A new protocol addresses the liquidity ecosystem of Flare (FLR) and attempts to introduce a new way to motivate FLR holders to delegate their stakes to price oracles.
BlazeSwap goes live on Flare, optimizes delegators' rewards
According to the official announcement shared by the team of BlazeSwap, the first-ever open-source DEX on Flare's upcoming mainnet, it is going to advance yield farming by introducing a totally new rewards model.
Hello @FlareNetworks community, it's nice to be here with all of you!
— BlazeSwap ☀️ (@blazeswapdex) August 30, 2022
Today is so special for us since we are launching the BlazeSwap DEX on Coston Testnet!
You can visit our website and test the dApp here:https://t.co/sAJ5fwABqR
With BlazeSwap pools, DeFi enthusasts can enjoy automatic delegation to data providers for Flare's native decentralized price oracle, the Flare Time Series Oracle (FTSO).
Not unlike staking, FLR distribution to FTSO unlocks opportunities for crypto holders to generate passive income on their dormant stakes. At the same time, Flare adheres to a merit-based model: the largest rewards are distributed among the most reliable and stable data providers.
BlazeSwap will be launched on Flare's mainnet as soon as the blockchain exits observation mode. Alex Dupre, BlazeSwap founder, is excited by the innovation his product brings to Flare's ecosystem of dApps:
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.
Besides "standard" LP rewards, BlazeSwap users will be able to allocate delegation incentive pool token rewards; the proposal is being discussed right now.
Cross-blockchain releases are coming
Hugo Philion, Flare CEO and co-founder, is sure that this release will be of crucial importance for Flare's dApps and their further progress toward adoption:
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.
BlazeSwap leverages the Uniswap v2 AMM-powered DEX design, which is the "gold standard" for the DeFi sphere. Its smart contracts are audited by third-party cybersecurity vendor Omniscia.
As Flare (FLR) is focused on connecting various blockchains with each other, BlazeSwap teases more integrations with major altcoins.
Mushumir Butt
Tomiwabold Olajide
Godfrey Benjamin
