SparkDEX Eternal, the First Perps Exchange, now on Flare
SparkDEX has just launched its new platform, SparkDEX Eternal, which is the first decentralized perpetual exchange, or Perp DEX, on the Flare blockchain.
The launch means that Flare users can now trade perpetual contracts, bringing a whole new way for traders to expand their strategies. SparkDEX Eternal allows users to open leveraged positions on FLR and popular cryptocurrencies; as well as will soon include commodities and forex. It relies on Flare Time Series Oracle to provide fast and accurate price feeds needed for trading on a Perp DEX.
This allows traders to manage the risk without holding the actual underlying assets. FTSO assists in updating prices every 1.8 seconds, and therefore funding rates and liquidations are calculated fast and precisely.
SparkDEX Founder Steve explained how important the speed of the FTSO is, saying, “The FTSO’s rapid 1.8-second price feed updates ensure precise and reliable funding rate calculations and a trustworthy liquidation engine.” In short, this speed is crucial in ensuring the smooth running of the exchange, especially when traders use margin.
SparkDEX Eternal users will also be able to manage their positions with automated orders and access several blockchains’ liquidity for reliable trade execution. There is also a rewards system, whereby users are earning rFLR tokens through the Flare DeFi Emissions Program, helping to grow participation in the exchange even further.
Flare DeFi analyst Dhruv Shah shed light on how important perpetual contracts are for the blockchain space, “Perps are not only one of the most traded derivatives in the space but also one of the main drivers of oracle usage in the blockchain industry.”
This will increase demand for Flare’s data services and result in more liquidity on SparkDEX Eternal, attracting more sophisticated traders to the platform.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Why TradFi firms could turn to bitcoin margin loans: Maple CEO
Maple’s Sid Powell said that TradFi firms have been in contact with the firm about lending and borrowing in crypto
The Daily: ECB President Lagarde rejects bitcoin for Eurozone reserves while the Czech central bank considers it and more
European Central Bank President Christine Lagarde said bitcoin is not an option as a reserve asset for the Eurozone’s central bank reserves, citing liquidity, security and regulatory concerns.Meanwhile, the Czech National Bank approved a proposal from Governor Aleš Michl to assess diversifying some of its country’s reserves into bitcoin.
'Inevitable collapse': Trump’s crypto push sparks concern at Paul Singer's Elliott Management: FT
The hedge fund said in a new investor letter that the “inevitable collapse” of the crypto bubble “could wreak havoc,” according to the Financial Times.Elliott’s Paul Singer has never been a fan of crypto, telling WSJ in 2023 that cryptocurrencies are “completely lacking in any value.”
Kiyosaki Dumps Gold and Silver, Projects Bitcoin at $250K by 2025