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

Flare, the layer 1 blockchain for information, is delighted to announce that the SparkDEX workforce has chosen to deploy its superior decentralized finance hub on the community, that includes an AMM and perps protocol. In doing so, SparkDEX will leverage Flare’s enshrined information protocols for decentralized information entry.

The SparkDEX DeFi Hub is a “friendly fork” of the profitable QuickSwap decentralized trade on Polygon, and is supported by the QuickSwap workforce. It incorporates a high-performance DEX with a cutting-edge on-chain perpetuals platform that permits trades with up to 100x leverage. Extra superior AI elements and DeFi methods shall be added in future because the SparkDEX workforce continues to execute on its roadmap and imaginative and prescient. 

5% of the SparkDEX complete token provide has been allotted as an airdrop to reward early individuals on the platform. 40% of this shall be obtainable for present QuickSwap customers. Flare and SparkDEX can even be added to the QuickSwap web site community selector menu.

Anita Ng, BD Consultant at SparkDEX, feedback: “As a high-performance DeFi ecosystem looking to harness the most advanced infrastructure available in the industry, the SparkDEX team strategically selected Flare to leverage their enshrined data protocols. Flare’s comprehensive approach to data management sets its ecosystem apart as the go-to blockchain for data, which will support further innovation and data-driven decision-making on SparkDEX. This marriage of bleeding-edge DeFi with data interoperability from Flare will make a powerful combination.”

The flagship providing on SparkDEX DeFi Hub would be the V2 Perpetuals Alternate, launching later in July and benefiting from the upgraded Flare Time Sequence Oracle (FTSO) for actual time price feeds to guard in opposition to entrance operating and false liquidations. It helps up to 100x leverage, with a spread of doable order varieties, together with a novel trailing cease loss function to assist merchants defend their positions. 

SparkDEX’s Chain Abstraction mechanism aggregates the foremost perpetual DEXES throughout 12 chains, together with Arbitrum, Optimism & Polygon, and effectively settles orders by choosing probably the most favorable route and fee for every commerce. Powered by LayerZero, the final message passing community that just lately built-in Flare, this abstraction mechanism will guarantee customers obtain the very best execution from their chain of alternative. The DEX will initially supply perpetual futures positions on digital property, including commodities and foreign exchange as soon as the related information feeds are stay on Flare’s enshrined oracle, the FTSO.

SparkDEX V3 DEX, now stay at https://SparkDEX.ai/, gives entry to crypto buying and selling pairs with ultra-competitive liquidity incentives, a beneficiant revenue-sharing mannequin the place DEX charges are shared with token stakers, and complete liquidity administration. Supported by the Flare community’s new DeFi emissions program, industry-leading rewards are already obtainable on the wFLR-sFLR and wFLR-USDX swimming pools with extra to be added within the coming weeks.

“After the recent community approval of the new Flare DeFi emissions program and the integration of LayerZero V2, the launch of SparkDEX is another huge milestone in the rapid advancement of Flare’s DeFi ecosystem. We look forward to seeing significant liquidity inflows into their pools and how that will accelerate the growth of DeFi on Flare. The launch of their perps DEX is going to be particularly exciting” mentioned Flare Co-Founder Hugo Philion.

About Flare 

Flare is the blockchain for information: an EVM good contract platform particularly designed to help information intensive use instances, together with Machine Studying/AI, RWA tokenization, gaming and social. With decentralized, enshrined oracles secured on the community layer, Flare is the one good contract platform optimized for decentralized information acquisition – price & time sequence information, blockchain occasion & state information, and web2 API information. By giving builders trustless entry to the broadest vary of knowledge and information proofs at scale and for minimal price, Flare expands the utility of blockchain and helps the event of recent and improved use instances.

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About SparkDEX

SparkDEX is pushing the boundaries of DeFi innovation by combining the apex of obtainable DeFi merchandise, the newest DEX tech, next-gen perps together with digital property, commodities & foreign exchange with up to 100x leverage, and the thrilling world of rising AI tech. SparkDEX delivers a novel expertise that guarantees to reshape the best way customers consider DeFi on Flare.

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Contact

Dasi Kaplan
[email protected]