Firefly is a decentralized derivatives trading protocol based on the order book mechanism. Firefly is based on the Polkadot ecosystem. It is the first derivatives exchange of the Polkadot ecosystem. Firefly will be deployed on the Moonbeam network, adopting the Layer2 solution Rollup to increase the throughput of trading.
Firefly is in the guarded launch stage right now, opening to a subset of the community. According to the team's disclosure, the Firefly exchange is scheduled to go live to the public on Moonbeam in December 2022.
The Firefly team has not yet disclosed details about Firefly's product and trading mechanics. What is known is that Firefly will use the Chainlink oracle to feed prices during liquidation, collateralization, and calculation of funding rates. For the product, Firefly will offer both Isolated Margin Leverage and Cross Margin Leverage for trades. In addition, after the official launch of its core product, Firefly plans to establish its DAO to drive the development of the project's decentralized governance.
$FFLY will be issued as Firefly's native governance token. $FFLY will be used for governance voting, staking, and trading rewards.
