SparkDEX has unveiled the launch of SparkDEX Eternal, a perpetual decentralized exchange operating on the Flare blockchain.
As per a report shared with crypto.news, the new platform introduces perpetual contracts, allowing traders to maintain leveraged positions indefinitely without the need to own the underlying assets.
The exchange enables users to open leveraged positions on Flare (FLR) and various other cryptocurrencies, with ambitions to branch out into commodities and forex markets. Traders can manage their positions with automated conditional orders while accessing liquidity gathered from multiple chains. Furthermore, participants have the opportunity to earn rewards via 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 guarantee accurate funding rate calculations and effective liquidation processes, essential for margin trading.
In contrast to standard futures contracts, perpetual contracts lack expiration dates. Instead, they utilize a funding rate mechanism to synchronize prices with the underlying spot market, giving traders the flexibility to implement strategies like hedging, leveraging, and short selling.
According to the announcement, SparkDEX has already achieved over $409 million in trading volume. The introduction of perpetual contracts is intended to enhance trading opportunities while bolstering Flare’s decentralized finance ecosystem.
