Flux Decentralization Update

Peter Mitchell
November 10, 2020

The Flux Ecosystem is heating up, with even more attention flowing towards NEAR Protocol with its fully decentralized launch initiating fast, permissionless, and scalable transactions for users.

Flux β€” Phase One

Over the past four weeks, our team has been stress-testing Phase One of Flux Protocol on Mainnet in conjunction with the Flux SDK, Flux Open-Source App, and Flux Index Node. All pieces have been humming along smoothly as we onboard initial test users. Our checklist for moving from Flux Phase One to Two is days away from finalization. πŸŽ‰

Checklist for Phase 2.0:

  • Deploy Flux Protocol V0.5 on Mainnet β€” done βœ…
  • Deploy Flux Index Node β€” done βœ…
  • Deploy Flux SDK with Mainnet Endpoints β€” doneβœ…
  • NEAR permissionless launch β€” done βœ…
  • Bridge DAI from Ethereum to NEAR β€” done βœ…
  • Security review of Flux Phase Two with Quantstamp β€” done βœ…

Flux β€” Phase Two

After the finalization of our Security Review with Quantstamp, we will begin onboarding initial funds onto the Protocol from the early access list of users. Keep your eyes peeled for an invite code! The core differentiation between Phase One and Two will be the addition of DAI and an increase in dispute rounds, providing a further step of decentralization.

Checklist for Phase 3.0:

  • Deploy Flux Protocol V1 on Mainnet β€” pending πŸ•”
  • Deploy fully permissionless Flux Oracle β€” in development πŸ‘©β€πŸ’»
  • Deploy Flux Governance Contracts β€” pending πŸ•”
  • Onboarding Beta Program apps to mainnet β€” in progress πŸ‘©β€πŸ’»
  • Quantstamp Security Audit of all contracts β€” pending πŸ•”
  • Deploy Flux Token β€” pending πŸ•”
  • Community upgrade vote to Phase Three β€” pending πŸ•”

Flux β€” Phase Three

Upon completion of the checklist for Flux Phase Three, the protocol will upgrade to a fully trustless, decentralized, and permissionless protocol for open markets on anything, fully owned, and operated by the community.