This was the first of a new series of monthly ecosystem calls. We’re excited to bring you these regular sessions, showcasing a diverse array of builders and projects on Flare.
On 5th September 2023, we hosted a session with Nik Christodoulakis, CEO of Ēnosys, immediately following the announcement of their initial product suite launching on Flare.
Together with Hugo Philion, Co-founder & CEO of Flare Network, and John from Flare Community, we discussed the DeFi landscape on Flare and Ēnosys’ latest products.
Listen to the space here:
Key topics covered:
- The launch of Ēnosys’ suite of products on the Flare mainnet after testing on the Songbird canary network – including liquidity pools, swaps and farming pools.
- Ēnosys has two governance tokens, APS and HLN, along with the APY Cloud, a central fee aggregator that rewards users.
- The FTSO system’s pivotal role in Ēnosys and its potential for diverse use cases.
- Community questions and feedback.
Let’s dive in.
Ēnosys’ New Products and Upcoming Plans
Ēnosys has recently launched a suite of products on the Flare network, including:
- An on-chain pair for FLR and eUSDT, which allows liquidity providers to still receive their delegation rewards and their monthly FlareDrops.
- Swaps for people to trade FLR and eUSDT on their DEX.
- Their first farming pool for the FLR/eUSDT liquidity pool token.
- All of these products use Skopos, their indexing engine, and DeFi Oracles, their FTSO provider.
- Ēnosys aims to infuse more liquidity and innovation into the Flare ecosystem.
In the coming days, Ēnosys plans to add new pools while prioritizing system stability. Their short-term goals include the launch of the Helion (HLN) token, accompanied by an airdrop event. Looking ahead, their longer-term plan is to migrate all 11 existing Songbird products to Flare.
HLN, APS and APY Cloud
Ēnosys’ is introducing two governance tokens: Apsis (APS) and Helion (HLN). APS, the primary governance token, can be obtained through farming and staking. HLN, the secondary governance token, offers utility in various products, including their NFT Gallery. Both tokens enable users to receive yields from the APY Cloud, which serves as the central fee aggregator within the Ēnosys ecosystem.
The APY Cloud collects fees from transactions and events across all of Ēnosys’ products, including the bridge, DEX, NFT Gallery, and more. It redistributes 50% of these fees to token holders who stake their APS or HLN tokens. This integration is designed to connect their products, incentivizing community participation and fee generation.
The APY Cloud has been accruing rewards on Songbird since the first deployment of Ēnosys products. It will soon be launched on Coston2 for testing and then on Flare.
A Closer Look at the FLR/eUSDT Liquidity Pool
Ēnosys has launched the first on-chain pair for FLR/eUSDT on their DEX, which allows liquidity providers to still receive their delegation rewards and their monthly FlareDrops.
Ēnosys’ Bridge: Complementing Flare’s Bridging Solutions
Ēnosys has developed a bridge that enables users to transfer USDT from Ethereum to Flare. Ēnosys will actively engage with the Flare community to explore the addition of new assets to enhance its functionality. The bridge is expected to function alongside LayerCake by Flare Labs, catering to specific audiences and use cases.
In the words of Nik Christodoulakis,
“Our vision is to create a community of communities, united by the common goal of building on Flare as the home network. Ēnosys, as a brand and a name, reflects this vision. It means unity and oneness.”
FTSO Updates
The Flare Time Series Oracle delivers highly-decentralized price and data feeds to dapps on Flare, without relying on centralized providers. With Flare’s transition to proof of stake, the data providers will also become the validators of the network, so the decentralized infrastructure of the network will be bringing data on-chain. This is an important reason why Flare can provide data as a public good to builders.
Investigations are underway into scaling and improving the FTSO, for example by increasing the number of prices, the frequency of updates, and the ability to request an update within one block. The FTSO aims to become the best and most decentralized oracle in the space, benefiting the builders on the network.
FTSO and Web Connector’s Use Cases
The FTSO and Web Connector are two of the native data acquisition protocols on the Flare network, unlocking a multitude of use cases:
- Perpetual Markets: Explore diverse asset classes such as weather or emissions, with the FTSO providing essential data and enabling trading on Flare.
- Prediction Markets: Predict outcomes in sports, elections, or entertainment events using the FTSO’s price data, with the Web Connector facilitating settlements based on external API data.
- NFT Marketplaces: Facilitate NFT purchases on external networks with FTSO-derived price data and Web Connector-powered verification based on metadata and provenance.
- GameFi Dapps: Incorporate NFTs into gaming experiences, enabling in-game trading and post-game NFT transactions. The FTSO provides price data based on attributes, demand, and supply, while the Web Connector verifies off-chain game events
Ēnosys’ Current FTSO Utilization
Ēnosys is currently utilizing the FTSO system in three ways:
- On Skopos, their indexing platform uses the price that the FTSO system gives them to determine the volume of each swap on the network, regardless of the source of the swap. For example, if someone swaps $1 to FLR, they calculate that the volume of that swap is $1 based on the FTSO price.
- On the Songbird network, Ēnosys uses the FTSO system as the price feed for their loan protocol. This means that the interest rate and collateral ratio of our loans depend on the FTSO price.
- On their NFT Gallery, Ēnosys displays the volume and prices of NFTs based on the FTSO system.
Community Questions & Feedback
During the session, we addressed several questions and pieces of feedback from the community:
- Delegation Enhancements: Thanasimos of Enosys suggests the ability to delegate to more than two FTSO providers from a contract address so DeFi protocols can offer more variety to their customers.
- Liquid Staking: Thanasimos also brings up the concept of liquid staking tokens, as part of the transition to proof of stake. Hugo shares his thoughts on liquid staking and its potential impacts on network security.
- USDC Pairing: Vector inquires about the addition of USDC as a pairing in the liquidity pool. Ēnosys acknowledges the desire for this and mentions progress made toward that goal.
- Staking Mechanisms: Real XRP Whale asks about the staking process for Flare tokens, specifically whether it involves trust. Hugo Philion clarifies that there is no trust element, ensuring users maintain control of their tokens.
- Bridging USDT: Bless expresses concerns about the bridged USDT becoming obsolete, as seen on other networks. Hugo Philion mentions the utility of LayerCake, Flare’s cross-chain bridge, and its potential for stablecoin swaps.
- Unclaimed Tokens: Nebuchadnezzar inquires about tracking and viewing tokens that have been unclaimed for over 90 days. Hugo Philion suggests using the Flare Block Explorer. FlareMetrics is investigating adding this to their website.