Flux Community Update - January 2021
The Flux team started 2021 off right with lots of exciting updates and flurry of product updates.
Behind the Scenes at Flux
What an exciting first month into the new year. Behind the scenes, the Flux team has been growing, welcoming more engineers to the project and increasing development speed. This month came with a full refresh of our product, protocol, connected developer tools, and documentation.
To speed up time to market, our team made the decision to launch Flux faster with just an AMM which will further simplify trading for users and ensure liquidity efficiency across markets. These changes reflected across the Flux technology stack with the addition of 4 new repositories on GitHub.
This month we deployed the first production-grade Automated Market Maker on the NEAR testnet. This AMM will power markets that will eventually rely on the Flux Oracle for resolution. The Flux AMM is optimized for prediction markets.
In overview, the gas costs are currently at —
Deploying a new market with liquidity: $NEAR 0.308 ~= $0.60
Placing a trade: $NEAR 0.06 ~= $0.0075
At the moment trading is done with a custom erc20 equivalent token on the NEAR Testnet. Once the AMM is published on Mainnet this will allow for easy integration with wrapped NEAR. By using wNEAR as the base standard, no changes are necessary to integrate USDC, DAI, or any other erc20 standard token ported over through the NEAR Rainbow Bridge from Ethereum.
With the average swap on Ethereum hitting over $180 per transaction, Flux on Ethereum would likely hit between $300-500 per transaction given the complex on-chain computation. The timing couldn’t be better for Rainbow bridge and for Flux to launch on NEAR.
In connection with the Flux App we also completely redesigned and revamped the trading experience to go along with the new AMM contract. This brand new interface looks beautiful on mobile and desktop. We redesigned the charts to provide real-time trading data from the Flux Index Node and redesigned the trading window to illustrate the most important aspects of the swap.
The introduction of the Flux Beta has started to turn some heads in DeFi as fees on popular prediction market apps surge even on Layer 2s.
To try out our testnet beta, check out our onboarding guide here.
Flux Oracle DAO
Still, in a private repo, the Flux Oracle DAO will serve as the immediate measure of decentralization in the early stage of the Flux AMM and Beta. The initial base token will be $NEAR and will consist of a collection of Flux / NEAR team and early backers.
By using this design, the Flux AMM can begin testing on mainnet early next week. The Flux Oracle DAO’s purpose is to make upgrades to the protocol and connected developer tools through governance votes, in addition to providing initial resolution for data requests. This first design will serve as a beta test of the full Flux Oracle which will later be integrated and replace the Flux DAO Oracle.
Engineering and Community Documentation
Over the past month, we have started to build out better documentation around the Flux developer tools, which includes a new documentation home. This new home will continue to be populated with more advanced documentation around the Flux AMM, the DAO Oracle, and governance mechanics.
Alongside the technical documentation, we have also published guides around signing up for a NEAR wallet, creating a data request, creating a market, and trading in a market.
Over the next week, we will be creating an advanced section to demonstrate how to seed an initial pool for trading, publishing a pool, providing liquidity, exiting a liquidity pool, and claiming funds from resolution. Many of these flows will be identical on testnet and mainnet, but the documentation section will have two separate onboarding guides.
Stake.gg an up-and-coming platform built using the Flux AMM and DAO Oracle, has released an updated version of their interface which now includes categories for different games.
The stake.gg interface displays popular Twitch streams from influencers in realtime with the Twitch chat window integrated. This allows traders to interact with streamers while creating and trading in markets in real-time.
In the first view, it provides an overview of all available titles for trading
In the second view, it provides an overview for live streams from users
In the third view, it displays the twitch stream, chat, and trading section
Stake.gg will provide a fully decentralized and non-custodial trading experience for users. The product will connect gamers from all over the world for trading on one platform with USDC.
By leveraging Flux, stake.gg doesn’t rely on any custodial platforms or payment processing providers to allow trading, and the resolution is done automatically within 30 minutes using the Flux Oracle.