Firefly Dex Review

Firefly is a decentralized exchange (DEX) that provides its users with excellent speed, scalability and transparency. Firefly aims to make Defi available to millions of users by combining the best of centralized and decentralized platforms in one place.

The minimal latency, liquidity availability and low cost of centralized platforms combined with the transparency of Defi will make Firefly a great platform for trading digital assets.

The main advantages of Firefly are:

• The fast speed of Defi — transactions. The time from order creation to its calculation on the blockchain in Firefly takes about 400–800 ms under ideal conditions, which seems almost instantaneous, and is a competitive advantage over the data transfer time in traditional finance. In addition, the tools created will be available for use by other projects within the Polkadot and Moonbeam ecosystems.
• Low transaction cost. The cost per transaction on Firefly is less than one cent, thereby providing access to markets for all.
• Returns to users of the profits generated by the platform. Unlike centralized exchanges, which take all profits earned by traders, decentralized applications allow you to give value back to protocol users. Based on their trading activity, traders receive rights to profits generated on the platform in perpetuity. Token holders determine profit sharing mechanisms through decentralized management.
• Trading Pair Liquidity. Traditional high-frequency and market maker strategies provide liquid, efficient markets for virtually all currently traded assets. Several of the leading market makers in the industry quote markets on Firefly with limited bid and ask spreads, allowing you to open and exit positions with minimal slippage. Firefly strives to provide the highest possible liquidity for all assets as voted by the major players on the board (governing stakeholders).
• Algorithmic trading Automated trading and market making strategies are at the core of liquid and efficient markets. In order to strengthen the markets on Firefly, the deployment of automated trading strategies will be made as easy as possible, even for users who are not very tech-savvy. For starters, integration with Hummingbot will allow traders to create and run high-frequency, arbitrage and market-making strategies on Firefly’s decentralized exchange (Firefly DEX, Decentralized Exchange). In addition, users will be able to invest in plug-and-play market-making bots. Finally, to make accessing markets even easier, Firefly will make its own atomic market-making algorithms publicly available.
• Security of smart contracts Security is a prerequisite for a productive and user-friendly decentralized exchange (DEX). Firefly works with the best companies in the smart contract auditing industry. The non-custodial smart contracts underlying Firefly will be open source, allowing anyone to audit the code, derive contract logic and understand the inner workings of the exchange.

The future of Firefly is shaped by a DAO made up of token holders. Some of the important responsibilities of the DAO include: adding new trading pairs and markets, developing commission models, and managing the treasury, so token holders have the greatest interest in making wise decisions that will advance the exchanges and benefit all stakeholders. The native token of the FLY exchange will be managed.

User Interface & Market Makers

The official sources of Firefly have already presented a test sample of the interface. According to this screenshot, we see that the platform will give the opportunity to trade assets with the functions of a classic, but decentralized trading terminal and functions of setting, there is an opportunity to trade visually orderbook, put different types of orders, and most importantly, use all kinds of derivative financial instruments (margin trading, futures, etc.) I want to note that you can trade different assets with your MetaMask and other extention-wallets in the future! Note the user-friendly familiar day-trading interface which is radically different from the DEX we are used to.

In the last round of funding, the Firefly team has raised about $23 million from leading foundations such as Hypersphere, Polychain, DeFiance, Alameda, CMS, Divergence and others. The funds raised in this round will be used for an onchain loan for the convenience of leading Market Makers in the crypto-sphere and to ensure liquidity, orderblock work properly, etc. Note, Firefly will support both types of Market Makers, namely statistical MM and hedging MM. Each of these types of MM has pros and cons which you can find here, but the main thing is that the mix of the two types allows you to provide low spreads and increase the market depth, thereby providing a high degree of liquidity.

Done by gmailmoscowbv1994#0234