Flare Unveils FTSOv2: A New Standard in Decentralized Data

Layer 1 blockchain for data, Flare Flare has introduced its enhanced FTSOv2 on the mainnet to better the speed, scalability, and affordability of the original data delivery system. original system This upgraded system has been designed with robust performance in mind, having showcased zero downtime or failures since its initial rollout. FTSOv2 builds on the robust groundwork established by FTSOv1, which has proven to be a reliable source of decentralized data feeds since it was launched two years prior.

The update seamlessly integrates into Flare’s core framework, benefiting from the inherent security of the network’s economic model, ensuring that each data feed is as secure as the blockchain it operates on. Among the standout features of FTSOv2 is its significantly reduced latency, delivering updates in sync with every new block approximately every 1.8 seconds. This ensures developers and users have quicker and more dependable access to critical data, an essential element for various applications. FTSOv2 achieves impressive speed while maintaining a decentralized approach, drawing support from around one hundred independent data providers, chosen based on user-delegated stakes, thereby enforcing strict economic penalties for any misconduct. As of now, nearly 67% of the circulating FLR tokens are committed to securing the FTSO. Flare The FTSOv2 also exhibits a remarkable increase in scalability, now accommodating up to 1,000 different data feeds covering diverse asset classes, including cryptocurrencies, stocks, and commodities. Even with this significant expansion, the system remains cost-effective, offering all cryptocurrency feeds as free on-chain queries.

Utilizing a randomness algorithm resistant to manipulation, the data providers are selected every 1.8 seconds, enabling them to contribute fixed, incremental updates. To ensure long-term accuracy of these data feeds, a commit-reveal cycle is conducted among all data providers every 90 seconds. During heightened market volatility, the system is capable of increasing the number of data providers submitting updates to ensure timely adjustments to fluctuating prices.

At this point, developers can seamlessly incorporate FTSOv2 into their applications, requiring no more than ten lines of code to access vital inputs such as FLR to USD exchange rates. The project offers support for developers through its dedicated Developer Hub and a community on Discord, providing ample resources, discussions, and assistance.

Flare’s FTSOv2 Boosts DeFi Platforms With Quicker Oracle Updates and Advantages for RWA real-time data Platforms focused on lending and borrowing can take advantage of the increased speed offered by FTSOv2 to enhance collateral management and protect users from improper liquidations. In terms of perpetual futures and options trading, the faster oracle updates improve risk management throughout the platform. Cross-chain order books also profit from accurate pricing, enabling secure and smooth transactions between different blockchain ecosystems.

Beyond just cryptocurrencies, this system holds promise for various applications in real-world assets (RWA), such as on-chain treasury yields. This integration helps connect traditional finance with blockchain innovations, broadening the horizons of decentralized finance (DeFi) into the realms of conventional finance.

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Alisa, a committed reporter for Metaverse Post, specializes in cryptocurrency, zero-knowledge proofs, investment strategies, and the wide-ranging universe of Web3. With a sharp focus on emerging trends and technologies, she provides comprehensive insights that keep readers informed and engaged as the world of digital finance evolves. real-world assets Security Expert Exposes Major Vulnerability in Scroll; Co-Founder Stands Firm on Protocol Safety