DeFi
SparkDEX to Launch AMM and Perps Protocol on Flare
SparkDEX, a user-friendly fork of decentralized exchange QuickSwap, will deploy its DeFi Hub featuring an automated market maker (AMM) and perps protocol on Flare.
In an announcement made Monday, To burst announced that SparkDEX has decided to launch its DeFi hub on the data-driven Layer 1 blockchain, leveraging its data protocols to provide decentralized access to data.
SparkDEX is a platform that integrates a DEX protocol and on-chain perpetuals to enable trading with up to 100x leverage. The project plans to add an artificial intelligence (AI) component and other DeFi strategies as it gains traction in the market.
At the same time, the rollout will also benefit the Flare DeFi ecosystem. The SparkDEX integration follows LayerZero V2 integration by Flare.
“Following the recent community approval of the new Flare DeFi issuance program and the integration of LayerZero V2, the launch of SparkDEX is another important milestone in the rapid advancement of Flare’s DeFi ecosystem. We look forward to seeing significant liquidity inflows into their pools and how this will accelerate the growth of DeFi on Flare. The launch of their perps DEX is going to be particularly exciting,” said Hugo Philion, Flare’s co-founder, in a statement.
The PERPS protocol is the first to be launched
SparkDEX’s V2 Perpetuals Exchange will be the first to launch later in July and will be powered by Flare Time Series Oracle (FTSO). The technology will enable real-time updating of price feeds, providing protection against advances and false liquidations.
The V2 perps exchange supports leverage of up to 100x and various order types, including trailing stop loss. Initially, the DEX will offer access to digital assets before expanding to include commodities and forex.
As part of the integration, SparkDEX will offer an airdrop to reward the early adopter community, with 5% of the SparkDEX supply set aside for this purpose.
Current QuickSwap (QUICK) holders will receive 40% of the allocation. Of this amount, 50% will go to QUICK stakers and 50% to the QuickSwap Foundation.