SparkDEX to launch AMM & perps protocol on Flare

SparkDEX, a friendly fork of the QuickSwap decentralized exchange, will deploy its DeFi Hub featuring an automatic market maker (AMM) and perps protocol on Flare.

Flare announced on Monday that it has decided to launch its DeFi hub on SparkDEX’s data-focused layer 1 blockchain and is working to offer decentralized data access using data protocols.

SparkDEX is a platform that integrates a DEX protocol and on-chain perpetual transactions 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 momentum in the market.

Meanwhile, the deployment will also benefit the Flare DeFi ecosystem. The integration of SparkDEX follows Flare’s LayerZero V2 integration.

“Following the recent community approval of the new Flare DeFi emission program and the integration of LayerZero V2, the launch of SparkDEX is another major 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 will be particularly exciting,” said Hugo Philion, co-founder of Flare.

Perps protocol was the first protocol launched

SparkDEX’s V2 Perpetuals Exchange will be the first to launch in late July and will use the Flare Time Series Oracle (FTSO). The technology will allow for real-time updating of price feeds and protect against front-running and fraudulent liquidations.

The V2 perps exchange supports up to 100x leverage and different order types, including trailing stops. The DEX will initially offer access to digital assets and will then expand 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 being allocated for this.

Existing QuickSwap (QUICK) holders will receive 40% of the allocation. 50% of this will go to QUICK stakers and 50% to the QuickSwap Foundation.