The FLUX team is proposing that $FLUX be added to AlgoFi’s lending market. This collaboration would add tremendous value to the Algorand’s DeFi ecosystem by enhanced composability between two prominent protocols. We suggest integrating $FLUX in phases to ensure that the AlgoFi lending market remains healthy and that $FLUX in circulation can increase organically, thanks to increased ecosystem partnerships.
What is $FLUX and the network behind it?
Flux is the next generation of scalable, decentralized cloud infrastructure that allows for the development, management, and spawning of applications on multiple servers at once. It is ready for Web 3.0, dApps, and more.
$FLUX is the native token of the FLUX ecosystem, powering the network and giving rise to inherent use cases which include:
Blockchain as a Service: Hosting blockchain nodes and apps.
DApps: Running decentralized applications.
Oracles: Run apps to provide decentralized data sets (DibiFetch achieves this by pulling pricing data for cryptocurrencies from multiple exchanges).
Price Rate Servers : The ZelCore wallet pulls all pricing data from price rate servers running on Flux Cloud.
Game and web servers: Hosting game and web servers to provide content for end-users.
Once deployed, Flux Cloud ensures all nodes are running properly and communicating throughout the network and ensures the correct number of instances are running. built using Mongo, Express, Vue, and Node (MEVN Stack), Flux Cloud is a highly-accessible playground for developers that is completely open-source.
FLUX Network’s Website: https://runonflux.io
FLUX Network’s Dashboard: https://home.runonflux.io
- In process of obtaining the ASA verification (Pera ASA Verification)
- Flux provides access to multiple blockchains through parallel assets. Flux is creating ten parallel Flux assets on ten other blockchains that will be interchangeable with the main Flux chain. This provides Flux holders with easy access to all major DeFi platforms.
- To date, eight parallel assets (KDA, ETH, BSC, SOL, TRX, AVAX, ERG, and now ALGO) have already been created and distributed to Flux holders, with two others that will be announced and distributed in the not too distant future. PA #9 snapshot was taken last year and PA #10 snapshot is slated to occur later in 2023 as per our official roadmap which can be found at Roadmap
- If successful in the proposal, AlgoFi will be the first protocol to facilitate lending and borrowing of $FLUX to date.
- Price Oracles can easily obtained whether by CEX feeds (Binance/Kucoin etc) or off-chain means like Chainlink.
- FLUX, whilst floating on native and Parallel Asset chains such as Algorand simulataneously, will only ever have a max supply of 440,000,000 at any given time through the seemless utilisation of Fusion, our bridge technology that allows users to convert to any of the other chains within Zelcore, the non-custodial wallet Application that is free to use.
- To name just two of our recent technological success stories, we now have WordPress websites able to be deployed on our infrastructure at a fraction of the cost of running on centralised cloud infrastructure (and indeed we would welcome AlgoFi front and backend cloud hosting demands to run on our network in the future), along with harnessing the IPFS standard of decentralised cloud hard drive space to create our bespoke Flux Drive offering.
Potential benefits to partnering for AlgoFi?
Our community has relentlessly pushed for a complete DeFi offering as an additional use case for their accumulated $FLUX portfolio. With $FLUX-ALGORAND now successfully deployed as an asset that natively resides on the Algorand blockchain, there is a great deal of awareness as it is to Algorand’s ecosystem. What better way to harness this than by having users participating in AlgoFi’s marketplace.
As far as DeFi access for our FLUX community and with the help of AlgoFi, it will bring another use case to the $FLUX asset all whilst driving traffic directly to your protocol and the Algorand ecosystem as a whole.