Firefly was created to push the limits of Defi by making it faster, less expensive, more accessible and technologically robust than ever.
Firefly was created to onboard millions of users on the digital financial markets over the next five years and empower everyone connected to the digital sphere with frictionless access to markets. It comes across as a decentralized trading platform that is designed for options and perpetual contracts. The platform is based on a trustless layer-2 blockchain that combines the security and transparency of decentralized exchanges with the sub-second trade settlement and low cost of centralized ones.
The price of interacting with traditional financial infrastructure is low and almost negligible and is not usually considered. However, to further make it affordable, Firefly aims at making the cost of one transaction less than a cent which will encourage many to enter the market owing to its affordability quotient. Furthermore, traders on Firefly earn equity in the protocol based on the activity on the exchange. The FFLY rewards are calculated according to a weighted arithmetic average of fees paid, average open, and maker volume and captured the value generated by the traders, unlike decentralized exchanges.
Firefly will quote the markets of several leading market makers in the industry with tight bid-ask spreads to allow for opening and exiting positions with minimal slippage. The platform aims to provide higher liquidity for all assets voted in by the governing stakeholders. Firefly will further deploy automated trading strategies, even for non-technical users. Integrating Hummingbot will allow traders to create and run high-frequency, arbitrage, and market-making strategies on the Firefly DEX. Above that, users will be able to deploy capital into plug-and-play market-making bots. More interesting is that Firefly will open-source its atomic market-making algorithms to make access to markets even more effortless.
There are a host of other benefits which will take the Defi space to the next level. To know more about the workings of this impressive platform, visit its official website on www.firefly.exchange