We are all eagerly awaiting the release of the Flex decentralized exchange. And recently held an AMA session with the Flex team, who shared the latest news, spoke about future plans, and answered numerous questions from the community. In this article, we present the highlights and interesting points.
So, the Flex team plans to initially launch six major trading pairs, including USDC/USDT, WEVER/ EVER, WBTC/EVER, EVER/USDT, EVER/USDC, EVER/DAI, and then add pairs with BRIDGE and QUBE.
There will also be a procedure to add other new tokens, according to which new tokens will first have to be approved at a DAO voting, and the token emitter must take care of providing liquidity for the market maker.
FLEX also has an API that is used by two market makers connected to the protocol. All documentation is available here.
Differences of FLEX from other traditional Dexes.
First of all, it is worth noting that Tier 1 blockchains are usually quite slow, so all DEXes, due to the limitations of these blockchain technologies itself, are very far from ideal. At the same time, Everscale’s blockchain architecture has created this one-of-a-kind product, which has every chance of becoming the best DEX in the world in terms of throughput. This is because throughput and the ability to scale blockchain on demand are the main features of Everscale, and it is less about the speed of individual transactions and more about the finality and total number of transactions that can be processed in a single moment. On top of that Flex has an exchange architecture that none of the existing DEXs have — and that will be a real breakthrough! The team has shared a video demonstration of the platform, which can be seen here.
FLX token mission and utility
As with most DEX, Flex will have its own FLX governance token. The tokens will be issued at IDO on Everstart and another platform, the name of which has not yet been disclosed, after two private funding rounds. The function of the token is allowing users to participate in DAO voting on the further development of the project. In fact, in order to vote, a user will have to stake their FLX token. During the first year of operation, FLEX will distribute 80% of all commissions to FLX holders, but after that time the percentage will drop to 60%. The DAO is planned to be launched at the beginning of 2023.
Apart from that, the team has a very complex development plan. In the future, it will be possible to buy EVER tokens via a widget, which is being developed in collaboration with the Ever Surf wallet team. In addition, the EVER Surf extension and integration with Metamask will be added in the second version of the product.
Also expected next year is the launch of margin trading, derivatives, and open-ended futures, which will also be available in the second version.
In addition, while FLEX is impressively fast in the first version, it is planned to be even faster in the second version. This will be done as soon as REMP (Reliable External Messaging Protocol) is implemented in Everscale.
There are also plans to complete a formal contract verification system. By the way, the auditors of the code in the first phase are very impressed by its quality.
However, there are no immediate plans for cooperation with NFT or for integration with Ledger.
To sum it up, we can say that we are looking forward to Flex exchange, as it will combine all the advantages of CEX in terms of familiar interface and order book, as well as all the advantages of DEX, which reduces to almost zero risk of hacking or not getting your tokens back.