What's Flux Protocol

Although not the only project working on data and Oracle, however, the Flux Protocol is the first project released on the NEAR ecosystem, developed by a seasoned team, and backed by many big-name investment funds in the market such as Coinbase Ventures, NEAR Protocol, CoinFund, Tenzor, Distributed Global, etc. Also, Flux Protocol has many outstanding features. Let’s read the report below to learn more.

What is the Flux Protocol

The Flux Protocol is cross-chain oracle integration, open source code, permissionless và trustless. Also, the Flux protocol is a magical solution that aims to deliver high-quality, decentralized data to any protocol on any chain. It gives Data Providers a direct, secure means to push data from off-chain to on-chain so that it may be used by dApps or by applications to index, query, and validate the data.

The Open Oracle Association, a Swiss non-profit organization, supports and develops Flux with the primary objective of supporting the ecosystem through the distribution of awards in monetary means through USDC and the Flux Token.

What are the features of the Flux Protocol?

Blockchain Agnostic

To begin with, let’s define Blockchain Agnostic. It means chainless, more specifically, there is no preference for chains running on Flux Protocol. It creates an equal independent environment for chains in order to avoid network congestion.

Flux Protocol builds the data layer for dApps by becoming a Blockchain Agnostic. It gives developers the flexibility to leverage their decentralized and trustless Oracle aggregator onto any Blockchains without needing to additional infrastructure fees.

Flux is written in the RUST programming language and implemented on the NEAR Protocol with Solana. The protocol also supports EVM for ease of operation with Layers 1 and 2.

Oracle Aggregator

In addition to being a Blockchain Agnostic, Flux is an Oracle Aggregator, that adds a layer of security to the data feed regardless of which blockchain users are working with. Also, it aggregates data from different oracles at no extra cost.

Gamified

Flux is the first decentralized Oracle guaranteeing economics of data requirements. This allows smart contracts to interact with real-world events and data and ensures that requesters are never exposed to incorrect data if a data provider falsely reports the event in that case.

FluxDAO

Flux Protocol is run by Flux DAO. DAO is responsible for deciding whether to approve or deny dApps’ accession to whitelist and managing upgradable features, etc.

What is the FLX Token?

FLX Token Key Metrics

  • Token Name: Flux Token
  • Ticker: FLX
  • Deployment Network: Ethereum
  • Total Supply: 1,000,000,000 FLX
  • Smart contract: 0x3ea8ea4237344c9931214796d9417af1a1180770
  • Token Utility: Governance, staking

FLX Token Allocation

  • Core team and contributors: 28,8% – Lock for 6 months, then pay within 24 months from network launch.
  • Advisors: 2,67% – Lock for 6 months, then pay within 24 months of network launch.
  • Founding Contributors: 14,96% – Locked for 6 months, then paid within 18 months from network launch.
  • Strategic Contributors: 8,45% – Lock for 4 months, then pay within 24 months from network launch.
  • Treasury: 19,10% – Fund managed by DAO.
  • Developer mining: 15%
  • Ecosystem fund: 5%
  • Validator incentives: 3%
  • Public Distribution: 3% – Sell publicly on Copper launch 1.5% and remaining 1.5% for bootstrap liquidity.

FLX tokenFLX Token Use Case

FLX token includes the following features:

  • Maintain protocol whitelist to create new data requests. To be whitelisted, a protocol must submit a proposal to the DAO with the FLX token attached to it in order to join Whitelist.
  • To deploy Oracle modules for different use cases, developers must apply DAO to receive approval for the type of data request and the economic assurance provided by validators through staking and payment tokens.
  • The FLX token secures and strengthens the network and acts as the node’s collateral for selected data requests and validations.
  • Flux Oracle is cross-chain; Flux DAO allows FLX token holders to vote on upgrades and design changes on the Layer 1 layers that Flux supports.

How to get FLX Token?

Currently, the Flux Protocol project supports Blockchains like Solana, Near, and Aurora. Users can own and trade it on DEX that supports the above 3 chains like Ref Finance, and Trisolaris and store it on Metamask, Coin98, and NearWallet wallets.

Roadmap of the Flux Protocol

Flux Protocol divides its development roadmap into 3 main phases:

  • State 1: This phase was completed in 2020, focusing on the development and completion of the Mainnet beta, including:
    • Deploying Flux Protocol V0.5 on Mainnet
    • Flux Index Node Deployment
    • Deploying Flux SDK with Mainnet Endpoints
    • Bridge DAI from Ethereum to NEAR Protocol
    • Auditing Beta with Quantstamp
  • State 2: It is being implemented with the specific roadmap as follows:
    • Deploying Flux Protocol V1 on Mainnet
    • Flux Oracle Deployment
    • Deploying Flux Governance Contracts
    • Bringing Beta Programs to Mainnet
    • Quantstamp Security audits all contracts
    • Launch of FLX token Token
    • FluxDAO Deployment
    • Expansion of Solana ecosystem
  • Stage 3: When state 2 is completed, state 3 will be deployed to further decentralize the protocol.

Team, Partners, and Backers

Team

Most of the members of the project development team have experience in Web 2, Web 3 development or work for prominent projects in the market such as Harmony, Bitmax, …

Flux

Partners

Flux Protocol & Amberdata: This cooperation event is to support Amberdata in providing data for NEAR, Aurora, etc. Besides, Flux also contributed a part of FLX token to Amberdata.

Flux Protocol x Bastion Protocol: Through this partnership, Flux provides Oracle pricing data for Bastion – the leading Lending Protocol on Aurora. Initial price feeds include ETH, NEAR, WBTC, AR, DAI, USDC, and USDT.

Flux Protocol x The Graph: The partnership between Flux Protocol and The Graph may help integrate Index Data with Smart Contracts

Backers

Flux has successfully raised $ 10.3 million through the Private round of the project, including many large investment funds in the market such as Coinbase Ventures, NEAR Protocol, CoinFund, Tenzor, Distributed Global, …

Flux

Conclusion

Flux Protocol project is one of the quite potential Oracle projects in the future because there are some technologies that are superior to the rest of Oracle. However, in order to gain market share in the Oracle segment, Flux Protocol needs to develop more strength to be able to attract users from platforms like ChainLink, API3, or Band Protocol. So this project takes a long time to develop and depends a lot on the development of the NEAR and Solana platforms to be the perfect launch pad for FLUX.

Flux Protocol’s Community

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