1 week ago
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Flare Network has unveiled FTSOv2, the upgraded version of its Flare Time Series Oracle (FTSO), on its mainnet, marking a significant leap forward in blockchain data solutions.
The new version promises improved security, scalability, and cost-effectiveness, setting a new standard for decentralized data services.
FTSOv2 aims to provide more reliable, faster, and economically efficient data for decentralized applications (dApps), lending protocols, and collateral evaluations.
The initial version of FTSO, which has operated without downtime for the past two years, has built a strong reputation for consistent performance.
The upgraded FTSOv2 enhances this legacy with key improvements across several dimensions.
Introducing Flare Time Series Oracle v2 More data, delivered faster. Free to query any crypto feeds that are as secure as the network. Now on @FlareNetworks mainnet ☀️ bit.ly/4gtazY0
Key enhancements in FTSOv2
- Speed: FTSOv2 updates data approximately every 1.8 seconds, boosting reliability for various decentralized finance (DeFi) activities, including borrowing and lending, options and perpetual trading, real-world asset (RWA) integration, and cross-chain order books. This increased accuracy and speed will significantly enhance the security and efficiency of these applications.
- Scalability: The upgrade expands the number of data feeds to up to 1,000 across multiple markets, such as cryptocurrencies, commodities, and equities. Users will also have access to two weeks of historical data, supporting more comprehensive analysis and decision-making.
- Decentralization: With around 100 data providers selected by the Flare team supporting each price feed, FTSOv2 ensures transparency and data integrity. Any misbehavior by data providers is met with severe penalties, reinforcing the reliability of the data.
- Cost-Effectiveness: Many data feeds are available for free, reducing operational costs for developers and encouraging wider adoption of blockchain technology.
- Security: Leveraging Flare’s core protocol, FTSOv2 benefits from the same robust security as the blockchain itself, ensuring secure data transmission and processing.
For developers, integrating FTSOv2 is straightforward. A simple process allows for real-time data queries with fewer than ten lines of code.
Flare supports this integration with resources available through the Flare Developer Hub and ongoing assistance via its Discord community.
Flare token price outlook
Despite these promising updates, Flare’s native token, FLR, is currently trading at $0.01446 and has experienced a 5% drop in value over the past day.
This decline mirrors the broader market trend and reflects the bearish sentiment impacting the altcoin.
Source – CoinmarketcapFLR’s price is currently below the critical 50- and 200-day Exponential Moving Averages (EMA), indicating continued bearish dominance.
The token’s performance is closely tied to broader market movements, particularly Bitcoin.
Bitcoin, trading at $57,957.44, recently fell below the crucial support level of $58,100.
Technical analyst Ali Martinez has indicated that if Bitcoin fails to recover, it could plunge to $55,000.
Such a downturn in Bitcoin would likely drive altcoins, including FLR, to significant lows.
As the cryptocurrency market navigates these fluctuations, FTSOv2’s advancements could play a crucial role in shaping the future of decentralized data, even as broader market trends impact token valuations.
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