Flux App — a paradigm shift in crypto

Peter Mitchell
November 10, 2020

Flux is building the easiest protocol for developers launching open financial markets — part of this mission is creating an open-source app that's innovative, simple, and adaptable to power open markets on anything.

Crypto today

When users imagine apps powered by decentralized infrastructure, seed phrases, high transaction costs, and confusing interactions have become a common experience that most developers accept as the “hurdles” of building in web3. But, what if it was different? At Flux and NEAR Protocol, we push this boundary by removing these hurdles altogether.

Flux Open-Source App — deep dive

During the design process, our team went back to first principles — our app is a culmination of UX advancements intertwined with trustless trade execution and market creation all packaged in a totally non-custodial and anonymous wrapper.

Mobile-first experience

In a mobile-first world, it's vital that the experience we imagine is optimized for the mainstream experience. The Flux App contains four key elements:

  1. Market Creation — a portal that empowers any user to create a market on anything.
  2. Resolution — enabling users to stake on the outcome of markets and earn fees in DAI.
  3. Trading — the trading views are optimized for quick, easy transactions, in two clicks.
  4. Liquidity Provision — liquidity is key, our order books and AMM are accessible in a few taps.
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A totally trust-less adventure

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Reimagining how a decentralized app should look and operate was the first step, but from there, ensuring that users can interact with global liquidity in a completely trustless manner was the next challenge.

The Flux Open-Source App experience is built using the NEAR Wallet. The NEAR Wallet is a non-custodial browser wallet that supports human-readable account names for addresses, providing a more supportive, and familiar experience for web2 users.

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The NEAR Wallet provides four various backup options, which can be used together, or separately.

  • Private key export
  • Ledger support
  • Email
  • Phone

In addition to various recovery methods, users can also enable 2fa for more security and peace of mind.

The NEAR Wallet is optimized for mainstream users. In just a few minutes users can onboard, purchase their first crypto, and begin interacting with apps built on NEAR. In the beginning, users can secure their account with email or phone number, making the onboarding process extremely fast and familiar to traditional web flows. Apps and Protocols can also “link drop” users with an initial $NEAR amount to cover the user's first transactions. As users become more native they can remove recovery methods and become more advanced with their security threshold — NEAR Wallet is designed to grow with you.

Onboarding into NEAR is as easy as adding a credit card and ordering food on Uber Eats.

The Flux App is completely non-custodial; users always stay in control of their funds — no layer 2, no centralization, completely on-chain. When a user signs up for the Flux App, there are two options for trading. The first — having the control to confirm each transaction individually. The second — “one-click transactions” mean the user never leaves the app to make and confirm a transaction, which is the most comparable to a web2 app.

Your alpha, your trades, your crypto, period

With financial apps, you deserve the power to have access to your funds at any time with no intermediary constraining your actions. With the Flux App, users maintain access to their funds, shares, or contracts at all times. Flux Protocol creates a 24/7 trading powerhouse that never shuts down and the Flux App ensures users can take advantage of fast-paced markets in all timezones.

Demonstration of logging into the Flux App with a NEAR Wallet

Making Flux liquid

The future is bright for the NEAR Wallet, which will serve as a one-tap login for many leading protocols and apps like Balancer, 1inch, Mintbase, and Flux. The Flux App puts open financial markets in the hands of users all over the world with access to deep liquidity pools leading to more efficient price discovery and more accurate forecasting capabilities.

In Phase 2.0 of Flux Protocol, users will have access to open order books which provide fast, permission-less transactions for less than $0.01 per trade. In addition to traditional CLOBs, Flux Protocol will also support AMMs for markets that have less defined price discovery or long time horizons. The Flux App serves as a liquidity portal that provides professional and amateur liquidity providers with an easy interface to add and remove liquidity from their desired markets, with the ability to filter specific verticals.

Your trades are stable, so is your money

In version one of the Flux Protocol, all trading is done using DAI as the principal currency. The Flux App effectively shields users from transaction fees and price volatility present in traditional crypto markets. This means that if your Mom goes long on a market surrounding Flux hitting $1B TVL in 2021, she can rest assured her volatility is hedged. Adding native stable-coin support is a key feature to onboard large swaths of users.

When I use the Flux App, I can’t tell it's powered by crypto in the backend.

When can I use the Flux App?

Currently, the Flux App is only operating on testnet, but the code is open-source and can be deployed by the community in various decentralized ways and connected to the mainnet protocol, which has just moved from Phase one to Phase two.

If you’d to try out the Flux App on testnet, visit https://app.flux.market,

  • Click “login”
  • Create a NEAR Wallet
  • Visit https://faucet.flux.market, login, and claim funds
  • Return to the Flux App, unlock your funds by clicking the lock next to the balance
  • Start trading!

If you have questions about the app, development, deployment, or community join our telegram group: https://t.me/fluxprotocol