FTSO Upgrade: Enhanced Data Feeds

Up to 1000 data feeds updated every one to two seconds are what the FTSO upgrade is intended to give decentralized applications (dApps).

Major Upgrade: Flare Time Series Oracle (FTSO) Enhancement

Announced by Flare Networks on June 26, 2024, the major upgrade of Flare Time Series Oracle (FTSO) is set to completely transform data transmission on the Songbird and Flare networks. This upgrade, which comes after the community's support for other governance suggestions, is now well advanced in its implementation.

The voting phase for the FTSO upgrade is now complete and implementations to bring up to 1,000 data feeds with block latency are being carried out. Subsequently, fast-updating rewards will commence on the Songbird network.

FTSO Upgrade: Enhanced Data Feeds

The FTSO upgrade aims to provide decentralized applications (dApps) with up to 1000 data feeds that are updated every one to two seconds. This significantly increases the volume and speed of data accessible to developers, boosting the network's capacity for innovation and functionality. As the Flare Network continues to expand, this upgrade is crucial for enhancing the entire ecosystem.

Fast-updating incentives will be introduced on Songbird in approximately two weeks. Any data provider contributing stream values will be eligible for a portion of the rewards during each 90-second voting epoch, provided that the final FTSO stream value (updated every 1-2 seconds) is within 0.5% of the anchor value (updated every 90 seconds).

Moving forward, the FTSO will receive 30% of the inflation for rewarding timely updates, while anchor values will receive the remaining 70%.

Meanwhile, FLR, the native coin of Flare Network, is currently valued at around $0.02454, up 3.11% over the last 24 hours. This positive market movement showcases the growing confidence in the continuous advancements and potential of Flare Network.

Previous Collaborations and Partnerships

As reported by Crypto News Flash, the Hex Trust Group launched a stablecoin in collaboration with Flare Network. This strategic partnership aims to strengthen Flare's presence in the cryptocurrency market by introducing a stable digital asset backed by Hex Trust's robust infrastructure.

Moreover, a key partnership was forged between Flare Network and Google Cloud. This collaboration seeks to enhance blockchain security and enable access to decentralized data by utilizing Google Cloud's advanced technology to provide a safer and more productive environment for Flare's users and developers.

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