BlazeSwap, the Flare Network’s first open-source, decentralized exchange, says it provides users with Flare’s pricing oracle delegation and network airdrop incentives in addition to liquidity provider fees. The Flare Time Series Oracle (FTSO) is Flare’s native decentralized price oracle, and it may be automatically delegated to data providers through BlazeSwap pools.
Comparable to staking but based on proven reliability, FTSO delegation compensates token holders who actively delegate to the most trustworthy FTSO price providers. BlazeSwap implements this Flare-native functionality, providing a more lucrative earnings structure by combining the conventional incentives for DEX Liquidity Providers from pool trading fees with the native FTSO advantages.
BlazeSwap, FTSO and the ecosystem growth path
Once Flare exits observation mode, BlazeSwap will become operational. After the community votes on and accepts Flare Improvement Proposal 01, FIP.01, liquidity pool contributors will also be eligible to receive tokens from the delegation incentive pool. That’s on top of the standard inflationary benefits of delegating to the FTSO.
As with Uniswap V2, BlazeSwap follows the Automated Market Maker (AMM) paradigm and has been audited by Omniscia. When Flare’s bridging apps go live, more tokens will be available on BlazeSwap for trading and liquidity support. The addition of Flare as the cross-chain hub transforms it into a marketplace where users can access the most valuable Web3 tokens in a single location.
According to Alex Dupre, founder of BlazeSwap:
“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.”
Meanwhile, BlazeSwap has promised to announce a bug bounty program very soon in an effort to further improve the security of the platform. Also, they have begun releasing their smart contracts’ final version on Songbird, and the ones for Flare will follow. The company also plans to refine its user interface and third-party integrations in response to customer feedback.