Dubai-based Flare blockchain has recently announced a partnership with SparkDEX, a decentralized finance hub that will operate on the network. SparkDEX is a “friendly fork” of QuickSwap, a successful decentralized exchange on Polygon. The platform will feature an Automated Market Maker (AMM) and perpetuals protocol, offering trades with up to 100x leverage. The team behind SparkDEX plans to integrate advanced AI components and DeFi strategies in the future.
To reward early adopters, SparkDEX has allocated 5% of its total token supply for an airdrop, with 40% reserved for existing QuickSwap users. Additionally, Flare and SparkDEX will be featured on the QuickSwap website network selector menu. Anita Ng, BD Representative at SparkDEX, expressed excitement about partnering with Flare and utilizing their data protocols to enhance the DeFi ecosystem, making data-driven decisions and driving innovation.
SparkDEX’s flagship product, the V2 Perpetuals Exchange, is set to launch soon, utilizing Flare’s upgraded Time Series Oracle (FTSO) for rapid price feed updates. The platform supports up to 100x leverage and offers various order types, including a unique trailing stop loss feature. SparkDEX will aggregate perpetual DEXs across 12 chains, settling orders efficiently by selecting the best route and rate for each trade, powered by LayerZero, which recently integrated with Flare.
The SparkDEX V3 DEX is now live at SparkDEX.ai, offering 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, significant rewards are available on the wFLR-sFLR and wFLR-USDX pools. Flare Co-Founder Hugo Philion believes that the integration of LayerZero V2 and the approval of Flare’s DeFi emissions program mark a significant milestone for Flare’s DeFi ecosystem.
Flare blockchain is designed for data-intensive use cases, including Machine Learning/AI, RWA tokenization, gaming, and social applications. It offers trustless access to a wide range of data and data proofs at scale and low cost, expanding the utility of blockchain technology. SparkDEX, on the other hand, aims to redefine DeFi on Flare through its cutting-edge offerings and integration of emerging AI technologies, providing next-gen perpetuals trading on digital assets, commodities, and forex with up to 100x leverage.
