The post SparkDEX to launch AMM & perps protocol on Flare appeared on BitcoinEthereumNews.com.

SparkDEX, a friendly fork of the QuickSwap decentralized exchange, will deploy its DeFi Hub featuring an automated market maker (AMM) and perps protocol on Flare. In an announcement on Monday, Flare announced that SparkDEX has decided to launch its DeFi hub on the data-focused layer 1 blockchain, leveraging its data protocols to offer decentralized data access. SparkDEX is a platform that integrates a DEX protocol and on-chain perpetuals to allow for trades of 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. Meanwhile, the deployment will also benefit the Flare DeFi ecosystem. The integration of SparkDEX comes in the wake of Flare’s integration of LayerZero V2.   “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,” Hugo Philion, the co-founder of Flare, said in a statement. Perps protocol first to launch SparkDEX’s V2 Perpetuals Exchange will the first to launch later in July, and will leverage the Flare Time Series Oracle (FTSO). The technology will allow for the real-time update of price feeds, offering protection against front running and false liquidations. The V2 perps exchange supports up to 100x leverage, and different order types, including the 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 community of early participants, with 5% of SparkDEX…

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Filed under: News - @ July 16, 2024 6:18 pm