Layer 1 blockchain for data, Flare introduced Flare Time Series Oracle version 2 (FTSOv2) on its mainnet. This upgrade is designed to enhance the latency, scalability, and cost-effectiveness of the original system, which has maintained zero downtime or failures since its launch. FTSOv2 builds on the solid foundation of FTSOv1, which has delivered reliable, decentralized data feeds since its debut two years ago.
The upgrade is integrated into Flare’s core architecture, benefiting from the network’s economic security. This ensures that each data feed is as secure as the blockchain itself. A major improvement in FTSOv2 is its reduced latency, with updates occurring with every new block on Flare, every 1.8 seconds. This enhancement offers developers and users more immediate and reliable access to data, which is essential for various applications. FTSOv2 achieves this speed while maintaining decentralization, supported by around one hundred independent data providers. These providers are selected via user delegation of their stake, which enforces a strict economic penalty for misbehavior. Currently, approximately 67% of FLR’s circulating supply is used to secure the FTSO.
FTSOv2 also brings a notable boost in scalability. It now has the capacity to support up to 1,000 data feeds across various asset classes such as cryptocurrencies, equities, as well as commodities. Despite this expansion, the system remains cost-efficient, with all cryptocurrency feeds available for free on-chain queries.
It uses a manipulation-resistant randomness algorithm to select data providers every 1.8 seconds, enabling them to submit fixed, incremental updates to data feeds. To maintain long-term feed accuracy, a commit-reveal process is performed throughout all data providers every 90 seconds. In periods of high market volatility, the system can raise the number of data providers submitting updates to guarantee timely adjustments to price fluctuations.
Presently, developers can integrate FTSOv2 into their applications, needing fewer than ten lines of code to access real-time data like FLR to USD prices. The project supports developers through its Developer Hub and a community on Discord, providing resources, discussions, and assistance.
Flare’s FTSOv2 Enhances DeFi Platforms With Faster Oracle Data And Benefits RWA
Lending and borrowing platforms can leverage the enhanced speed of FTSOv2 to optimize collateral management and safeguard users from improper liquidations. In the realm of perpetual futures and options, quicker oracle updates contribute to better risk management across the platform. Cross-chain order books also benefit from accurate pricing, facilitating secure and seamless transactions between various blockchain networks.
Beyond cryptocurrencies, the system has potential applications for real-world assets (RWA), such as on-chain treasury yields. This integration helps bridge traditional finance with blockchain technology, expanding the scope of decentralized finance (DeFi) into more conventional financial sectors.
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