Flare, the blockchain for data, has announced the launch of the Raindex desktop app a new intents-like DEX that uses the FTSO (Flare Time Series Oracle) to offer the advanced trading operations of CEXs (centralized exchanges).
Users can now set bid and offer prices, activate stop loss and take profit mechanisms and replicate other traders’ strategies in a trustless, fully-permissionless, decentralized way on-chain.
The Raindex app utilizes the intuitive Rainlang smart contract language, giving anyone the ability to design, write, deploy and manage customized token trading strategies, while leveraging Flare’s native decentralized price oracle the FTSO for reliable and secure asset price triggers.
Raindex achieves this with an intents-like architecture.
Users can specify their desired trade outcomes without needing to define how the trade is fulfilled, potentially setting up multiple future trades as part of a strategy deployed in a single transaction.
Anybody can then perform the trades on behalf of users, within the constraints of the pre-defined strategy.
For instance, a user can write a strategy to sell assets at a set price triggered by the FTSO.
Under the hood, Raindex facilitates this trade by acting as a matching venue for buyer and seller intents.
This frees users from manual order placement and constant market monitoring.
Trusted real-time asset price data
The culmination of more than three years of dedicated development, Raindex blends the most compelling advantages of both CEXs and DEXs into a single platform, allowing users to craft and execute Rainlang strategies without intermediaries.
It provides a CEX-like trading experience with enhanced DEX-style autonomy and security, so users no longer have to give up control of their digital assets.
The platform will take advantage of FTSO version two’s new ‘fast updates’ capability that delivers asset prices every block (one- to two-second intervals), secured by Flare’s novel architecture, guaranteeing both price accuracy and censorship resistance.
Flare offers a unique trust model for the enshrined oracles on their network as the data integrity is secured by the validators themselves.
An extension of Rainlang on Flare enables FTSO data to be leveraged for trading strategies, enhancing market responsiveness while eliminating the reliance on third-party, off-chain data oracles.
Josh Hardy, co-founder of Rain,…
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