Flare, the blockchain platform focused on data, has launched the Raindex desktop app, a decentralized exchange (DEX) with centralized exchange-like trading capabilities. This is made possible through the use of the Flare Time Series Oracle (FTSO). With the Raindex app, users can now execute trades on-chain in a trustless and fully-permissionless manner by setting bid and offer prices, activating stop loss and take profit mechanisms, and more.
The Raindex app utilizes Flare’s native decentralized price oracle, the FTSO, to ensure reliable and secure asset price triggers. It achieves this through the user-friendly Rainlang smart contract language, which allows anyone to create, develop, deploy, and manage customized token trading strategies.
Raindex adopts an intents-like architecture, enabling users to build a series of future transactions as part of a strategy deployed in a single transaction. Users define their desired trade outcomes without specifying how the trade is to be executed. Within the parameters of the strategy, anyone can then execute the transactions on behalf of the users.
For example, a user can create a strategy that utilizes the Flare Time Series Oracle to trigger the sale of assets at a specific price. Raindex serves as a platform to match the intentions of buyers and sellers, simplifying the transaction process. Users are no longer required to manually place orders and constantly monitor the market.
Raindex combines the appealing features of both DEXs and centralized exchanges (CEXs) into a single platform. It allows users to create and implement Rainlang strategies directly, eliminating the need for intermediaries. Users retain ownership of their digital assets while enjoying a trading experience similar to CEXs, with enhanced autonomy and security resembling DEXs.
The platform will leverage the new “Fast Updates” feature of FTSOv2, ensuring accurate prices and resistance to censorship by providing asset values per block at intervals of 1-2 seconds. Flare’s innovative design guarantees this capability. The validators themselves ensure the integrity of the data, offering a unique trust model for the oracles on the Flare network. By incorporating Rainlang on Flare, trading strategies can utilize FTSO data, improving market responsiveness and eliminating the need for off-chain data oracles from third parties.
Josh Hardy, Co-founder of Rain, remarked:
“Rainlang is a novel programming language designed to be easy to understand and write. It simplifies the process of writing and interpreting Excel formulae, making it accessible for anyone to develop smart contracts. Traders can implement their own unique techniques, such as trend watching, market making, liquidity management, stop losses, Dutch orders, dollar-cost averaging (DCA), portfolio rebalancing, and more. Raindex offers unparalleled flexibility for trade execution on-chain, surpassing typical Automated Market Maker (AMM) models. It enables the creation of bids and requests, take profit and stop loss triggers, and the cloning of trade vaults.”
Hugo Philion, Flare Co-founder and Flare Labs CEO, added:
“With Raindex’s extensive desktop application, traders can simulate strategy performance before deploying it on-chain. The app provides real-time performance monitoring, allowing users to define their desired outcomes using Rainlang, place their tokens into vaults, and deploy their orders at the appropriate moment.”
To celebrate its launch on Flare, Raindex is hosting a trading competition that will run until May 2024. The competition aims to showcase the community’s trading skills, with a total prize pool of $12,000 available for individuals who can develop the most successful trading techniques using Rainlang.
