[PRESS RELEASE – Dubai, United Arab Emirates, July 15th, 2024]
Flare, the layer 1 blockchain for data, is delighted to announce that the SparkDEX team has chosen to deploy its advanced decentralized finance hub on the network, featuring an AMM and perps 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 is supported by the QuickSwap team. It incorporates a high-performance DEX with a cutting-edge 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.
5% of the SparkDEX total token supply has been allocated as an airdrop to reward early participants on the platform. 40% of this will be available for existing QuickSwap users. Flare and SparkDEX will also be added to the QuickSwap website network selector menu.
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 flagship offering on SparkDEX DeFi Hub will be the V2 Perpetuals Exchange, launching later in July and taking advantage of the upgraded Flare Time Series Oracle (FTSO) for real time 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 DEXES 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.
SparkDEX V3 DEX, now live at https://SparkDEX.ai/, 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.
“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” said Flare Co-Founder Hugo Philion.
About Flare
Flare is the blockchain for data: an EVM smart contract platform specifically designed to support data intensive use cases, including Machine Learning/AI, RWA tokenization, gaming and social. With decentralized, enshrined oracles secured at the network layer, Flare is the only smart contract platform optimized for decentralized data acquisition – price & time series data, blockchain event & state data, and web2 API data. By giving developers trustless access to the broadest range of data and data proofs at scale and for minimal cost, Flare expands the utility of blockchain and supports the development of new and improved use cases.
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About SparkDEX
SparkDEX is pushing the boundaries of DeFi innovation by combining the apex of available DeFi products, the latest DEX tech, next-gen perps including digital assets, commodities & forex with up to 100x leverage, and the exciting world of emerging AI tech. SparkDEX delivers a unique experience that promises to reshape the way users think of DeFi on Flare.
Website | Twitter | Telegram | Discord
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