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SparkDEX launches the first perps exchange on Flare
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SparkDEX has officially launched SparkDEX Eternal, the first perpetual decentralized exchange (Perp DEX) on Flare, based on information shared with Finbold on Thursday, December 12.

SparkDEX Eternal enables users to incorporate perpetual contracts into their trading strategies and provides them access to opportunities with various assets without owning the underlying instruments. 

Fast decentralized data delivery

Flare’s Flare Time Series Oracle (FTSO) allows for fast and accurate decentralized data delivery required for perps trading. SparkDex founder Steve stated:

“The FTSO’s rapid 1.8-second price feed updates ensure precise and reliable funding rate calculations and a trustworthy liquidation engine for SparkDEX Eternal. This unparalleled speed and accuracy make FTSO the ideal decentralized oracle solution for our platform, delivering a high-performance experience for margin traders.”

Dhruv Shah, a Flare DeFi analyst, added: 

“Perps are not only one of the most traded derivatives in the space; they’re also among the main drivers of oracle usage in the blockchain industry. With SparkDEX Eternal and future perps DEXs, the demand for Flare’s data offerings will continue to grow and become more apparent.”

SparkDEX Eternal supports leveraged positions on FLR and other cryptocurrencies and works on adding commodities and forex. Additionally, users have automated conditional orders, customizable open interest, and cross-chain-sourced liquidity, with the option to earn rFLR rewards through the Flare DeFi Emissions Program

Perpetual contracts and other DeFi utilities

The FTSO is fundamental in ensuring fast and accurate data provision for funding rates and supporting liquidation by handling up to 1,000 price feeds across all assets, while the agility of the ecosystem now allows traders to pursue diverse DeFi strategies within Flare.

Furthermore, perpetual contracts allow traders to hold positions without expiration so long as they meet the margin requirements. The resulting environment enables short-selling, leverage, and hedging strategies. 

With this addition to its DeFi services, SparkDEX hopes to boost liquidity and foster deeper participation in the trading and liquidity-providing communities

 

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Texas lawmaker introduces bill for strategic bitcoin reserve, aligning with Trump’s crypto agenda

Quick Take:

  • Texas Republican Rep. Giovanni Capriglione said he filed that bill, House Bill 1598, during an X space on Thursday hosted by the Satoshi Act Fund, a bitcoin mining advocacy group. 

  • Ahead of elections in November, President-elect Donald Trump vowed to create a strategic bitcoin reserve. 

A bill was introduced on Thursday to create a strategic bitcoin reserve following President-elect Donald Trump's support for investing in bitcoin and as similar bills circulate. 

Texas Republican Rep. Giovanni Capriglione said he filed that bill, House Bill 1598, during an X space on Thursday hosted by the Satoshi Act Fund, a bitcoin mining advocacy group. 

"I just filed the bill," Capriglione said during the X spaces. "It’s a bill to be entitled ‘an act relating to the establishment of a bitcoin reserve within the state treasury of Texas and the management of cryptocurrencies by governmental entities filed in the state of Texas strategic bitcoin reserve."

Capriglione said the bill would create a reserve account through donations and will be held for a maximum of five years. Texas, notably, is the eighth-largest economy in the world. 

A strategic bitcoin reserve has been floated on the federal, including from the top. Ahead of elections in November, President-elect Donald Trump vowed to create a strategic bitcoin reserve. During an interview with CNBC, Trump doubled down on Thursday, saying, "we're gonna do something great with crypto, 'cause we don't want China, or anybody else, not just China, others are embracing it, and we want to be the head."

Trump is not alone in his endeavors to create a bitcoin reserve — Republican Sen. Cynthia Lummis of Wyoming has a draft bill circulating that would direct the U.S. Treasury to buy one million bitcoin over a period of five years.

Other states have also introduced bills to invest in bitcoin. Pennsylvania Republican lawmakers introduced a bill in November that would allow Pennsylvania's state treasurer to invest in bitcoin, digital assets and crypto-based exchange-traded products.

The idea of a strategic bitcoin reserve has been met with some criticism. More recently, former Federal Reserve Bank of New York Bill Dudley said it would be a bad deal for Americans in an opinion article published on Bloomberg last week. 

"What’s in it, though, for the government or for people who don’t hold Bitcoin? Nothing good," Dudley wrote. "There’s no exit strategy, so the purpose must be to push prices higher, not create value for the government — which would be stuck holding volatile tokens that produce no income."

 

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Decentralization democratizes access to AI computing — Theta Labs exec
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The artificial intelligence sector has exploded and seems to show no signs of slowing down. However, most companies and projects utilize centralized services such as Amazon Web Services (AWS) for cloud computing power, which can be costly and prone to outages.

Decentralization and blockchain are solutions to these issues, according to Theta Labs head of strategy Wes Levitt, who told The Agenda podcast that decentralized cloud computing saves customers money and offers greater reliability and flexibility.

Levitt spoke to hosts Jonathan DeYoung and Ray Salmond for episode 51 of The Agenda, where he broke down how decentralization helps democratize access to computing power, why academia has become Theta Labs’ top customer and more.

Decentralized cloud services expand access to AI

Theta Labs is the company behind Theta Network, which describes itself as a decentralized cloud for AI, media and entertainment. According to Levitt, Theta is focused on decentralizing the cloud in order “to get away from having only a few points of failure and from having near-monopolies in the case of the major cloud providers and what they can provide in pricing and other terms.”

Levitt shared that while Theta started out focused primarily on media and entertainment, it has seen a massive influx in AI-related customers since the current AI boom began. One particular sector that has found decentralized cloud computing especially useful is academia. “The strongest inroads we’ve made in the last six to 12 months has been in academia, actually,” he said. 

“We caught on with KAIST, a university in Korea, and pretty quickly we were able to expand to four out of the five top Korean universities,” he explained, adding that Theta also “recently signed on University of Oregon and [is] talking now to a few of the US universities.”

 

 
Universities find the service useful in part because it opens up access to AI computing for organizations that can’t afford AWS, Levitt said. However, there are also some unique quirks within academia that make it an interesting use case, including universities’ need to rapidly scale up research efforts before conferences and then immediately scale them down.
“It’s not a model that really fits for them to say, ‘We’re going to sign a three-year contract with heavy commitments on it.’ They want to have flexibility and be able to use a lot when they want, and not pay for times when they’re not.”

Theta Labs vs. Amazon Web Services

The decentralized AI niche within the blockchain space has exploded over the past year. According to data from CoinMarketCap, the market capitalization of AI and big data crypto projects has grown from $16.17 billion in December 2023 to peak at over $70 billion on Dec. 6, 2024.

                   Market capitalization of AI and big data tokens. Source: CoinMarketCap

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“We don’t have stickers on our laptops that say ‘decentralize everything,’” he told The Agenda. “I think there’s always going to be some use cases [for centralization].” He gave an example of a learning model that requires a cluster of nodes focused in a specific area rather than a global network.

However, Levitt does see a future where decentralized AI could one day rival its centralized counterparts, just perhaps with different use cases.

“AWS is not going to be killed off, or the centralized cloud players aren’t going to cease to exist. There’s going to be centralized use cases. Depending on how things evolve and how a taste for decentralized AI develops, it could be just as large.”

To hear more from Levitt’s conversation with The Agenda — including how Theta Network tackles multimedia streaming, whether politicians are capable of regulating AI and more — listen to the full episode on Cointelegraph’s Podcasts pageApple Podcasts or Spotify. And don’t forget to check out Cointelegraph’s full lineup of other shows! 

 

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MUFG backed Progmat explores tokenizing foreign real estate

Japanese tokenization platform Progmat is exploring the potential for tokenizing overseas real estate. It’s the most prolific tokenization platform in Japan, founded by MUFG with backing from the other big three banks, SMBC and Mizuho, alongside others. So far most of the security tokens issued have been linked to single large real estate properties in Japan, with one or two digital bonds. Now they’re considering how to expand the types of security tokens.

There’s an affiliated Digital Asset Co-creation Consortium (DCC) with 282 members. A much smaller DCC working group explored which types of tokenized assets to consider. Out of sixteen options, overseas real estate is the top of a shortlist of five. The others are real estate construction, wind power infrastructure, solar infrastructure and funds.

The decision making process was quite informative. Each token type was assessed according to four criteria. On the commercial front, does the asset serve a need or is it in demand? And how profitable would it be? Then there’s the question of feasibility. Is there an existing scheme or structure that can be used? And what are the risks? Each of the 20 working group members voted on each criterion for every asset class.

Overall the conclusion was there would be strong demand for all five of the shortlisted assets and all were considered profitable, with less confidence about real estate construction.

The real estate tokenization choices

Regarding the scheme or structure, most Japanese real estate security tokens use a trust structure and this could be used as a template for overseas real estate. Except it’s a two tier trust structure with a domestic trust and an overseas real estate trust. Alternatively, the investment could be via a limited liability company (LLC). Regarding risks, the one big caveat was exchange rate risks. Additionally, the asset managers would need to watch out for local tax laws, especially the potential for double tax.

The working group also considered different types of exposures to overseas real estate – single property versus portfolios or real estate loans. Portfolios could either be a physical portfolio, a real estate fund or a REIT.

When they compared the trust model investing in a specific property versus an LLC investing in REITs, the LLC/REIT route was the lowest cost and risk, and the easiest to implement by far. However, the working group preferred single properties held via a trust. That’s in part because it’s the same model that has worked for security tokens so far in Japan. But the final decision appeared to be about marketing. It’s easier to sell single properties to individual investors because they are more tangible compared to a faceless REIT.

Meanwhile, Progmat Coin is progressing its stablecoin initiatives. The big three banks launched Project Pax, which will use stablecoins for cross border payments. Companies will instruct their banks in the usual way, and on the backend it will still use Swift messages. However, instead of routing payments via correspondent banks they will go via blockchain.

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