Flare Announces Launch of Raindex App Utilizing Flare Time Series Oracle (FTSO)

By Crypto Intelligence
about 1 month ago
FLR

Flare, a groundbreaking blockchain designed for data, proudly introduces the Raindex desktop application, marking a significant evolution in decentralized exchange (DEX) technology. This innovative platform merges the best features of centralized exchanges (CEXs) with the benefits of decentralized finance (DeFi), offering users a unique, trustless trading experience without the need for intermediaries.

The Raindex app is designed to facilitate advanced trading operations such as setting bid and offer prices, activating stop loss and take profit mechanisms, and even emulating other traders' strategies entirely on-chain.

At the heart of Raindex's functionality is the Flare Time Series Oracle (FTSO), a decentralized price oracle that ensures accurate and secure asset price triggers. This technology enables the app to deliver real-time asset prices every 1-2 seconds through its "Fast Updates" feature, supported by Flare's novel architecture. Raindex utilizes an intents-like architecture, allowing users to define desired trade outcomes without specifying the means of achieving them.

This approach not only simplifies trading but also enhances strategy deployment efficiency.

Raindex's core is powered by Rainlang, an intuitive smart contract language that empowers users to craft, deploy, and manage custom token trading strategies with ease. Emphasizing accessibility, Rainlang is designed to be as simple as Excel formulas, broadening its appeal to a wider audience. This language supports a variety of trading strategies, including dollar-cost averaging, stop losses, and trend tracking, among others.

Josh Hardy, Co-founder of Rain, emphasizes the importance of secure, reliable data in trading strategy development, expressing enthusiasm for integrating Rainlang and Raindex into the Flare ecosystem. Similarly, Hugo Philion, Co-founder and CEO of Flare Labs, highlights the recent enhancements to the FTSO, which now supports the delivery of up to 1,000 asset prices on-chain every second, thereby enabling the extensive functionalities of a CEX within the secure framework of a DEX.

To celebrate its launch and encourage community engagement, Raindex is hosting a trading contest throughout May 2024. Participants have the chance to win from a prize pool of $12,000 by showcasing their most profitable trading strategies using Rainlang.

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