ORIGINALLY POSTED: 26th October 2022
BlazeSwap is an upcoming decentralized exchange (DEX) launching on Flare Network, the blockchain that aims to connect everything. BlazeSwap will offer users Flare’s price oracle delegation and network token distribution rewards on top of liquidity provider fees.
BlazeSwap pools offer automatic delegation to data providers for Flare’s native decentralized price oracle, the Flare Time Series Oracle (FTSO). FTSO delegation is similar to staking but merit-based, where network rewards are distributed to the most reliable FTSO price providers and the token holders who actively delegate to them. BlazeSwap incorporates this Flare-native feature, offering an enhanced earning structure that augments traditional DEX Liquidity Provider incentives from pool trading fees with the organic FTSO rewards. FLR holders are able to maximize utility from participating in the DEX, providing liquidity while improving the security of the network.
BlazeSwap is expected to go live on Flare once the blockchain exits observation mode. If Flare Improvement Proposal 01, FIP.01, is accepted by the community, then contributors to BlazeSwap’s liquidity pools will also be able to receive their share of the delegation incentive pool token rewards, in addition to the regular inflationary rewards for delegating to the FTSO. BlazeSwap will go live on Songbird shortly, once a bug bounty period has been completed.
BlazeSwap has been audited by Omniscia, and is based on the same Automated Market Maker (AMM) model made popular by Uniswap V2. As bridging applications are launched – including FAssets for legacy tokens like BTC, XRP DOGE and Layer Cake for smart contract networks – additional tokens will become available for swapping and liquidity provision on BlazeSwap. With Flare as the cross-chain hub, BlazeSwap becomes a market where users can tap into the most important Web3 tokens from one platform.
Hugo Philion, Flare CEO & Co-founder said, “We are thrilled to see Blazeswap integrating Flare’s native data infrastructure to offer a new way of doing DeFi. This is exciting news, not only for BlazeSwap and Flare, but also the broader Web3 and DeFi communities. We look forward to seeing what other innovative products our growing developer base will be able to build using Flare’s native protocols.”
Alex Dupre, BlazeSwap Founder said, “After months of development we’ve been very happy to see the enthusiasm from Flare’s community about the launch of the alpha version of BlazeSwap on the Coston testnet. The speed of the Flare network, its low gas fees and its goal to “connect everything” make it a perfect match with our decentralized exchange. Its full integration with Flare’s native components is what the community has been waiting for, in order to demonstrate and fully unlock the network’s potential. We’ll soon be announcing a bug bounty program to further strengthen the security of our platform. We are now eager to roll out the final version of the smart contracts on Songbird, and later on Flare, and to continue working on the user interface and third party integrations, listening to the feedback from our awesome user base.”