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.

Also Read: Avalanche Raises $250M for Game-Changing Blockchain Upgrade