Flare, the layer-1 blockchain for data, has introduced the Flare Time Series Oracle version 2 (FTSOv2) on its mainnet. The upgrade enhances latency, scalability, and cost-effectiveness.
Key Enhancements of FTSOv2
FTSOv2 is integrated into Flare’s core architecture, providing full economic security for all data feeds. The update reduces latency to 1.8 seconds, providing users with faster data access. The system maintains decentralization, supported by around 100 independent data providers. Currently, around 67% of FLR's circulating supply is used to secure FTSO.
Real-World Use Cases
Lending and borrowing platforms can benefit from the improved speed to ensure more efficient collateral usage. Faster oracle inputs can improve risk management for perpetual futures and options platforms. Cross-chain order books can benefit from accurate pricing data, ensuring seamless transactions.
Technical Details
FTSOv2 operates using a manipulation-resistant randomness algorithm to select data providers every 1.8 seconds for feed updates. To ensure long-term accuracy, a commit-reveal process is run every 90 seconds. During high market volatility, the system increases the number of data providers to ensure timely responses.
The FTSOv2 upgrade significantly improves the system's speed, scalability, and efficiency, offering new opportunities for platforms and applications in various sectors.
Comments