DeFi

SparkDEX’s cutting-edge AMM and PERPS protocol to launch on Flare

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Dubai, United Arab Emirates, July 15, 2024, Chainwire

To burstthe Layer 1 blockchain for data, is excited to announce that the SparkDEX team has chosen to deploy its advanced decentralized finance hub on the network, featuring an AMM and perps protocol. In doing so, SparkDEX will leverage Flare’s built-in data protocols for decentralized access to data.

The SparkDEX DeFi Hub is a “friendly fork” of the successful decentralized exchange QuickSwap on Polygon, and is powered by the QuickSwap team. It integrates a high-performance DEX with a cutting-edge on-chain perpetual platform that allows for trading with up to 100x leverage. More advanced AI components and DeFi strategies will be added in the future as the SparkDEX team continues to execute on its roadmap and vision.

5% of the total SparkDEX token supply has been allocated as an airdrop to reward early adopters of the platform. 40% of this will be available to existing QuickSwap users. Flare and SparkDEX will also be added to 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.”

SparkDEX DeFi Hub’s flagship offering will be the V2 Perpetuals Exchange, which will launch later in July and leverage the upgraded Flare Time Series Oracle (FTSO) for real-time price feeds to protect against advances and false liquidations. It supports leverage up to 100x, with a range of possible order types, including a unique trailing stop loss feature to help traders protect their positions.

SparkDEX’s chain abstraction mechanism aggregates leading perpetual DEXs across 12 chains, including Arbitrum, Optimism, and Polygon, and efficiently settles orders by selecting the most favorable route and rate for each transaction. Powered by LayerZero, the general message passing network that recently integrated Flare, this abstraction mechanism will ensure users receive the best possible execution on their chosen chain. The DEX will initially offer perpetual futures positions on digital assets, adding commodities and currencies once the relevant data feeds are live on Flare’s dedicated oracle, FTSO.

SparkDEX V3 DEX, now available on https://SparkDEX.ai/offers access to crypto trading pairs with ultra-competitive liquidity incentives, a generous revenue share model where DEX fees are shared with token stakers, and comprehensive liquidity management. Powered by the Flare Network’s new DeFi issuance program, industry-leading rewards are already available on the wFLR-sFLR and wFLR-USDX pools, with more to be added in the coming weeks.

“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.

About Flare

To burst is the blockchain of data: an EVM smart contract platform purpose-built to support data-intensive use cases including machine learning/AI, RWA tokenization, gaming, and social media. With secure, decentralized oracles at the network layer, Flare is the only smart contract platform optimized for decentralized data acquisition: price and time series data, blockchain event and state data, and Web2 API data. By providing developers with trustless access to the broadest range of data and proof-of-data at scale and minimal cost, Flare extends the utility of blockchain and supports the development of new and improved use cases.

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SapphireSapphire

About SparkDEX

SparkDEX pushes the boundaries of DeFi innovation by combining the best of DeFi products available, the latest DEX technology, next-gen perps including digital assets, commodities, and forex with up to 100x leverage, and the exciting world of emerging AI technology. SparkDEX delivers a unique experience that promises to reshape the way users think about DeFi on Flare.

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Contact

Dasi Kaplan
[email protected]

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