SparkDEX to Launch Advanced DeFi Hub on Flare

Layer 1 blockchain for data, Flare announced that SparkDEX will deploy its DeFi hub on the Flare network, featuring an Automated Market Maker (AMM) and perpetuals protocol. The SparkDEX DeFi Hub is a “friendly fork” of Polygon’s leading exchange QuickSwap, and is backed by the QuickSwap community.

It includes a high-performance decentralized exchange (DEX) and an on-chain perpetuals platform with up to 100x leverage on trades. SparkDEX will leverage Flare’s data protocols for decentralized data access. The platform’s future updates will introduce advanced AI components and DeFi strategies as it gains traction in the market.

“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,”said Anita Ng, business development representative at SparkDEX. 

The SparkDEX DeFi Hub is a “friendly fork” of Polygon’s leading exchange QuickSwap, and is backed by the QuickSwap community. 

Integration with QuickSwap and Airdrop Details

QuickSwap’s decision to partner with SparkDEX resulted from a governance vote where 99.14% of $QUICK holders voted in favour of the friendly fork. To incentivize early participation, SparkDEX has allocated 5% of its total token supply for an airdrop, with 40% reserved for existing QuickSwap users. 

Both Flare and SparkDEX will be accessible through the QuickSwap website network selector menu. 

👀 @QuickswapDEX https://t.co/0wjCqQsSkF pic.twitter.com/8GmNR0HV7J

— SparkDEX (@SparkDexAI) July 15, 2024

Flare’s integration of SparkDEX follows its recent adoption of LayerZero V2, linking it to 75 blockchain networks. The move has not only established Flare as a Decentralized Virtual Network (DVN) on LayerZero V2 but also provides secure connectivity to dApps, access to new users, and enhanced liquidity. Additionally, Flare has now gained increased decentralization.

“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,” said Hugo Philion, co-founder of Flare. “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.”

Advanced Chain Abstraction for Optimized Trading

SparkDEX’s Chain Abstraction mechanism aggregates major perpetual DEXs across 12 chains, including Arbitrum, Optimism, and Polygon. The system efficiently settles orders by choosing each trade’s most advantageous route and rate. Utilizing LayerZero’s general message-passing network, this mechanism guarantees users the best execution from their chosen chain.

SparkDEX DeFi Hub’s flagship offering, the V2 Perpetuals Exchange, will launch later in July, utilizing the upgraded Flare Time Series Oracle (FTSO) for fast price updates, protecting against front-running and false liquidations. It will also support up to 100x leverage and various order types, including a trailing stop-loss feature.

Flare’s decentralized protocol uses targeted incentives to provide accurate, tamper-resistant time-series data for decentralized applications. The FTSO leverages a broad network of independent data providers to deliver precise information at regular, scheduled intervals.

Initially, the DEX will offer perpetual futures on digital assets, expanding to commodities and forex once relevant data feeds are live on Flare’s FTSO. 

Moreover, SparkDEX V3 DEX now live on the SparkDEX website. It introduces advanced access to crypto trading pairs, competitive liquidity incentives, and a revenue-sharing model. Liquidity providers can select specific price ranges, potentially boosting fee accrual when prices stay within these ranges. 

Supported by Flare’s new DeFi emissions program, rewards are already available on the wFLR-sFLR and wFLR-USDX pools, with more to be added soon.

MetDisclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.