Flare’s FTSOv2 Launch Sets A New Standard For Decentralized Data
Dubai, United Arab Emirates, September 16th, 2024, Chainwire
Flare, the layer-1 blockchain for data, has introduced the Flare Time Series Oracle version 2 (FTSOv2) on its mainnet. This upgrade builds on the robust foundation of FTSOv1, which has provided consistent, decentralized data feeds since its launch two years ago. FTSOv2 aims to improve on the latency, scalability and cost-effectiveness of the original system, which has experienced zero downtime or failures since inception.
FTSOv2 is enshrined into Flare’s core architecture, benefiting from the network’s full economic security. This ensures that every data feed is as secure as the blockchain itself. One of the key enhancements of FTSOv2 is its reduced latency. FTSOv2 updates with every new block on Flare, roughly every 1.8 seconds. This provides developers and users with more immediate and reliable access to data, which is crucial for a range of applications. FTSOv2 achieves this speed without sacrificing decentralization. Each feed is supported by around 100 independent data providers, selected by users who delegate their stake, imposing a strict economic cost for misbehavior. Currently, around 67% of the FLR’s circulating supply is used to secure FTSO.
The upgrade also introduces a significant increase in scalability. FTSOv2 can now support up to 1,000 feeds across various asset classes, including cryptocurrencies, equities, and commodities. FTSOv2 achieves this while remaining highly cost-effective, with all crypto feeds being free to query onchain!
Real-world use case
Lending and borrowing platforms can benefit from the improved speed to ensure more efficient collateral usage and protect users against bad liquidations. In the area of perpetual futures and options, faster oracle inputs can improve risk management for the entire platform. Cross-chain order books can also benefit from accurate pricing data provided by FTSOv2, ensuring smooth and secure transactions across different blockchain networks. Moreover, the system can be applied to real-world assets, such as on-chain treasury yields, enabling further integration between traditional finance and blockchain technology.
Under the hood
FTSOv2 operates using a manipulation-resistant randomness algorithm to select data providers every 1.8 seconds, allowing them to submit fixed incremental updates to feeds. To ensure the long term accuracy of the feeds, a commit-reveal process is run across all data providers every 90 seconds. In times of high market volatility, the system can increase the number of data providers submitting updates to ensure timely responses to price fluctuations.
Developers looking to integrate FTSOv2 into their applications can do so with ease, requiring fewer than 10 lines of code to query real-time data, such as FLR/USD prices. Flare offers resources and support through the Flare Developer Hub, as well as a community on Discord for ongoing discussions and assistance.
About Flare Network
Flare is the blockchain for data: an EVM smart contract platform specifically designed to support data intensive use cases, including Machine Learning/AI, RWA tokenization, gaming and social. With decentralized, enshrined oracles secured at the network layer, Flare is the only smart contract platform optimized for decentralized data acquisition – price & time series data, blockchain event & state data, and web2 API data. By giving developers trustless access to the broadest range of data and data proofs at scale and for minimal cost, Flare expands the utility of blockchain and supports the development of new and improved use cases.