The FTSO upgrade will deliver more data, faster, to developers on both the Songbird and Flare networks. Following the community approval of a series of governance proposals, implementation is progressing well.
The FTSO will be able to provide dapps with up to 1000 data feeds updated every 1-2 seconds, dramatically increasing what it will be possible to build and do on the network.
Fast updates rewards are due to commence on Songbird
Fast updates rewards on Songbird will commence in approximately 2 weeks. All data providers that supply stream values during any 90-second voting epoch will receive a share of available rewards if the final FTSO stream value (1-2 second updates) is within 0.5% of the anchor value (90 second updates). Learn more about the incentives for fast updates here. From this point forward, 30% of the inflation allocated to the FTSO will be provided to reward the provision of the fast updates stream values and 70% to the anchor values.
Next steps for all proposals
The community has approved six FTSO-related governance proposals in the last couple of months:
- STP.06 & FIP.06: Add support for Flare Systems Protocol & FTSO Scaling
- STP.07 & FIP.07: Add support for FTSO Fast Updates
- STP.08 & FIP.08: Update FTSO Data Feeds and Define Process to Add New Ones
FTSO Scaling on Songbird: All contracts are deployed. We are currently in the beta phase of implementation where rewards are split equally between providers that support the upgraded FTSO and those that don’t. The next step is the deprecation phase where only data providers that support the upgraded FTSO on Songbird will receive any rewards. To avoid an interruption in rewards, SGB delegators are advised to verify that the data providers they are delegating to have upgraded. The latest list is available here. We will provide advance notice before initiating this change.
FTSO Scaling on Flare: Contracts are deployed on the Coston2 test network. The next step is deployment on Flare. Initially 100% of rewards will be earned by legacy FTSO models, but to avoid missing potential rewards, delegators will want to check their chosen data providers are supporting the upgraded FTSO. This will ensure you are prepared for when we move to the beta phase, where rewards are split between upgraded and non-upgraded data providers.
Fast Updates on Songbird: All contracts are deployed and we are live on Songbird. Currently no rewards are being provided for providing stream updates, so anchor updates receive 100% of the allocated inflation. The rewards will be switched on in approximately 2 weeks. At this point, stream updates will receive 30% and anchor updates 70% of the inflation allocated to the FTSO each rewards epoch.
Fast Updates on Flare: Contracts for fast updates are yet to be deployed on Flare. Rewards will commence shortly afterwards.
New feeds on Flare & Songbird: The 19 additional feeds will be added to Songbird in July and to Flare later in Summer. A link to a webform for community feed requests will also be shared.