Flare (FLR), a novel EVM-compatible L1 blockchain, starts supporting one of the first fully compliant decentralized futures trading platforms in crypto.
Flare (FLR) becomes launch partner for XDFi by Sindric Solutions: Details
Flare (FLR), the blockchain for data, has announced a strategic development partnership with Sindric Solutions. As the collaboration kicks off, XDFi, a new decentralized futures protocol created by Wall Street veterans, goes live on top of Flare (FLR).
XDFi aims to raise industry standards for compliance and efficiency, delivering a trustless, noncustodial futures contract purchasing environment that operates 24/7.
With regulatory uncertainty still an impediment to larger-scale institutional investment in DeFi, XDFi represents a welcome proposition for major investors.
The protocol’s third-party Know Your Customer tokenization (KYCT) ensures 100% confidence that futures contract positions are purchased in a fully compliant manner.
This ensures that all P2P matches between long and short positions are only between eligible counterparties. This KYCT approach is the first of a kind for DeFi, ensuring full compliance without a centralized intermediary, broker or custodian.
FTSO to make futures trading more efficient and transparent
Santiago Velez, vice president of research and development at XDFi creator Sindric Solutions, highlights the importance of his product launch on Flare (FLR) for the entire segment of cryptocurrency trading:
Flare technology has enabled the next phase in decentralized finance, paving the way for real world asset pricing through FTSO telemetry and futures contracts enabled by on-chain smart contracts.
Flare cofounder and CEO Hugo Philion, stresses that the new collaboration contributes to the synergy between Web2 and Web3 trading mechanisms:
Businesses like XDFi are exactly why we are building the blockchain for data. Flare’s enshrined oracles are secured at the network layer, which provides dapps with secure and censorship-resistant decentralized access to the broadest range of off-chain data. This creates the confidence to build high-value institutional use cases such as XDFi’s compliant decentralized futures protocol.
The futures protocol uses a custom-built API integration and brings third-party compliance service providers to Flare for end-to-end, on-chain tokenization and compliance tracking.
With a noncustodial framework, users retain full control over deposits at all times for open contract orders. XDFi boasts a fully decentralized settlement system combined with a cloud based best-pricing matching algorithm.