DailySun
SparkDEX has officially launched SparkDEX Eternal, a perpetual decentralized exchange operating on the Flare blockchain.
As mentioned in a statement shared with crypto.news, the platform features perpetual contracts that allow traders to maintain leveraged positions indefinitely without having to own the underlying assets.
Users can take leveraged positions in Flare (FLR) and various other cryptocurrencies, with intentions to branch out into commodities and forex markets. Traders can manage their positions using automated conditional orders and tap into liquidity from multiple chains. Moreover, participants can earn rewards through the Flare DeFi Emissions Program.
Flare’s Time Series Oracle
SparkDEX Eternal is enhanced by the Flare Time Series Oracle, which delivers decentralized and timely price updates. The FTSO’s 1.8-second price feed updates ensure dependable funding rate calculations and efficient liquidation processes, which are vital for margin trading.
Unlike traditional futures contracts, perpetual contracts do not have an expiration date. They utilize a funding rate mechanism to keep prices aligned with the underlying spot market, enabling traders to employ strategies like hedging, leverage, and short selling.
As per the announcement, SparkDEX has already achieved over $409 million in trading volume. The introduction of perpetual contracts is intended to create additional trading opportunities while bolstering Flare’s decentralized finance ecosystem.
