It offers a host of features which include low cost, low latency, deep liquidity and noncustodial, offering value flow to traders.
Web 3.0 has introduced a host of advancements of which exchanging digital assets forms a foremost part, especially tokens and NFTs, which are used widely around the blockchain sphere today. Perpetual swaps are rampant in the crypto trading sector and total up the daily trading volumes to a great extent. At present, a maximum of endless swap volume flows through centralized crypto exchanges (CeFi), where the users’ funds are at the mercy of the providers.
However, new technological advances around the blockchain space have made things easy, bringing forward more progressive projects. Firefly has been introduced for smooth asset exchange, which combines the performance of CeFi with the benefits of decentralized finance (Defi). Built to target the perpetual swap market, Firefly protocol is extensible and customizable to a great extent and designed to keep pace with the innovation and market dynamics in the digital assets space.
One of the most attractive features of this platform is that it is noncustodial, and deposits and withdrawals take place via smart contracts without any limits or restrictions. Traders directly connect themselves with noncustodial and transparent smart contracts, as no major party is involved who controls funds and transactions. The best auditors who support this Firefly’s noncustodial intelligent contract logic have openly applauded this feature.
The interaction with the core exchange happens directly on the blockchain, making accessing markets quicker and easier, and it only requires a Web3 wallet. The exchange is also be available from a dedicated mobile application via an imported
MetaMask wallet for even speedier access. Furthermore, the fees charged by Firefly are competitive, which gives it an edge over other centralized exchanges. Traders have an opportunity to earn equity in Firefly by using the business. The Trade-and-Earn (T&E) program rewards trading activity on Firefly based on paid fees, average open interest, and maker volume.
Additionally, the liquidations on Firefly are transparent. Each liquidation on it is verifiable on the blockchain with exact details regarding entry price, index price, size, and the liquidator, which is openly available.
To know more about Firefly, visit its website, www.firefly.exchange.
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