- Launched on Flare, SparkDEX, a friendly fork of the decentralized exchange QuickSwap, will have an automated market maker (AMM) and perps protocol on its DeFi Hub.
SparkDEX has chosen to launch its DeFi hub on the data-focused layer 1 blockchain, using its data protocols to provide decentralized data access, according to a Monday release by Flare.
SparkDEX is a platform that leverages on-chain perpetuals and a DEX protocol to enable transactions up to 100 times leverage. As the initiative acquires traction in the market, additional DeFi techniques and an artificial intelligence (AI) component will be included.
The Flare DeFi ecosystem will gain from the deployment as well. Following Flare’s integration of LayerZero V2, SparkDEX is integrated.
Another significant step forward in the quick development of Flare’s DeFi ecosystem is the introduction of SparkDEX, which follows the community’s recent adoption of the new emissions program and the incorporation of LayerZero V2. We anticipate large liquidity inflows into their pools and the acceleration of DeFi on Flare as a result. Hugo Philion, a co-founder of Flare, stated in a statement that the release of their perps DEX will be very thrilling.
Launching the Perps protocol first
The first to open later in July will be SparkDEX’s V2 Perpetuals Exchange, which will make use of the Flare Time Series Oracle (FTSO). Price feeds will be updated in real-time thanks to technology, which will protect against front running and false liquidations.
Leverage up to 100x and a range of order types, including the trailing stop loss, are available on the V2 Perps Exchange. The DEX will first provide access to digital assets, and later on it will also offer currencies and commodities.
As part of the integration, SparkDEX will airdrop 5% of its supply to the community of early participants as a way of saying “thank you.”
For now, holders of QuickSwap (QUICK) will get 40% of the total. This will be split 50% to QUICK stakers and 50% to the QuickSwap Foundation.
Disclaimer : This article was created for informational purposes only and should not be taken as investment advice. An asset’s past performance does not predict its future returns. Before making an investment, please conduct your own research, as digital assets like cryptocurrencies are highly risky and volatile financial instruments.
