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BlazeSwap a New DeFi Benchmark on Flare Network

source-logo  thenewscrypto.com 26 October 2022 14:28, UTC
  • BlazeSwap would be the first and only DEX on Flare.
  • BlazeSwap has completed an audit by Omniscia.

A decentralized exchange (DEX) called BlazeSwap would shortly launch on Flare Network, the new blockchain that intends to connect everything. Once the blockchain breaks observation mode, BlazeSwap will be activated on Flare. In addition, BlazeSwap would be the first and only DEX on Flare and will charge liquidity provider fees, providing users with network airdrop benefits and Flare’s price oracle delegation.

Hugo Philion, CEO and co-founder of Flare said;

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.

Benefits of BlazeSwap

Based on the same Automated Market Maker (AMM) model as Uniswap V2, BlazeSwap has completed an audit by Omniscia. However, contributors to BlazeSwap’s liquidity pools will be eligible to receive a share of the delegation reward pool token payouts, if Flare Improvement Proposal 01, FIP.01, is approved by the community.

Also, BlazeSwap pools allow automatic delegation in a new way, to give data providers access to Flare’s native decentralized price oracle, the Flare Time Series Oracle (FTSO). FTSO represents delegation and distributes network benefits to the most reputable FTSO value sources and the token owners who actively delegate to them.

Moreover, this Flare-native capability is implemented into BlazeSwap, providing an improved structure that combines the organic FTSO benefits with the standard DEX Liquidity Provider rewards from pool trading fees. Furthermore, BlazeSwap allows FLR holders to reap the benefits of trading on the DEX, increasing network security and offering liquidity.