Layer-1 data blockchain Flare Network has welcomed SparkDEX team to its ecosystem, bringing an advanced DeFi hub to the network featuring automated market maker and perpetual protocol. In doing so, SparkDEX will leverage Flare’s enshrined data protocols for decentralized data access.
The SparkDEX DeFi Hub is a “friendly fork” of the successful QuickSwap decentralized exchange on Polygon, and receives support from the QuickSwap community. It incorporates a high-performance DEX with an on-chain perpetuals platform that allows trades with up to 100x leverage. More advanced AI components and DeFi strategies will be added in future as the SparkDEX team continues to execute on its roadmap and vision. This would be similar to what is currently being utilized by Kinetix.
SparkDEX is working towards a token airdrop, to which the team allocates 5% of the SparkDEX total token supply. This airdrop will reward early participants on the platform. Moreover, 40% of this airdrop will be available for existing QuickSwap users. Flare and SparkDEX will also be added to the QuickSwap website network selector menu.
SparkDEX cutting-edge features
The flagship offering on SparkDEX DeFi Hub will be the V2 Perpetuals Exchange, launching later in July. This cutting-edge product takes advantage of the upgraded Flare Time Series Oracle (FTSO) for fast updating price feeds to protect against front running and false liquidations. It supports up to 100x leverage, 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 the major perpetual DEXs across 12 chains, including Arbitrum, Optimism & Polygon, and efficiently settles orders by selecting the most favorable route and rate for each trade. Powered by LayerZero, the general message passing network that recently integrated Flare, this abstraction mechanism will ensure users receive the best possible execution from their chain of choice. The DEX will initially offer perpetual futures positions on digital assets, adding commodities and forex once the relevant data feeds are live on Flare’s enshrined oracle, the FTSO. Swaps go live on 24 July 2024.
In addition, SparkDEX V3 DEX provides access to crypto trading pairs with ultra-competitive liquidity incentives, a generous revenue-sharing model where DEX fees are shared with token stakers, and comprehensive liquidity management. Supported by the Flare network’s new DeFi emissions program, industry-leading rewards are already available on the wFLR-sFLR and wFLR-USDX pools with more to be added in the coming weeks.
