Behind the Scenes at Flux
Over July, we’ve taken considerable strides toward Phase 1 of our main-net launch. Phase 1 will consist of Flux Protocol on main-net with the introduction of DAI ( a stable coin pegged to the USD ) for trading. Phase 1 will also feature the update of our open-source app and SDK to enable developers to start preparing for testing and eventual launch on Flux. In addition to tech updates, we have many exciting programs and communities popping up on and around Flux to support our ecosystem.
Our team has taken the last steps to prepare for Flux Phase 1, which included porting over first ERC-20 tokens from Ethereum Ropsten test-net to NEAR test-net using the NEAR Rainbow bridge in preparation for the real deal on Ethereum/NEAR mainnet.
Flux Phase 1
Phase 1 will be a permissioned launch of the protocol to begin onboarding apps, users, and testing the mechanics in the wild. The Flux team will have an admin key to perform protocol upgrades and will distribute DAI to users that are invited for trading in this closed launch.
Trading ( all trades will be denominated in main-net DAI )
Resolving Markets ( any user will have the ability to stake DAI to resolve a market )
Disputing Markets ( any user can either stake a full dispute bond or crowdsource a bond )
Market Creation ( any user can create a market and provide initial liquidity )
Our team did a full redesign of the Flux open-source app from the ground up to completely reimagine UX not only in crypto but in the web2 space for trading on prediction markets.
Introducing the new face of Flux 🎉
This update includes:
Market Creation Tab
Toggle between governance view and trading
Summary view for current market trends
Trade overview and approval window
Light / Dark modes
Flux Indexer Node
Maintains a state copy of Flux Protocol
Powers the charts and order books on Flux
Exposes the REST API
We are proud to announce many new programs and resources that will benefit the community.
At Flux, we don’t believe in the ethos, “if you build it, they will come." Our guiding mission is to provide open markets any developer can simply plug into in 3 lines of code to enable skin in the game markets on an infinite range of possibilities.
We are offering a grant in the form of $FLUX token to projects launching on MainNet with Flux later this summer. This grant will be $50,000 in $FLUX.
This program gives content creators, users, and enthusiasts a way to use FLUX as a tool to incentivize and engage with their unique communities. Flux supports verticals on a diverse range of markets — esports, crypto, startups, venture capital, memes, sports, politics, to name a few. The Social Incentive Program rewards these communities for creating quality markets, content, and gives users a way to participate in governance and resolution on the protocol.
We do a bitesize breakdown of Flux Validators and how they make money on Flux.
What’s happening in the Community
Augur launched Version 2.0
Gas prices are soaring with users paying between $30-$145 to make a trade. The gas spent on one Augur transaction can finance between 3,000 and 14,500 trades on Flux.
Kyle Samani @KyleSamaniJust tried to play with Augur v2 Perhaps I'm misunderstanding something, but apparently it costs $30 in *gas* to create an account, and $16 per trade based on current ETH and gas prices https://t.co/n37wUBfS3x https://t.co/De4E8txpOS
A new Flux meme community
We are supporting this community by awarding the meme with the most likes on Twitter by August 31 with $100 in $FLUX.
Thanks for reading. Till next month!
— Flux Team