Behind the Scenes at Flux
We've been working hard toward the next step in our progressive decentralization roadmap, version 0.3 of Flux Protocol. This protocol upgrade will bring changes for the protocol mechanics, Flux SDK, and open source app. Including an all-new redesign of the Flux App.
This month our engineering team took the first steps to externalize fDAI (fake DAI), which is a necessary step to integrate DAI from Ethereum represented as nDAI (near DAI), which is a wrapped 1:1 version of DAI. The first test transactions between Ethereum test-net and NEAR test-net took place earlier in June.
Version 0.3 of the protocol includes:
Market Creator Fee (market creators can designate a fee to collect a percentage of volume traded in their market)
Affiliate Fees (anyone can earn affiliate fees by sharing a market with fees enabled with their network. A percentage of volume traded is paid out to these affiliate marketers)
Selling Shares (adding the ability to resell shares on Flux Protocol also introduces the ability to enable secondary markets with decentralized exchanges like Uniswap. This feature allows users to gift shares in markets to friends and swap DAI into any event outcome)
Crowdsourced Dispute (Flux Protocol participants can crowdsource resolution or dispute bonds on market outcomes)
Resolution Fee (Flux Validators will earn a percentage of open interest for providing correct resolution data)
Market Creator Fee
In addition to updates to our SDK functions, ARterra, a platform for sports franchises, eSports teams, players, and streamers to engage fans, has launched their private demo with first esports teams like Mazer creating markets on their games and tournaments.
A sneak peek of ARterra here:
Flux Open-Source App
We are working on a massive redesign of the Flux Open Source App. This design will improve market creation, governance, and trading UX to make Flux the most accessible app for trading markets on anything.
This update will include:
Updated Governance Views ( allowing any user to resolve or dispute markets and earn fees quickly)
Updated Market Creation View (making it even easier for a user to create and share their unique markets)
Improved Filtering (market filtering by category, creator, liquidity, and more)
Selling Shares (the ability for users to resell their shares, enabling seamless moves in and out of positions)
Affiliate Fees (users can now share markets from the app and earn fees on volume traded through their link)
Community Trends (get a bite-sized view of what the community is currently predicting for each market)
Chart (seamless charts to track the market and your position)
Order-book (to provide an in-depth view of current spread, order depth and price)
Flux App Update (first design iteration, subject to change before launch)
The Ready Layer One Hackathon with a sponsored prize from Flux concluded with work being started on 3 projects with two submissions:
"We want to refine the FLUX protocol Dapp by combining it with memes represented by an NFT. With that we want to reword meme owner (NFT) with a small commission collected by a prediction market in exchange for increasing the stickiness of the prediction.”
Flux Chrome/Brave Plugin
“Allows any user to create a market through a plugin on any page.”
Peter Mitchell @realpetermitchCheckout this @fluxprotocol market: Will Flux Protocol announce support for $RAI? https://t.co/Tt2wwFy66Z
Flux Market Twitter Bot - Winner
“Twitter Bot that integrates with flux-sdk to create market in Flux Protocol.”
Currently live at @marketsonflux
Open Web Collective Event
Peter spoke with Avichal Garg from Electric Capital to Open Web Collective about Flux's framework for traction and Avichal's models for go-to-market and building products for web2 vs. web3.
Open Web Collective @openwebfoundersour first cohort event ever - open office hours with @avichal & @realpetermitch & with our cohort: @1inchExchange,@Outplay_Games, @snarkdotart, @ARterraPlatform, @snowball_money, @LeafGlobalTech, @real_alethea, @boxscorelive1,@MikeCalvanese, and @nick_emmons ♥️🤘 https://t.co/DBBIfhAvaD
Popular markets on Flux
Peter Mitchell @realpetermitch@Austen @MarketsonFlux create_market “Will SpaceX go public in 2020?” 12/31/2020 11:59:59
Vladimir Grichina @vgrichina@marketsonflux create_market ”Will the Capitol Hill Autonomous Zone exist until the end of 2020?” 12/31/2020 11:59:59
Peter Mitchell @realpetermitch@Austen @MarketsonFlux create_market “Will SpaceX go public with an IPO valuation over $100 billion in 2020?” 12/31/2020 11:59:59
Peter Mitchell @realpetermitch@Austen @MarketsonFlux create_market “Will Starlink go public separately from @SpaceX in 2021?” 12/31/2021 11:59:59
Thanks for reading. Till next month!
— Flux Team