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About Flux (FLX)
Flux is a cross-chain oracle that provides smart contracts with access to “economically guaranteed” data feeds.
The platform has a native token, FLX, used for governance within the Flux DAO and also to reward validators for sharing accurate information with the network.
Flux leverages a combination of oracles, including those from third parties, to provide off-chain information to smart contracts across a series on EVM-compatible blockchains.
Individual smart contracts request data from the platform’s network of validators who stake FLX tokens on the correct outcome. Validators who stake on the correct outcome are rewarded with a tokenized fee out forth by the requestor.
Per documentation, Flux sets fees according to a novel concept called, Total Value Staked (TVS), which dynamically sets prices based on the number of FLX tokens locked onto the platform.
Flux’s first-party oracles are operated directly by professional data providers like Coinbase and Kaiko, ensuring high levels of accuracy. Likewise, anyone with FLX tokens, a secure internet connection, and reliable outside data sources can contribute information as a third-party oracle.
Governance on the network is controlled by the Flux DAO. It allows FLX token holders to vote on various on-chain proposals.
Flux is currently integrated with a series of leading layer-1 and layer-2 blockchain protocols including Near, BSC Smart Chain, Polygon and Solana.
When was FLX created and how much was it worth?
Flux was created in 2021 by two co-founders: Jasper De Gooijer and Peter Mitchell. De Gooijjer, a Dutch blockchain engineer began his career developing “proof of” concepts for major European companies, while Mitchell first but his teeth as founder of EveryDapp.net, a curation and ranking service for decentralized applications.
The pair initially met at ETH Berlin 2018 and began developing a cross-chain, derivatives-based application shortly thereafter. Recognizing the limitations inherent in layer-1 blockchains and the oracles supporting them, De Gooijer and Mitchell later shifted their attention to the development of Flux.
Flux is currently developed and supported by the Open Oracle Association, a Swiss-based non-profit. Prior to launch, the project received $10.3 million in seed funding from a series of leading industry backers including Coinbase Ventures, and CoinFund.
The platform’s native token, FLX, was initially distributed via a fair launch auction in December of 2021 at a starting price of $2 per token. It was below $1 within days as it began to trade.
Pricing data from CoinGecko shows that FLX experienced ample volatility over its first month of existence before catapulting to a record high of $1.15 on January 15, 2022. The token’s price has since been subject to downside volatility.
How is the price of FLX determined?
FLX is a deflationary asset with a hard cap of 1 billion tokens. According to documentation, roughly 21% of FLX’s total supply was distributed to Flux’s core development team, while an additional 8.2% was reserved for the project’s advisors and early backers. Some 40.6% of supply was earmarked for Flux’s treasury.
As of mid-July 2022, there were 69 million FLX tokens in circulation.
Why does FLX have value?
While smart contracts unlock unprecedented levels of computerized utility, they remain “isolated,” requiring independent platforms to provide them with information pertaining to the outside world. Flux’s value would tie to its ability to provide smart-contract based-applications with reliable data; and given FLX’s role within the Flux ecosystem, the token’s price will likely benefit were it the case that platform sees increased usage.
Is FLX secure?
Flux leverages a novel concept, Total Value Staked (TVS), to disincentivize malicious actors from submitting inaccurate data to the network.
Flux actively “slashes” FLX tokens staked on incorrect outcomes, creating a further incentive for validators to produce accurate information.
What are the main benefits of FLX?
What do critics say about FLX?
It's a bad one-year investment, WalletInvestor said in a recent forecast.
From a cross-chain oracle competitor’s perspective, Flux has hard road going up against well-backed competitors, including Chainlink, Band Protocol and The Graph.
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