Flare Network launches Flare Time Series Oracle v2 to boost performance, security, and scalability

Flare Network, an EVM-based layer 1 blockchain, has rolled out Flare Time Series Oracle version 2 (FTSOv2) on its mainnet, aiming to enable faster and more diverse data access for developers and users while maintaining a strong focus on decentralization and security.

The FTSOv2 is an upgraded version of the original Flare Time Series Oracle created to provide accurate, timely, and decentralized price feeds for collateral assessments, lending protocols, and trading dApps.

The team said that the original system “has experienced zero downtime or failures” since its inception. Building on that solid foundation, FTSOv2 now introduces several core enhancements in latency, scalability, and cost-effectiveness.

As detailed, FTSOv2 updates with every new block on Flare, ensuring rapid and dependable access for users and developers. As a result, dApps can enhance their responsiveness and accuracy.

The new version now supports up to 1,000 data feeds, allowing for a broader range of assets and data types, including cryptos, equities, and commodities, to be integrated into the system, Flare Network stated.

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

Plus, all open-source data feeds will be available for free 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, perpetual futures and options, cross-chain order books, and real-world assets, the team noted. The system’s improved speed and accuracy would enhance the efficiency and security of these applications.

“FTSOv2 has undergone extensive testing on Flare’s canary network, Songbird, over several months in real-world conditions. The past few months have seen considerable market volatility, with significant uptrends and downtrends,” Dinesh Pinto, Technical Product Lead at Flare Network, discussed the launch of FTSOv2.

“Despite this, FTSOv2 has consistently maintained the accuracy of its decentralized data feeds, achieving a median deviation from CeXs of just 0.019%, demonstrating reliable performance even under these challenging conditions,” he stated.

Flare Network said that developers could easily integrate FTSOv2 into their applications with just a few lines of code. Flare also offers 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,” Pinto said.