Flare, the blockchain for data, has unveiled the Raindex desktop app, a revolutionary decentralized exchange (DEX) that incorporates centralized exchange-level trading capabilities using the Flare Time Series Oracle (FTSO). Through this app, users now have the ability to emulate the trading methods of other traders in a trustless and fully-permissionless manner on the blockchain. They can set bid and offer prices, activate stop loss and take profit mechanisms, and more. The Raindex app relies on Flare’s native decentralized price oracle, the FTSO, to ensure reliable and secure asset price triggers. It utilizes the user-friendly Rainlang smart contract language, which allows anyone to create, develop, deploy, and manage customized token trading strategies.
Raindex operates on an intents-like architecture, enabling users to build multiple future transactions as part of a single strategy. They define the desired trade outcomes without specifying the trade execution process. Within the established strategy parameters, any user can execute the transactions on behalf of others. For instance, a user can create a strategy that utilizes the Flare Time Series Oracle to automatically sell assets at a specific price. Raindex acts as a platform that matches the intentions of buyers and sellers, eliminating the need for manual order placement and continuous market monitoring.
Raindex combines the most appealing features of both DEXs and centralized exchanges (CEXs) into a single platform. It eliminates the need for intermediaries, allowing users to create and implement Rainlang strategies independently. Unlike traditional DEXs, Raindex provides a trading experience similar to CEXs while offering enhanced autonomy and security. The platform leverages FTSOv2’s “Fast Updates” feature, which guarantees accurate and censorship-resistant asset prices by delivering updated values every 1-2 seconds. Flare’s unique design ensures data integrity, as validators are responsible for validating the data. By integrating Rainlang with Flare, trading strategies can utilize FTSO data, improving market responsiveness and eliminating the reliance on off-chain data oracles from third parties.
Josh Hardy, Co-founder of Rain, expressed his excitement about the innovation, stating that Rainlang is a user-friendly programming language that simplifies the process of writing and interpreting smart contracts. Traders can implement various strategies, such as trend watching, market making, stop losses, and portfolio rebalancing, using Rainlang. The technology offers unparalleled flexibility with on-chain execution, surpassing typical Automated Market Maker (AMM) models. It enables users to create bids and requests, set take profit and stop loss triggers, and clone trade vaults. With the recent enhancements to the Flare Time Series Oracle, up to 1,000 asset values can be provided on-chain almost every second, ensuring both security and decentralization.
Hugo Philion, Flare Co-founder and Flare Labs CEO, emphasized the ability of traders to simulate strategy performance before deploying it on-chain. The Raindex desktop app provides an extensive platform for traders to create and write strategies. With real-time performance monitoring, users can define their desired outcomes using Rainlang, store their tokens in vaults, and execute their orders at the appropriate time. To celebrate its launch on Flare and encourage community participation, Raindex is hosting a trading competition that will run until May 2024. A total prize pool of $12,000 is available for individuals who can develop the most successful trading techniques utilizing Rainlang.
[Image: Flare and Raindex logos]