what's Flashnet?
Flashnet is a permissionless, non-custodial exchange built natively on Bitcoin, enabling users to trade BTC and related assets with CEX-like execution speeds without relying on centralized intermediaries. It leverages Bitcoin's layer for trustless settlement, eliminating counterparty risks associated with traditional exchanges by keeping assets in user custody throughout the trading process. The protocol supports fast, on-chain trading through advanced liquidity mechanisms, reducing fees and providing 24/7 access while adhering to Bitcoin's self-sovereignty principles. Key features include atomic swaps and order matching directly on Bitcoin's ledger, avoiding bridges or sidechains for enhanced security. Flashnet has introduced innovations like the USDB stablecoin, issued on Bitcoin to facilitate dollar-denominated trading. As a liquidity layer, it aims to unlock efficient capital markets for Bitcoin holders, fostering DeFi-like functionalities such as perpetuals and spot trading in a decentralized manner.
Flashnet raised eight-figure funding from a Trump-linked firm; parent partnered with Coinbase/SoFi for transfers.
Links
x.com/flashnetParent company partnered with Coinbase and SoFi for blockchain money transfers.
SatGo releases version 1.5.2 fixing multiple critical issues with Spark integration including withdrawal failures, deposit confirmation problems, and balance display errors, while adding automatic clawback mechanism for failed trades.
After reaching a $3.3M all-time high, the market cap consolidates in the $700k-$1M range as Bitcoin deposits into the Spark platform grow daily.
Volume on Spark is lower than expected according to user feedback.
New tokens BUTT (#2) and BITTY (#3) launch on Luminex and SatGo, joining ASTY as top tokens on the platform.
$ASTY launches as the first token on the Flashnet platform.
Backing confirmed from Ribbit Capital, a16z crypto, Tether, and Paradigm. Rigelians ordinals collection (4,000 supply) launches staking system requiring self-transfer, with current price at $32 from $11 original mint.
Multiple rug pulls occur on new token launches at 10-20k market cap levels. An incentive program ending December 7 offers prizes including iPhone 17 Pro, Trezor, and ordinals for users completing swaps on Sats Terminal.
Technical issues on SatGo and Luminex are resolved, and trading activity consolidates around $SOON token with upward price movement.
Incentive program offers 500 Spark OG Cards for users testing the Flashnet swap feature.
Flashnet and Spark go live with Sats Terminal aggregation protocol integration.
Trading rewards program launches for token creators with direct BTC payments calculated as a percentage of fees, accessible through a new creator dashboard.
Platform relaunches December 1st at 8pm CET / 2pm EST with multiple new launchpads going live alongside Luminex.
Xverse wallet integration is ready for the platform. (Tweet ID: 1994256079174189566)
Platforms will relaunch on December 1st with mobile trading through SatGoBTC, and an airdrop campaign is active for users bridging to Spark through the app.
Team member completes 3-week intensive on-site work session and leaves the offices; collaboration with Luminex team members revofusion and maweaac confirmed.
21000 inscriptions minted and Spark and Flashnet are currently offline with users waiting for the platforms to be live again.
Team completes development of the trading experience for Spark/Flashnet token trading in SatGoBTC and confirms the platform is launch-ready.
External analyst raises technical concerns about DDOS vulnerabilities in the statechain architecture and questions claims of unlimited TPS with free transactions, noting that free internal transfers could create bottlenecks without proper spam protection mechanisms.
Teams worked a 9am-3am session at the office and load testing is actively in progress.
Team member travels to Flashnet/Spark offices with commitment to stay until the platform launches and SatGoBTC trading goes live.
Sooncoin token gains significant mindshare with Solana KOLs preparing to promote it, while the platform reportedly handled over 100 million requests in an hour. Silicon Valley and China show genuine interest in the project, and multiple tokens (Betacat, HODL, Dragon) launched on the platform with Solana community expected to launch new creative tokens on Monday.
Luminex website status updated from "Flashnet: Offline" to "Flashnet: Soon", indicating progress toward platform relaunch.
Platform scheduled to resume operations in 5-12 hours after completing bug fixes from previous outages.
New Telegram bot integration (SatGoSparkBot) allows users to pull token information using addresses or ticker commands.
Platform's Spark tokens feature built-in anti-selling protection to prevent quick exits.
Platform prepares for relaunch 4 after technical stalls at launch 3, with Solana traders expressing positive interest and most platform tokens trading at $400K-$1M market caps.
Platform generates millions in token volume over 12 hours with users moving funds from other chains to Bitcoin, but experiences intermittent outages and is currently offline. (ID: 1983483569755619488)
Platform completes 5 version iterations (v1-v5) and achieves stability after addressing launch issues.
Bitcoin token (BTKN) trading volume on the platform reaches levels not seen for a considerable time period. (ID: 1983337926193995839)
Betacat reaches 500K market cap with tokens actively trading.
Platform goes live and is now operational for trading with Bitcoin DeFi functionality active.
Platform launches today or tomorrow with Fixedfloat bridge supporting USDC, SOL, and ETH deposits to convert to Spark BTC.
Rigelians releases staking system with users instructed to perform self-transfers to participate.
Xverse wallet integration now enables direct interaction with the platform and partner apps including Magic Eden on BTC, Luminex, and UTXO, replacing the previous deposit address system.
Full release approaches with spark season starting soon. Current prices listed for multiple assets: UTXO (2.7M), AKITA (2.3M), FSPKS (2M), AKITA NFTs (0.002), Rigelians (0.0003), and Spark cats (0.00013).
AMM partnership established with UTXO platform; recent launch issues resolved with full user refunds.
New regulated Bitcoin stablecoin USDB launching with Brale as issuer and Magic Eden as distributor.