Key highlights:
SparkDEX's new DeFi hub includes a high-performance AMM and perpetuals protocol on the Flare network.
The platform, a friendly fork of QuickSwap, offers up to 100x leverage on its perpetuals exchange.
Early participants will receive a 5% token supply airdrop, with 40% allocated to QuickSwap users.
SparkDEX's innovative DeFi Hub on Flare Network
SparkDEX has announced the launch of its advanced decentralized finance hub on the Flare network. They incorporate a high-performance Automated Market Maker (AMM) and a perpetuals protocol. This new platform is a "friendly fork" of QuickSwap on Polygon and is supported by the QuickSwap team. The perpetuals exchange offers up to 100x leverage, providing new trading opportunities for users.
Key features and airdrop details
The SparkDEX team has allocated 5% of the total token supply for an airdrop to reward early participants. Notably, 40% of these tokens will be distributed to existing QuickSwap users, integrating both communities. This strategic move aims to boost liquidity and user engagement on the new platform.
“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.” —BD Representative at SparkDEX Anita Ng
Leveraging Flare's data protocols
SparkDEX will utilize Flare's upgraded Flare Time Series Oracle (FTSO) for real-time price feeds. This feature will be particularly beneficial for the V2 Perpetuals Exchange, set to launch later in July. The exchange will support various order types, including a unique trailing stop loss feature to help traders manage their positions effectively.
Advanced trading capabilities
SparkDEX's Chain Abstraction mechanism aggregates the major perpetual DEXES across 12 chains, including Arbitrum, Optimism, and Polygon. This system ensures efficient order settlement by selecting the most favorable route and rate for each trade. In the beginning, the platform will offer perpetual futures positions on digital assets, with plans to include commodities and forex in the future.
Strong community and ecosystem support
SparkDEX V3 DEX is supported by the Flare network's new DeFi emissions program. They offer competitive liquidity incentives and a revenue-sharing model where DEX fees are shared with token stakers. The platform's initial pools include wFLR-sFLR and wFLR-USDX. This setup is expected to bring significant liquidity inflows and accelerate the growth of DeFi on Flare.
“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 Co-Founder Hugo Philion
The bottom line
SparkDEX's launch on the Flare network is a big step forward in DeFi innovation. They are combining high-performance trading with advanced data protocols. With robust support from the QuickSwap team and the Flare ecosystem, SparkDEX is offering a unique and powerful trading experience for DeFi enthusiasts.
