Home » BlazeSwap DEX Is Set to Enhance DeFi on the Flare Blockchain

BlazeSwap DEX Is Set to Enhance DeFi on the Flare Blockchain

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Key highlights:

  • BlazeSwap will be the first decentralized exchange on the Flare blockchain platform.
  • BlazeSwap leverages the unique properties of the Flare blockchain to provide additional revenue opportunities for liquidity providers.
  • LPs can be rewarded for delegating data providers in Flare’s FTSO system.

Flare-based DEX project BlazeSwap aims to provide additional rewards for LPs

flareA blockchain platform focused on interoperability, is set to receive its first decentralized exchange. Blaze Swap It leverages the unique characteristics of the Flare platform to provide a unique feature set. DeFi user.

Users who contribute liquidity to BlazeSwap not only receive rewards from standard liquidity providers, but can also earn funds from Flare’s price oracle mandates and airdrops.

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

Data providers participating in the FTSO system are rewarded for providing quality data. Users who do not participate as data providers have the option of delegating authority. FLRMore Send your tokens to the data provider and receive a portion of the earned rewards.

BlazeSwap uses delegation as a way to increase revenue for liquidity providers. This makes BlazeSwap DEX a more attractive destination for his HLR holders while he contributes to the security and decentralization of the Flare blockchain.

BlazeSwap utilizes a similar automated market maker (AMM) model and aims to be 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 whose clients include notable projects such as Polygon and DappRadar.

BlazeSwap DEX will launch on Flare once the platform exits its current “observation 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 for delegating their tokens to her FTSO data provider. . This proposal is called Flare Improvement Proposal 01.

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

“We are excited that BlazeSwap will integrate Flare’s native data infrastructure and provide a new way to do DeFi. This is exciting news not only for BlazeSwap and Flare, but also for the broader Web3 and DeFi community. We look forward to seeing other innovative products our growing developer base can build using Flare’s native protocol.”

Meanwhile, BlazeSwap founder Alex Dupre said the project will announce a bug bounty program to improve the platform’s security, and the project will first deploy the final version of its smart contracts on the Songbird blockchain. said it is. About the flare that comes after that. Dupre also touched on why BlazeSwap chose to build on his Flare.

“The speed of the Flare network, low gas prices, and the goal of ‘connecting everything’ make Flare a perfect fit for decentralized exchanges. “

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