Flare launches FTSOv2 in Dubai, setting new data standards

Flare has launched the Flare Time Series Oracle version 2 (FTSOv2) on its mainnet in Dubai on September 16, 2024. This upgrade enhances the original FTSOv1, which has been operational for two years without any downtime. FTSOv2 focuses on improving latency, scalability, and cost-effectiveness, ensuring that data feeds are as secure as the blockchain itself. With updates occurring approximately every 1.8 seconds, developers and users can access data more quickly and reliably. The new system is particularly beneficial for applications in perpetual futures and options, where faster oracle inputs can enhance risk management. Additionally, it supports cross-chain order books by providing accurate pricing data, facilitating secure transactions across various blockchain networks. FTSOv2 also extends its utility to real-world assets, such as on-chain treasury yields, bridging traditional finance with blockchain technology. To maintain the accuracy of data feeds, a commit-reveal process is implemented every 90 seconds among data providers. In volatile market conditions, the system can increase the number of data providers to ensure timely updates. This adaptability is crucial for maintaining the integrity of the data provided. Flare aims to support developers through its Developer Hub and community platforms, fostering ongoing discussions and assistance. By optimizing decentralized data acquisition, Flare is positioned to expand the utility of blockchain technology and support innovative use cases across various sectors.