What is Flux Protocol (FLX)? Everything you need to know about FLX
In this article, we would like to introduce Flux Protocol - a cross-chain oracle aggregator. We'll be covering the following topics:
- What is Flux Protocol and the FLX token? How does it work?
- Specific details about FLX token and it’s tokenomic including its up-to-date price, key metrics, distribution and use cases.
- How to get a FLX? Where to store it?
- Flux Protocol roadmap and updates & details about team, investors and partners.
Let’s get started!
What is Flux Protocol?
Flux is a cross-chain oracle aggregator that provides smart contracts with access to economically secure data feeds.
How does Flux Protocol work?
In terms of how the project works, Flux Protocol operates similarly to other oracles on the market. Flux Protocol gets real-life data through validators — who put accurate off-chain data on-chain. To create smart contracts and request data, requesters will go through the following steps:
- Data Request: where a user or contract queries a Requester Contract to query the oracle to begin a new data request.
- Resolution: where validators stake FLX on the correct outcome to receive a reward.
- Finalization and Fees: Data request finalization and reward payout to validators.
What are Flux Protocol’s components?
- Flux Oracle: is a permissionless and decentralized protocol for requesting and processing off-chain data for on-chain resolution.
- Requester Contracts: are added to the protocol via proposals to join the Requester Registry (RR) - a whitelist of the contracts that are allowed to make data requests.
- Flux DAO: FLX holders can participate in the governance of the protocol through Flux DAO.
Why is Flux Protocol unique?
- Transparency: Flux Protocol prides itself on transparency. All of its data are open to access without any limitation.
- Near Protocol’s dynamic sharding and infinite linear scaling: Flux Protocol leverages Near Protocol’s dynamic sharding and provides validators, developers, and communities with, fast finality and high throughput.
What is FLX token?
FLX is a governance token. Details on its specific use cases could be found below.
Detailed information about FLX token
There is no information on whether Flux Protocol will issue tokens. Stay with Coin98 Insights for further news about the project.
Roadmap & Updates
Phase 1 (Completed in 2020)
The first phase of the project focused on the development and completion of a beta version for Mainnet. The team has completed the Flux SDK, the Flux Open-Source App, and the Flux Index Node. The team also successfully bridged DAI tokens from Ethereum to NEAR and completed an audit of the Beta version with Quantstamp.
Phase 2 (Not completed)
The second phase of the project focuses on allowing other projects to use its product for protocols or dApps. The specific steps of this phase are:
- Deployment of Flux Protocol V1 on Mainnet.
- Deployment of Flux Oracle.
- Implement Flux Governance Contracts.
- Launch of Beta programs to the mainnet.
- An audit for all contracts with Quantstamp Security.
- Deployment of the Flux token.
Start of Phase 3 (Not started)
- Phase 3 will be started as soon as the development phase (Phase 2) ends.
- The third phase is more about putting control of the protocol in the hands of users and implementing decentralization of the protocol.
Is Flux Protocol a good investment?
Below are some highlights for your consideration:
- FLX Staker (Coming soon): FLX holders in the future can stake FLX tokens with validators and earn interests. FLX tokens haven’t been released currently.
- Near has partnered with ChainLink and Band Protocol for its services. However, services from both of them have not mainnet on Near yet and Flux Protocol is the first oracle originally developed on NEAR Protocol at this moment.
- Flux Protocol has been invested by Coinbase Ventures. $10.3m seed round led by Distributed Global and included Coinbase Ventures, CoinFund, Uncorrelated Ventures, Figment Capital, and others.
- Flux Protocol launched on Solana this month - September 2021. Flux will also be supporting developers building on Solana with grants up to $100k in USDC and Flux Token.
Token use cases
FLX tokens will mainly serve as governance tokens:
- An amount of FLX must be included in a proposal to join the Requester Registry (RR) - a whitelist of the contracts. FLX holders are responsible for approving or rejecting the proposal to include the Request Contract.
- Flux DAO: FLX holders can participate in the governance of the protocol through the Flux DAO. Proposals can include: adding or removing request interfaces, upgrading parts of the system, changing network parameters, etc.
Team, Investors, and Partners
Team
Jasper De Gooijer: Jasper started his career as a web developer in 2016. Soon he founded his first own company - Telling.
Peter Mitchell: is more about management and business. He started his career in business development.
Peter Mitchell and Jasper De Gooijer met each other at ETH Berlin 2018.
Investors
Strategic partners
- Solana (SOL).
- Near (NEAR).
Similar projects to compare.
ChainLink (LINK): A decentralized oracle network that provides reliable real-world data for smart contracts across countless blockchains and applications in the cryptocurrency world.
Band Protocol (BAND): A cross-chain data oracle platform that aggregates and connects real-world information to smart contracts. With Band Protocol, users can build on-chain networks of decentralized apps (Dapps), token issuance systems, and reputation scores for digital assets.
Kylin (KYL): A cross-chain platform that aims to power the data economy on Polkadot. It will be the infrastructure for decentralized finance (DeFi) and web 3.0, powered by the Polkadot/Substrate framework.
Summary
This article has included the most critical and detailed information on the Flux Protocol. Please leave any questions you have below, and we will get back to you as soon as we can!
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