Nikolas Sargeant
Flare, the layer 1 blockchain for data, announced on Monday, July 15th, that SparkDEX will launch its advanced decentralized finance hub on the network. The launch will include an AMM and perps protocol, enabling SparkDEX to 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 community. The decentralized finance hub incorporates a DEX with a cutting-edge on-chain perpetuals platform that permits traders to use up to 100x leverage on crypto assets. The SparkDEX team is also working to add advanced AI components and DeFi strategies as it looks to execute its roadmap and vision.
SparkDEX has allocated 5% of its total token supply as an airdrop to reward early participants on the platform. 40% of the airdrop tokens will be available for existing QuickSwap users. Furthermore, Flare and SparkDEX will also be added to the QuickSwap website network selector menu.
While commenting on this launch, Anita Ng, BD Representative at SparkDEX, said,
“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 will be the first SparkDEX DeFi Hub to launch on Flare. The exchange will launch later this month and will leverage the upgraded Flare Time Series Oracle (FTSO) for fast-updating price feeds to protect against front-running and false liquidations. The DEX 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 also has other products, including Chain Abstraction which aggregates the major perpetual DEXs across 12 chains, including Arbitrum, Optimism & Polygon. The mechanism efficiently settles orders by selecting the most favorable route and rate for each trade.
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 allows traders to access crypto trading pairs with ultra-competitive liquidity incentives. This is a revenue-sharing model where DEX fees are shared with token stakers.
Thanks to the support he Flare network’s new DeFi emissions program, the DEX already has rewards available on the wFLR-sFLR and wFLR-USDX pools with more to be added in the coming weeks.
Flare Co-Founder Hugo Philion commented that,
“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.”
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.
Meanwhile, 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.
