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Flare, a Layer 1 blockchain for data, announced that SparkDEX will be deploying a DeFi hub on the Flare Network, featuring an automated market maker (AMM) and a perpetual protocol. The SparkDEX DeFi hub is a “friendly fork” of Polygon’s main exchange, QuickSwap, and is supported by the QuickSwap community.
This includes a high-performance decentralized exchange (DEX) and an on-chain perpetual platform that offers up to 100x leverage on trading. SparkDEX will leverage Flare’s data protocol for decentralized data access. Future updates to the platform will introduce advanced AI components and DeFi strategies as they gain popularity in the market.
“Flare’s comprehensive approach to data management will differentiate our ecosystem as the blockchain for data, enabling further innovation and data-driven decision-making at SparkDEX. The combination of cutting-edge DeFi and Flare’s data interoperability is a powerful combination,” said Anita Ng, Business Development Manager at SparkDEX.
SparkDEX DeFi Hub is a “friendly fork” of Polygon’s main exchange, QuickSwap, and is supported by the QuickSwap community.
Integration with QuickSwap and Airdrop details
QuickSwap’s decision to partner with SparkDEX came after a governance vote in which 99.14% of $QUICK holders voted in favor of a friendly fork. SparkDEX allocated 5% of the total token supply to the airdrop to encourage early participation, with 40% reserved for existing QuickSwap users.
Both Flare and SparkDEX can be accessed through the network selection menu on the QuickSwap website.
👀 @QuickSwapDEX https://t.co/0wjCqQsSkF pic.twitter.com/8GmNR0HV7J
— SparkDEX (@SparkDexAI) July 15, 2024
Flare’s SparkDEX integration follows the recent adoption of LayerZero V2, connecting to 75 blockchain networks. This move not only establishes Flare as a decentralized virtual network (DVN) on LayerZero V2, but also provides secure connectivity for dApps, access to new users, and improved liquidity. Flare is now even more decentralized.
“Following 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 development of Flare’s DeFi ecosystem,” said Hugo Philion, Flare Co-Founder. “We look forward to seeing significant liquidity inflows into their pool and how it will accelerate the growth of DeFi on Flare. The launch of their perps DEX will be especially exciting.”
Advanced chain abstraction for optimized transactions
SparkDEX’s chain abstraction mechanism aggregates major persistent DEXs across 12 chains, including Arbitrum, Optimism, and Polygon. The system efficiently processes orders by selecting the most favorable path and rate for each trade. Leveraging LayerZero’s common message passing network, the mechanism ensures users get the best execution on their chosen chain.
SparkDEX DeFi Hub's flagship product, V2 Perpetuals Exchange, is scheduled to launch in late July and will utilize an upgraded Flare Time Series Oracle (FTSO) to provide fast price updates, protect against frontruns and false liquidations, and support up to 100x leverage and a variety of order types (including trailing stop loss).
Flare’s decentralized protocol uses targeted incentives to provide accurate, tamper-proof time series data to decentralized applications. FTSO leverages a large network of independent data providers to provide accurate information at regularly scheduled intervals.
The DEX will initially offer perpetual futures for digital assets, before expanding to commodities and forex once relevant data feeds are enabled on Flare’s FTSO.
In addition, SparkDEX V3 DEX is now live on the SparkDEX website. It introduces advanced access to cryptocurrency trading pairs, competitive liquidity incentives, and a revenue sharing model. Liquidity providers can select a specific price range and potentially increase their fees when the price is within that range.
Supported by Flare’s new DeFi Emissions program, rewards are already available in the wFLR-sFLR and wFLR-USDX pools, with more rewards to be added soon.
metDisclaimer: This article is provided for informational purposes only. It is not provided or intended to be legal, tax, investment, financial or other advice.
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