Case Study: Flux builds a fast, inexpensive, decentralized open market protocol with NEAR Protocol

How Flux Built a Fast, Inexpensive, and Decentralized Open Market Protocol on NEAR

Flux, an open market protocol for creating markets on anything, initially tried building on Ethereum but ran into major challenges with high transaction costs, security trade-offs, and liquidity silos. To launch a decentralized, scalable, and user-friendly product, Flux needed a blockchain platform that could support inexpensive trading and efficient market resolution.

Flux chose NEAR Protocol to power its protocol, using NEAR’s Nightshade sharding, Doomslug consensus, Rust-based smart contracts, and Randomness Beacon to build a fast, low-cost, decentralized market system. The result was dramatically lower fees—less than $0.01 for a $100 bet versus up to $63.93 on Augur—and much faster resolution times, with API data resolved in about 30 minutes and less than 5 minutes in Flux v2, while supporting $1B in volume with only about $10,000 in gas fees.

Flux

Peter Mitchell

Chief Executive Officer