SparkDEX Launches Advanced DeFi Hub on Flare Blockchain

Flare, an L1 blockchain renowned for its data protocols, has announced that SparkDEX will deploy its advanced decentralized finance (DeFi) hub on the network. SparkDEX’s integration will leverage Flare’s innovative data protocols to enhance decentralized data access.

SparkDEX DeFi Hub Leverages Flare for Advanced Infrastructure and Airdrop Rewards

SparkDEX DeFi Hub, a “friendly fork” of the successful QuickSwap decentralized exchange on Polygon, is supported by the QuickSwap team. It features a high-performance DEX and an on-chain perpetuals platform offering trades with up to 100x leverage.

To reward early participants, SparkDEX announced that it has allocated 5% of its total token supply for an airdrop, with 40% available for existing QuickSwap users. Additionally, they mentioned that Flare and SparkDEX would be added to the QuickSwap website network selector menu. Anita Ng, BD Representative at SparkDEX, stated that SparkDEX could harness advanced infrastructure and enshrined data protocols by strategically selecting Flare.

The flagship offering on SparkDEX DeFi Hub, the V2 Perpetuals Exchange, is set to launch later in July. It will utilize the upgraded Flare Time Series Oracle (FTSO) for real-time price feeds, protecting against front-running and false liquidations. The exchange supports up to 100x leverage and offers various order types, including a unique trailing stop loss feature.

Optimized Trade Execution and Lucrative Rewards on SparkDEX

SparkDEX’s Chain Abstraction mechanism aggregates major perpetual DEXes across 12 chains, including Arbitrum, Optimism, and Polygon, to settle orders efficiently. Powered by LayerZero, this mechanism ensures optimal execution for users. Initially, the DEX will offer perpetual futures on digital assets, with plans to add commodities and forex once relevant data feeds are available on Flare’s FTSO.

SparkDEX V3 DEX provides 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, industry-leading rewards are currently available on the wFLR-sFLR and wFLR-USDX pools.

Flare Co-Founder Hugo Philion commented that the launch of SparkDEX is a major milestone in the advancement of Flare’s DeFi ecosystem. He added that they anticipate significant liquidity inflows into their pools and exciting developments from their perps DEX.