Dubai — Flare, the cutting-edge layer 1 blockchain specializing in data, proudly announces that SparkDEX will launch its state-of-the-art decentralized finance hub on the network. This hub will feature both an Automated Market Maker (AMM) and perpetuals protocol, utilizing Flare’s advanced data protocols for decentralized data access.
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SparkDEX’s DeFi Hub is a “friendly fork” of QuickSwap, a successful decentralized exchange on Polygon, and has the backing of the QuickSwap community. It will boast a high-performance DEX and an innovative on-chain perpetuals platform allowing trades with up to 100x leverage. Future plans include the integration of advanced AI components and DeFi strategies as the SparkDEX team rolls out their ambitious roadmap.
To reward early adopters, 5% of SparkDEX’s total token supply is allocated for an airdrop, with 40% earmarked for existing QuickSwap users. Additionally, Flare and SparkDEX will be featured on the QuickSwap website network selector menu.
“We are excited to partner with Flare, leveraging their top-tier data protocols to enhance our high-performance DeFi ecosystem. Flare’s robust data management infrastructure sets it apart, enabling us to drive innovation and make data-driven decisions. This synergy between cutting-edge DeFi and Flare’s data interoperability will be transformative.”
Anita Ng, BD Representative at SparkDEX
SparkDEX’s flagship offering, the V2 Perpetuals Exchange, will launch later this month. It will utilize Flare’s upgraded Time Series Oracle (FTSO) for rapid price feed updates, safeguarding against front-running and false liquidations. The platform supports up to 100x leverage and offers various order types, including a unique trailing stop loss feature.
SparkDEX Aggregates 12 Chains for Optimal Trading
The Chain Abstraction mechanism on SparkDEX aggregates perpetual DEXs across 12 chains like Arbitrum, Optimism, and Polygon. It settles orders efficiently by selecting the best route and rate for each trade, powered by LayerZero, which recently integrated with Flare. Initially, the DEX will offer perpetual futures positions on digital assets, with plans to add commodities and forex once the relevant data feeds are live on Flare’s FTSO.
Now live at SparkDEX.ai, SparkDEX V3 DEX offers access to crypto trading pairs with competitive liquidity incentives and a revenue-sharing model where DEX fees are shared with token stakers. Supported by Flare’s new DeFi emissions program, significant rewards are available on the wFLR-sFLR and wFLR-USDX pools, with more to come.
“Following the approval of Flare’s new DeFi emissions program and the integration of LayerZero V2, SparkDEX’s launch marks a significant milestone for Flare’s DeFi ecosystem,” said Flare Co-Founder Hugo Philion. “We anticipate substantial liquidity inflows into their pools, accelerating DeFi growth on Flare. The launch of their perps DEX is particularly exciting.”
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About Flare
Flare is a blockchain designed for data-intensive use cases, including Machine Learning/AI, RWA tokenization, gaming, and social applications. It is the only smart contract platform optimized for decentralized data acquisition, offering trustless access to a wide range of data and data proofs at scale and low cost, thereby expanding the utility of blockchain technology.
About SparkDEX
SparkDEX is at the forefront of DeFi innovation, combining top-tier DeFi products, the latest DEX technology, and next-gen perpetuals trading on digital assets, commodities, and forex with up to 100x leverage. SparkDEX aims to redefine DeFi on Flare with its cutting-edge offerings and integration of emerging AI technologies.