Flare, the layer 1 blockchain for data, is thrilled to announce that the SparkDEX team has opted for deploying their sophisticated decentralized finance hub on the network, which includes an AMM and perps protocol. By doing this, SparkDEX will take use of the decentralized data access provided by Flare’s entrenched data protocols.
The QuickSwap community supports the SparkDEX DeFi Hub, which is a “friendly fork” of the popular QuickSwap decentralized exchange on Polygon. It combines a state-of-the-art on-chain perpetuals platform with a high-performance DEX to enable trading with up to 100x leverage. As the SparkDEX team continues to implement its roadmap and vision, more sophisticated AI elements and DeFi strategies will be implemented.
An airdrop of 5% of SparkDEX’s total token supply has been set aside to honor early participants on the platform. Existing users of QuickSwap will be able to access 40% of this. The network selector menu on the QuickSwap website will now include Flare and SparkDEX.
Anita Ng, BD Representative at SparkDEX, comments:
“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 V2 Perpetuals Exchange, which will debut later in July and make use of the upgraded Flare Time Series Oracle (FTSO) for quickly updating price feeds to guard against front running and fraudulent liquidations, will be the flagship product on SparkDEX DeFi Hub. With a variety of different order types and a unique trailing stop loss function to aid traders in protecting their positions, it allows leverage up to 100x.
By choosing the best possible path and rate for each transaction, SparkDEX’s Chain Abstraction mechanism effectively settles orders by aggregating the major perpetual DEXs across 12 chains, including Polygon, Optimism, and Arbitrum. This abstraction technique will make sure that consumers get the best possible execution from their preferred chain, thanks to its powering by LayerZero, the general message passing network that recently integrated Flare. When the necessary data feeds are live on Flare’s enshrined oracle, the FTSO, the DEX will add commodities and forex to its initial offering of perpetual futures positions on digital assets.
With its ultra-competitive liquidity incentives, generous revenue-sharing mechanism that distributes DEX fees to token stakers, and extensive liquidity management, SparkDEX V3 DEX is now live at https://SparkDEX.ai/. Industry-leading rewards are now available in the wFLR-sFLR and wFLR-USDX pools, with more to be added in the next weeks, and are supported by the Flare network’s new DeFi emissions program.
Flare Co-Founder Hugo Philion stated:
“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.”
