The Flare Network, an EVM-based Layer 1 blockchain that enables developers to create apps leveraging data from other chains releases an update as Layer 2s advanced. The Flare Time Series Oracle, known for its Flare dapps with highly decentralized data feeds, has been upgraded to FTSOv2, which will deliver more frequent updates, improved performance, more data feeds, and high-frequency updates. It represents a step toward Flare becoming the data blockchain.
Flare’s recent upgrade, FTSOv2, significantly improves on-chain data access for businesses operating within the DeFi System. The modifications will significantly benefit the trading and lending dApps. Flare’s oracles are setting new standards for decentralization and affordability in data sharing by lowering usage costs and improving data access. Flare focuses on fully decentralized oracles to help developers create apps built on Flare and other chains since full decentralization offers inherent security.
The Flare Network is expanding its data capabilities to reduce latency for these feeds and a wider range of assets, such as stocks and commodities. Flare’s solution aims to maintain decentralization, allow multiple data feeds, and provide consumers with frequent updates. Open delegations from network users will make it easier for data providers to enroll without requiring authorization. This ensures that the platform’s data source is part of a robust and transparent ecosystem.
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The FTSO aggregates these estimates into a weighted median value for each round, generating numbers based on inputs from 100 sources. The weight of a provider is proportional to the amount of wrapped FLR (WFLR) it has accumulated. Higher-weight providers have a longer history of producing high-quality data estimations.
To prevent excessive input and decentralization, each provider’s maximum weight is set at 2.5%. Any provider that exceeds this limit receives 2.5% of the weight in the median computation, with the excess weight shared by all providers. The signature process requires a total weight of 50%. The FTSOv2 updates attempt to keep the protocol decentralized and prevent a single provider from dominating the network.
The FTSOv2 allows faster updates and a continuous data stream that combines increments from each stream feed. The increment and number can be changed to accommodate asset volatility through governance or community funding. This will also allow users to fund the protocol to improve the stream feed’s fidelity and enable faster data updates, resulting in a more reliable and accurate stream feed for consumers.
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The FTSOv2 update significantly improves the network’s design, making data more accessible, cost-effective, and decentralized to users. The FTSOv2 will have a greater range of data feeds, quicker update times, and robust security and decentralization features, as well as a fast update feature for users who require regular data updates.
