Flux in 2020, what a year!
Happy holidays from the Flux team! Get a recap of our year below and some insight on what's to come in 2021.
Wow, what a year 2020 has been! The year started with a bang, with our team getting ready to hunker down and build through the winter and summer, preparing for awesome events like ETHBerlin, SF Blockchain week, NYC Blockchain week, and DevCon. Instead, our team was shuffled into remote work, a challenging and rewarding experience to grow our team, fundraise, and hire in a completely distributed setting.
Let’s dive in and take a look at what we’ve accomplished in 2020:
Launched the Flux Protocol version 1.0 on Testnet — the Flux testnet was one of the first protocols to ever launch to production on NEAR Protocol’s testnet. This version of the protocol allowed for initial testing of the near wallet with our market mechanic smart contracts.
Launched the Flux Demo App version 0.5 — the Flux Demo App's first iteration was released for public use in early 2020, with first markets trading on the likely spread of the coronavirus. This initial testing helped shape the current version of the demo app and provided amazing feedback from users and developers on their preferred trading experience.
Launched the first central limit order book (CLOB) on NEAR Test/Mainnet — The CLOB mirrors traditional financial markets with its trading mechanics and experience; however, on Ethereum, CLOBs are costly and inefficient. Because Flux is built on NEAR, we can use this design and make it more efficient for traders. The CLOB is optimized for markets with high liquidity and adequate price discovery. A few use cases include:
synthetic markets (stocks, assets, commodities, etc.)
Launched the first Automated Market Maker (AMM) on NEAR Test/Mainnet — the automated market maker was first designed by a Gnosis team member for prediction markets and now serves as the foundational equation for Uniswap and other AMM products for trading. The AMM also serves an important role in prediction markets as they allow for constant liquidity in markets and trading without clear price discovery. A few use cases include:
public company milestones
startups / private companies
Launched the Flux SDK on NEAR Testnet — the Flux SDK is one of our developer toolkit's most powerful tools. The Flux SDK enables any developer to integrate with Flux Protocol in three lines of code. This enables Flux to easily augment existing solutions and makes integration for products a task completed in under one hour. The Flux SDK will give any developer in the world access to open financial market infrastructure without the need for building complex back end connections.
Launched the Flux Demo App version 2.0 on NEAR Testnet — as we celebrated our first milestone to 1,000 followers on Twitter, we teased the new live release of the Flux Demo App 2.0 connected to our mainnet protocol. The Flux Demo App is another core piece of Flux infrastructure that allows any developer in the world to clone our app in seconds and launch their own app for open-financial markets.
Launched the Flux Protocol on NEAR Mainnet version 1.0 — the most exciting milestone of all was launching our protocol to NEAR mainnet. Flux Protocol was the first protocol to ever go live on NEAR and served as the core open-source design infrastructure for developers interested in building with markets, governance, and on-chain data aggregation and indexing.
Launched the Flux SDK connected to NEAR Mainnet — the same features and tools that made the testnet version of Flux Protocol accessible in three lines of code are now connected to Flux Protocol mainnet endpoints.
Launched the Flux Index Node on NEAR Test/Mainnet — the Flux Index Node aggregates and indexes transactions, balances, volumes, resolution dates, and more from the NEAR blockchain to be used by developers within the Flux SDK or as an access point to the data layer of Flux Protocol.
Completed a security review of Flux Protocol Phase 1.0 with Quantstamp — we tested for the top 100 security vulnerabilities with our protocol, open-source app, and indexer. This serves as a basis for the future full Audit of our protocol before full public release.
Launched Flux Protocol version 1.5 to NEAR Mainnet — The current iteration of Flux Protocol contains more in-depth code documentation of protocol interactions and includes fixes for low-severity bugs highlighted within the Quanstamp security review.
NEAR to Ethereum Bridge — the Flux team brought the first assets ever from the Ethereum ecosystem to NEAR in the form of DAI to be used in Flux Protocol for trading.
Launched Flux Capacitor — a general-purpose indexer for NEAR Protocol, which powers transaction and event aggregation of any NEAR smart contract.
We have compiled all development progress and boiled this down into consumable stats around the Flux Protocol development. What will change in 2021? At the start of the new year, Flux will fully transition to a community governed and transparent state, which means engineering timelines, progress, and roadmap will be available to the community on Github.
Open market protocol, built on NEAR
This year there have been three open-source contributors working on the Flux Protocol repository. These contributors made 196 separate commits to the Flux Protocol repo with 25,805 additions to master, excluding merge commits.
This year there have been three open-source contributors working on the Flux SDK repository. These contributors made 52 separate commits to the Flux SDK repo with 20,667 additions to master, excluding merge commits.
This year there has been one open-source contributor working on the Flux Demo repository. This contributor made 135 separate commits to the Flux Demo repo with 34,527 additions to master, excluding merge commits.
Maintains state copy of flux protocol and exposes REST API
This year there have been two open-source contributors working on the Flux Index Node repository. These contributors made 54 separate commits to the Flux Index Node repo with 25,182 additions to master, excluding merge commits.
Flux open-source app enabling any developer to deploy an app on Flux in minutes
This year there have been four open-source contributors working on the Flux Demo 2.0 repository. These contributors made 52 separate commits to the Flux SDK repo with 20,667 additions to master, excluding merge commits.
We have compiled some of the highlights from the Flux Ecosystem in 2020 —
In 2021 we have a lot of exciting content ready to roll out every week covering topics from engineering, open-source tools, ecosystem, use cases, economics, and more. A quick spoiler — this will include content like:
Flux Oracle Whitepaper from the Open Oracle Association
Flux AMM Whitepaper
Flux CLOB Whitepaper
Flux Liquidity Whitepaper
Flux Developer Series
Flux Vertical Series
A few projects have now launched on the Flux SDK, including:
ARterra — a platform for esports teams to connect with fans through markets and NFTs
Stake.gg — an esports trading platform that enables permission-less market creation for any game in a global non-custodial way
WeatherDex — a synthetic market place enabling derivative markets on the weather and niche decentralized insurance.
Introducing the Open Oracle Association
In other parts of the Flux ecosystem, the Open Oracle Association was founded by a few core contributors in the web3 ecosystem. The Open Oracle Association is a Swiss Non-Profit organization supporting the development of the decentralized data-driven oracle, Flux Oracle, and connected tools and technologies designed to bring off-chain data reliably and efficiently on-chain.
The Flux Oracle is designed to have a specific set of attributes that make it unique compared to other decentralized oracles. These attributes include flexibility and economic guarantees that scale with the value secured by the oracle in line with the curation of Request Interfaces. Flux Oracle will be used by the Flux Protocol as it's resolution and arbitration layer and can be used by other protocols for data feeds with similar needs.
Core contributors to the Flux ecosystem have grown this year. Get to know them better below.
More exciting news and developments coming from the Open Oracle Association in the new year!