Key takeaways:
- BlazeSwap decentralized exchange will use Flare’s price oracle delegation and network airdrop rewards
- The DEX is expected to go live once the Flare blockchain exits observation mode
- BalzeSwap is based on the same Automated Market Maker (AMM) model popularized by Uniswap v2
The BlazeSwap decentralized exchange (DEX) is set to launch on the Flare network, the new and exciting blockchain that aims to connect everything. According to available information, BlazeSwap is poised to become the first and only DEX on the network, offering Flare’s price oracle delegation and network airdrops, in addition to liquidity provider fees.
From all indications, BlazeSwap will introduce notable changes in the DEX market and the wider DeFi sector. Its pools, for a start, will offer automatic delegation to data providers for the network’s native decentralized price oracle, FTSO (Flare Time Series Oracle). While FTSO delegation is similar to staking, it is strictly merit-based. The most reliable FTSO price providers and token holders who actively delegate to them will get the best of network rewards.
An outstanding DEX in the making
Though it is yet to go live, BlazeSwap is prepared to become the best and cheapest place to swap all tokens on the Flare network and earn substantial fees. It offers an enhanced earning structure that is significantly different from what most decentralized exchanges offer. The organic, merit-based FTSO reward complements traditional DEX liquidity provider incentives.
With its unique features, BlazeSwap is likely to attract several crypto enthusiasts, especially those who are familiar with the new Flare Network. Flare (FLR) holders will benefit a lot by participating in the DEX. They can maximize utility of their assets by participating in the DEX, reaping the big benefits while securing the network.
Speaking enthusiastically about the imminent launch of BlazeSwap, Flare co-founder and CEO, Hugo Philion said:
“We are thrilled to see BlazeSwap integrating Fare’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 are looking forward to seeing other innovative products our growing developer base will be able to build using Flare’s native protocols.”
Imminent launch – Exciting Community
BlazeSwap is still in observation mode at the time of writing. However, its launch is imminent. If the Flare Improvement Proposal, FIP.01, is accepted by the community as the DEX goes live, contributors to its liquidity pool will have so much to be happy for. In addition to their entitled inflationary rewards for delegating to FTSO, these contributors will also receive their share of the delegation incentive pool token rewards.
Speaking about the launch and the community, BlazeSwap founder, Alex Dupre, 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.”
Wrapping up
BlazeSwap is based on the automated market maker (AMM) model popularized by UniSwap. It has been audited by Omniscia and found to be worthy. When it goes live, legacy tokens, including BTC, DOGE, XRP and Layer Cake will be available. With time, other tokens will become available for swapping and liquidity provision. BlazeSwap is expected to become a market where participants will make the best of the most important Web3 tokens, and Flare will serve as the cross-chain hub.
