides full liquidity management for a seamless trading experience. With the introduction of the Flare Network’s latest DeFi issuance program, users can now enjoy industry-leading rewards on the wFLR-sFLR and wFLR-USDX pools, with even more exciting additions to look forward to in the near future.
“Following the recent community approval of the new Flare DeFi issuance program and the integration of LayerZero V2, the launch of SparkDEX is another milestone in the rapid advancement of Flare’s DeFi ecosystem. We look forward to seeing significant liquidity inflows into their pools and how this will accelerate the growth of DeFi on Flare. The launch of their perps DEX will be particularly exciting,” said Flare co-founder Hugo Philion.