DeFi
SparkDEX’s cutting-edge AMM and Perps protocol to debut on Layer 1 blockchain, Flare
To burstthe layer 1 blockchain for data, is excited to announce that the SparkDEX team has decided to deploy its advanced defi hub on the network, which includes an AMM and perps protocol. By leveraging Flare’s established data protocols for decentralized access to data, SparkDEX can achieve its goals.
The SparkDEX DeFi Hub is a fork of the popular decentralized exchange QuickSwap on Polygon, with the backing of the QuickSwap team. It features a high-performance DEX as well as an advanced on-chain perpetual platform, enabling trading with up to 100x leverage. In the future, the SparkDEX team will integrate more advanced AI components and DeFi strategies as they work diligently to execute their roadmap and realize their vision.
A portion of the total SparkDEX token supply has been reserved as an airdrop to show our appreciation to the platform’s early participants. A portion of this amount will be made available to existing QuickSwap users. Flare and SparkDEX are expected to join the network selection menu on the QuickSwap website.
Anita Ng, Sales Representative at SparkDEX, comments: “As a high-performance DeFi ecosystem looking to leverage the most advanced infrastructure available in the industry, the SparkDEX team strategically selected Flare to leverage its built-in data protocols. Flare’s holistic approach to data management sets its ecosystem apart as the go-to blockchain for data, which will further support innovation and data-driven decision-making on SparkDEX. This marriage of cutting-edge DeFi with Flare’s data interoperability will be a powerful combination.”
The V2 Perpetuals Exchange, which is set to launch on SparkDEX DeFi Hub later in July, will be the highlight of their offerings. It will leverage the upgraded 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 various order types, including a unique trailing stop loss feature, traders can effectively protect their positions.
SparkDEX’s chain abstraction mechanism combines leading perpetual DEXs from 12 different chains, such as Arbitrum, Optimism, and Polygon. It intelligently manages order settlements by carefully choosing the best route 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 guarantees optimal execution on their preferred blockchain. The DEX plans to introduce perpetual futures positions on digital assets, with commodities and currencies included once the necessary data feeds are live on Flare’s trusted oracle, the FTSO.
SparkDEX V3 DEX is now available on 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 share model, sharing DEX fees with token stakers. SparkDEX V3 DEX offers full liquidity management for a seamless trading experience. With the introduction of the latest Flare Network DeFi issuance program, users can now enjoy industry-leading rewards on wFLR-sFLR and wFLR-USDX pools, and there are 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 important 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 is going to be particularly exciting,” said Hugo Philion, Co-Founder of Flare.