Ftso ☀️

FTSO data aggregation experts we work 24 x 7 so you don't have to! Crypto pricing you can vote on!

[Hugo Philion @HugoPhilion]

Excellent post if you want to understand where we are going with Flare. This technology and the way we are integrating it gives us the tools to create entirely new markets and capture emerging ones like RWA’s through offering substantially better features than the competition.

[Hugo Philion @HugoPhilion]

I spent much of the last week in the US with the Firelight team.
This product is hugely innovative and has the potential to put BILLIONS if not 10’s of BILLIONS of XRP to work -> on Flare.
🔥 💡

[Ftso ☀️ @flareftso]

“You’re not thinking BIG enough. Think BIG, then 1,000,000,000x it.”. Sounds like a good meeting with Ripple.

https://t.co/QUZse2dIfK

[Hugo Philion @HugoPhilion]

London was so successful as a financial capital in the late 20th century precisely because it sat between the US and Asia. Today, in crypto, an interoperability network serves a similar purpose, but an interoperability network without a fully fledged defi layer sitting in the middle is a huge missed economic opportunity as it can’t capture the maximum value from transactions flowing through it. Flare is building the London for crypto.

[Hugo Philion @HugoPhilion]

TLDR: We have been working away at Flare Labs and there will be an FXRP protocol on Flare that can enable unlimited minting well before late summer.

Papers and full information soon.

—————

Songbird has shown that FAssets V1 is too capital intensive. As a result not enough FXRP, FDOGE etc can be minted.

I previously said that FAssets V1 would launch in March on Flare and V2 would launch in late Summer.

What I didn’t know when I posted was that we would make good progress internally on V1.1 of FXRP.

V1.1 of FXRP is a step between V1 which is constrained by capital and V2 which is not.

V1.1 of FXRP can allow unlimited minting of FXRP.

As a result we won’t launch V1 on Flare. We will move directly to V1.1 after it has been tested on Songbird. Most of the codebase is the same so it will not need the same length of testing as V1 FAssets.

This means that there will be an FXRP protocol on Flare that can allow unlimited minting well before late summer.

This path is absolutely necessary as XRP staking will also go live around the time that FXRP V1.1 does and there must be a viable market on Flare between FXRP and the XRP Liquid Staked Token (LST). Only FXRP V1.1 can enable this.

As a side note, we won’t be launching V1 of FDOGE or FBTC on Flare. We will be moving directly to V2 with those assets as the first launch - ie late summer. We can build V1.1 of FXRP due only to the escrow functionality available on XRPL.

Seperately because of the increased capital efficiency of V1.1 of FXRP there is no reason for it not to remain on Songbird after it has been tested and launched on Flare. The same goes for V2’s of XRP, BTC and DOGE.

[Ftso ☀️ @flareftso]

#XRPHolders keep an eye on the Midnight Airdrop. #XRP #XRPCommunity
https://t.co/iacEmXDHTJ

[Hugo Philion @HugoPhilion]

Flare is building a highly advanced DeFi ecosystem around XRP.

[Ftso ☀️ @flareftso]

"The Golden Age of Digital Assets in the U.S. Begins" #xrp #XRPCommunity
#Bitcoin
#Crypto

https://t.co/nvKzpr9Agv

[Ftso ☀️ @flareftso]

"Japan’s entire banking sector is set to adopt Ripple’s #XRP cryptocurrency next week" #XRPFamily
#XRPCommunity

https://t.co/RuA3aWJzwm

[Hugo Philion @HugoPhilion]

Since the RLUSD x Chainlink announcement I’ve had a lot of questions as to why Flare isn’t competing in the oracle space by offering its oracles on other networks.

The answer is simple, the external oracle business isn’t a good business.

You can see here the fees generated by Chainlink: https://t.co/Uypa3vMGFl

The fees generated by Chainlink for providing data are minuscule relative to the value of the Chainlink token. Chainlink is by far the market leader but the market seemingly will not pay materially for the data that Chainlink is providing. This broadly applies to other external oracle providers aswell.

Without changing their tokenomics this makes it really hard for Chainlink to build in a staking based security model to their protocol as there is very little fee revenue to pay out. This is why Chainlink relies on a trust based security model and has a relatively low number of data providers.

Now, Flare isn’t an external oracle service, it is a full smart contract chain with enshrined data protocols (FTSO & FDC). Validation and data provision are provided by the same entities, secured through proof of stake. Flare’s oracles already power DeFi, FAssets and will power native staking for XRP, BTC & others. There are many many other usecases on Flare that can & will be powered by Flare’s data protocols.

Security on Flare is derived not from trust but from the symbiotic value created by the unique utility of bringing together a full smart contract platform with its own enshrined data services which are purpose built to serve the ecosystems needs.

Now none of this means that Flare won’t provide its data on other networks it just means that the market opportunity for doing so as a pure service like Chainlink doesn’t really exist. Honestly, let Chainlink have that market as it isn’t much of a market. In order for data provision to other chains to make sense it would need to be part of a product or initiative that generates material growth for Flare. Right now the far bigger priority and market opportunity is in encouraging and spearheading the development of Flare’s native ecosystem based on its enshrined Oracles, brilliant developers, committed data providers and enthusiastic community.

[Ftso ☀️ @flareftso]

"The real estate market...a prime candidate for disruption" #XRP all the way! #XRPCommunity

https://t.co/lIQS9VpEDY

[Ftso ☀️ @flareftso]

$RLUSD inbound. Go #XRP. #XRPCommunity

[Brad Garlinghouse @bgarlinghouse]

This just in…we have final approval from @NYDFS for $RLUSD! Exchange and partner listings will be live soon – and reminder: when RLUSD is live, you’ll hear it from @Ripple first.

[Ftso ☀️ @flareftso]

"Judge grants order on final judgment and stay in #XRP lawsuit" #XRPHolders
#xrpcommuity

https://t.co/Hot46lqFnD

[Hugo Philion @HugoPhilion]

Flare is the only project that:

Underwrites non smart contract token interoperability with collateral.

Aims at facilitating interoperability for multiple non smart contract tokens $BTC $XRP $DOGE.

Allows people to build applications around them with enshrined, secure & decentralized data.

[Ftso ☀️ @flareftso]

#XRPCommunity XRP + Flare = Yes

[Hugo Philion @HugoPhilion]

Had a few phonecalls today. There is a huge demand to get yield on BTC & XRP. #FAssets can only exist because of Flare’s data protocols. Imagine what else can be built with data.

[Hugo Philion @HugoPhilion]

Soon Flare will offer the most complete and easy to use ecosystem for developers in the whole space:
🔅EVM
🔅Price data that is decentralized, fast AF and free
🔅Blockchain state data and Web 2 data, again decentralized and free
🔅Trustless bridging for BTC, XRP, DOGE and others
🔅Stables and bridging via Stargate

Flare’s DeFi and developer ecosystem are growing fast.

Come build where everything is connected.

[Flare ☀️ @FlareNetworks]

FlareDrop.20 is now live and available to claim 🪂

The three random blocks for WFLR holding calculations are: 29,893,485 // 30,268,482 // 30,576,284.

Rewards ratio stands at 2.78484209 FLR per 100 WFLR held.

Understand what these numbers mean: https://t.co/jLttQQSpjp

[Flare ☀️ @FlareNetworks]

Update on FTSOv2 Rewards on Flare

A week ago, the Flare Time Series Oracle v2 went live on Flare mainnet, introducing changes to FTSO rewards.

TL;DR: V1 rewards are reduced in epochs 226 (ended today) and 227 due to the V2 deployment entering the beta phase, where rewards will be split 50/50 between V1 and V2. The first V2 rewards will start with epoch 228. To maximize your rewards, delegate ASAP to registered V2 entities: https://t.co/NG3P2GeJgx ☀️

-----
What happened?

The implementation of the changes has three phases:

a. Trial: Reward allocation remains unchanged.

b. Beta: Rewards are split 50/50 between v1 and v2 data providers.

c. Deprecation: Only v2 data providers receive rewards.

*️⃣ We are currently moving from the trial phase to the beta phase of the FTSOv2 rewards. V1 rewards for epoch 226 have just been distributed and are smaller than usual, a trend that continues in the ongoing epoch 227.

Starting Thursday, September 26th, the first v2 rewards epoch 228 will begin. It will take a few days for these rewards to become claimable.

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Under the hood 🔎

The FTSOv2 rewards epoch operates on a 3.5-day cycle. The next epoch 228 starts from Sep 26 to Sep 30. After the epoch ends, rewards are calculated and published as data. Data providers then sign the rewards (specifically the Merkle root), which may take a few days until 50% of the weight of data providers have signed. Once complete, rewards become claimable.

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Key takeaways ✅

1️⃣ If you see reduced rewards as a delegator or data provider, it’s because your v2 rewards are accumulating and will be distributed around next Thursday, assuming that the provider you have delegated to supports v2.

2️⃣ You should switch your delegation to data providers supporting v2 as soon as possible to increase your chances of qualifying for the next epoch rewards. The eligibility is determined by a randomly selected block from the current reward epoch 227 (23 Sep to 26 Sep).

3️⃣ We recommend all FTSO data providers migrate to v2 as soon as possible to maximize potential rewards. Earlier migration means earlier v2 reward accumulation.

4️⃣ The community should expect some initial delays as data providers adjust to the new rewarding process, though most are familiar with it from their Songbird experience.

5️⃣ If you see that the entity you are currently delegating to is on the V2 entities list, then you don't need to redelegate to receive V2 rewards.

📌 Visit the new Flare Systems Explorer for the latest list of registered FTSOv2 entities: https://t.co/NG3P2GeJgx

🔗 This post was published as a blog here: https://t.co/JoHAVx5WwK

[Ftso ☀️ @flareftso]

Criteria for all coins:
- are within the top 100 on CoinGecko & CoinMarketCap
- have at least $200mm trading volume over 24 hrs
- are listed on leading centralized exchanges - Binance, Coinbase, Bybit, OKX & UPbit
- have a strong social engagement across X, Telegram and Discord

[Ftso ☀️ @flareftso]

#FlareCommunity - We have voted yes on adding additional Assets to the #Songbird FTSO v2 and #Flare FTSO v2. Makes sense being the "blockchain for data".

HNT, SUI, PEPE, QNT, AAVE, FTM, ONDO, TAO, FET, RENDER, NOT, RUNE

[Ftso ☀️ @flareftso]

The 12 Assets being proposed:
- Helium (HNT)
- Sui (SUI)
- Pepe (PEPE)
- Quant (QNT)
- Aave (AAVE)
- Fantom (FTM)
- Ondo (ONDO)
- Bittensor (TAO)
- Artificial Superintelligence Alliance (FET)
- Render (RENDER)
- Notcoin (NOT)
- THORChain (RUNE)