BlazeSwap DEX Set to Improve DeFi on the Flare Blockchain

BlazeSwap DEX Set to Improve DeFi on the Flare Blockchain

the main points:

  • BlazeSwap will be the first decentralized exchange on the Flare blockchain
  • BlazeSwap will take advantage of the unique characteristics of the Flare blockchain to provide additional profit opportunities for liquidity providers
  • LPs will be able to earn rewards from delegations to data providers for Flare’s FTSO system

The Flare-based BlazeSwap project aims to provide additional rewards to LPs

glowa blockchain platform focused on interoperability, is set to receive its first decentralized exchange. BlazeSwap The unique characteristics of the Flare platform will be leveraged to provide a unique set of features to DeFi users.

Users who provide liquidity to BlazeSwap will not only receive standard liquidity provider rewards, but will also be able to earn money from Flare’s Price oracle sources of authorization and airdrops.

The Flare Time Series Oracle (FTSO) is a system that sources price data from centralized and decentralized cryptocurrency exchanges and submits it to the Flare blockchain. This allows the Flare Blockchain to act as a hub for trading digital assets from a variety of blockchains, even those without the native smart contract functionality.

Data providers who participate in the FTSO system are incentivized with rewards, as long as they provide high quality data. Users who do not participate as data providers have the option to delegate files FLR tokens to the data provider and receive a portion of the rewards they earn.

BlazeSwap uses authorization as a way to boost liquidity providers’ profits. This makes BlazeSwap DEX a more attractive destination for HLR holders, while contributing to the security and decentralization of the Flare blockchain at the same time.

Using a model similar to an automated market maker (AMM), BlazeSwap has ambitions of becoming a one-stop shop for trading the most important digital assets from a variety of different blockchains. The platform has been audited by Omniscia, a company that counts notable projects like Polygon and DappRadar among its clients.

BlazeSwap DEX will be launched on Flare once the platform exits the current “monitoring mode”. Pending approval from the Flare community, users who provide liquidity to BlazeSwap will be able to receive rewards from the delegation incentive pool in addition to the standard rewards from delegating their tokens to FTSO data providers. This suggestion is called the Glow Improvement Suggestion 01.

Flare co-founder Hugo Philion commented on BlazeSwap, highlighting the project that uses Flare’s native infrastructure to innovate in the field of decentralized finance:

“We are excited to see BlazeSwap integrating Flare’s native data infrastructure to deliver a new way of doing DeFi. This is exciting news, not only for BlazeSwap and Flare, but also for the broader Web3 and DeFi communities. We look forward to seeing other innovative products that our growing developer base will be able to offer. built using the original Flare protocols.”

Meanwhile, Alex Dupree, founder of BlazeSwap, said that the project will announce a bug bounty program to improve the security of the platform, and said that the project will first roll out the final version of its smart contracts on the Songbird blockchain, with a posting on the upcoming Flare after that. Dupree also touched on the reasons why BlazeSwap built on Flare:

“Flare’s network speed, low gas fees, and “connect everything” goal make it a perfect match for a decentralized exchange.”

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