Recently, Flashnet announced that he had raised a round of seeds of $ 4.5 million, directed by abstract companies with the participation of Utxo Management and others.
Flashnet is a native Bitcoin dex based on spark (a Bitcoin L2 designed between the flashnet and lightspark team). It is designed to rival the performance of an CEX (centralized) with nothing of custody.
SPARK allows instant and unlimited self -conceptonium transactions of Bitcoin and Tokens, while allowing users to send and receive natively through lightning. It is open source and insured by Bitcoin. Spark was built to address the remaining challenges of Bitcoin and Lightning, focusing on autocustody wallets and enabling Stablecoins in Bitcoin.
Personally, I am a fan of the recent proposals of L2 as ARK or Spark trying to complement LN instead of trying to replace it. Having this flourishing scale ecosystem opens the design space for something great, obsoleting Uniswap and bringing all the rates to Bitcoin. That is why I am so inflexible about the usefulness of Bitcoin Finance (BTCFI) for Bitcoin.
Of course, the question is still, are we really talking about a “decentralized” exchange here?
Of the available documentation, this is how Flashnet would work:
- When a user places a limit or market order, he sends funds to an MPC wallet (multiparty computing), where the user, the exchange and a set of validates act as signatories. The funds on the MPC wallet are not claimed until a coincidence is carried out, similar to how approvals in Ethereum work. For market manufacturers and high volume actors, there is an option to maintain funds on the MPC wallet to avoid the need for a spark transaction for each order, in which case they become validators, incurring a little more confidence.
- The MPC wallet receives orders from manufacturers/signed makers to liquidate operations and initiate fund dispersions. All validators must agree on the user’s intention to match the order of the counterpart, ensuring that a limit order for 100 BT is only valid if the counterpart order coincides or exceeds 100 BTC. This intention is known due to orders signed by the user sent in the placement of orders.
- All exchanges are established instant and atomically in spark through its native atomic exchange mechanism. Confidence is only required during the brief interval between coincidence and settlement, which lasts only a few milliseconds. In addition, users can unilaterally out of the MPC at any time using the Spark Unilateral output function, providing an additional safety layer. RFQ offers are also available for wallets, mining pools and platforms, allowing users to request appointments from market manufacturers of market creators without seams. .
This development not only complements lightning, but also pushes Bitcoin’s ecosystem towards greater adoption and utility, showing why the resurgence of investment in technologies adjacent to lightning is a positive sign for the future of Bitcoin.
This article is a Carry. The opinions expressed are completely from the author and do not necessarily reflect those of BTC INC or Bitcoin magazine.
Guillaume articles in particular can discuss issues or companies that are part of your company’s investment portfolio (Rubo management). The opinions expressed are only yours and do not represent the opinions of their employer or their affiliates. He is not receiving financial compensation for these shots. Readers should not consider this content as financial advice or support from any company or investment in particular. Always do your own research before making financial decisions.