Flare Network releases Flare Time Series Oracle v2 to enhance performance, security and scalability

Share this article

Flare Network, an EVM-based Tier 1 blockchain, has launched Flare Time Series Oracle version 2 (FTSOv2) on its mainnet with the aim of enabling faster and more diverse data access for developers and users while maintaining a strong focus on decentralization and security.

FTSOv2 is an updated version of Oracle’s original Flare Time Series, built to provide accurate, timely and decentralized price streams for collateral valuations, lending protocols and trading dApps.

The team said the initial system “has experienced zero downtime or failures” since its inception. Building on this solid foundation, FTSOv2 now introduces several core improvements in latency, scalability, and cost efficiency.

As detailed, FTSOv2 updates with each new block on Flare, ensuring fast and reliable access for users and developers. As a result, dApps can improve their responsiveness and accuracy.

The new version now supports up to 1,000 data streams, allowing a wider range of assets and data types to be integrated into the system, including crypto, stocks and commodities, Flare Network said.

Meanwhile, the oracle remains decentralized, relying on a network of independent data providers that provide price estimates, according to the team. The system is designed to prevent collusion and manipulation, ensuring data integrity is maintained.

In addition, all open-source data streams will be freely available to dApps built on Flare, promoting wider adoption and reducing operational costs for developers.

FTSOv2 has a wide range of potential real-world applications, including lending and borrowing platforms, futures and perpetual options, cross-order ledgers and real-world assets, the team noted. The improved speed and accuracy of the system would enhance the efficiency and security of these applications.

“FTSOv2 has undergone extensive testing on Flare’s Canary network, Songbird, over several months under real-world conditions. The last few months have seen considerable market volatility with significant up and down trends,” Dinesh Pinto, technical product manager at Flare Network, discussed the launch of FTSOv2.

“Despite this, FTSOv2 consistently maintained the accuracy of decentralized data streams, achieving an average deviation from CeXs of only 0.019%, demonstrating reliable performance even under these challenging conditions,” he said.

Flare Network said developers could easily integrate FTSOv2 into their applications with just a few lines of code. Flare also provides comprehensive resources and support to help developers get started.

“FTSOv2 paves the way for innovative DeFi dApps while empowering existing platforms to refine and expand their offerings,” said Pinto.

Share this article