Recently, Flashnet announced it had raised a $4.5 million seed round led by an abstract venture that took part in from UTXO Management and others.
FlashNet is a Bitcoin native DEX based on Spark (Bitcoin L2 designed between the FlashNet team and LightSpark). It is designed to not stand the performance of (central exchange) CEX.
Spark allows instant and unlimited, self-supporting transactions of Bitcoin and Tokens, allowing users to send and receive natively via Lightning. It is open source and protected by Bitcoin. Spark was built to address the rest of the challenges of Bitcoin and Lightning, focusing on scaling independent wallets, enabling Stablecoin with Bitcoin.
I personally am a fan of recent L2 suggestions such as ARK and Spark, and I am trying to complement instead of trying to replace the LN. With this burgeoning scaling ecosystem, you'll open up design space for great things. We will abolish Uniswap and bring all fees to Bitcoin. This is why I am extremely stubborn about the utility of Bitcoin Finance (BTCFI) in Bitcoin.
Of course, the question remains, but are we really talking about “decentralized” exchanges here?
From the available documentation, here is how FlashNet works:
- When a user places a restriction or market order, the funds are sent to an MPC (Multi-Party Computation) wallet where a set of users, exchanges, and validators act as signers. MPC wallet funds will not be billed until a match is made, just like how approvals at Ethereum work. For market makers and large numbers of actors, there is the option of keeping funds in an MPC wallet to avoid the need for spark transactions for each order. In that case, they bring a little more trust.
- MPC wallets will receive signed manufacturer/taker orders, resolve transactions and begin diversifying the fund. All validators must agree to the user's intent to match the counterparty order and ensure that the 100 BTC limit order is valid only if it matches 100 BTC or exceeds 100 btc I will. This intent is known for orders signed by the user who was submitted during the order placement.
- All transactions are resolved instantly atomically in Spark via a native atom exchange mechanism. Trust is only required at short intervals between match and settlement and lasts only a few milliseconds. Additionally, users can use Spark's one-sided exit feature to unilaterally exit MPC at any time, providing an additional layer of security. RFQ offers are also available for wallets, mining pools and platforms, allowing users to request quotes from the market makers of seamless btctoken swaps. .
This development not only complements lightning, but also pushes the Bitcoin ecosystem towards greater adoption and utility, and the revival of investment in technology adjacent to lightning is a positive indication of Bitcoin's future It shows a reason.
This article is a take. The opinions expressed are entirely the authors and do not necessarily reflect the opinions of BTC Inc or Bitcoin Magazine.
In particular, Guillaume's article may discuss topics and companies that are part of his company's investment portfolio (UTXO Management). The views expressed are solely himself and do not represent the opinions of his employer or its affiliates. He has not received financial compensation for these takes. Readers should not view this content as financial advice, approval of a particular company, or investment. Always do your own research before making any financial decisions.
