The FTSO is Flare’s native oracle for time series data such as cryptocurrency prices. It provides applications on the Flare network with rapidly updating and highly decentralized data. No single party is in control of the process and it would take a very large amount of effort to disrupt.
The FTSO acquires off-chain time series data without relying on a centralized entity to bring the data on-chain. The FTSO’s price outputs can then be used by decentralized applications built on Flare, for instance by lending protocols.
The FTSO relies on a set of independent data providers to retrieve price pair information from external sources, such as centralized and decentralized exchanges. From this data, a final price estimate is computed.
Each data provider’s submission is weighted by its stake and any stake delegated to it by any Flare holder, reflecting the community’s trust in that particular provider.
The resulting price estimates are published on-chain, and data providers that supplied useful price pair information close to the final estimate are rewarded. These rewards are shared with the token holders that delegated to them.
The Flare Time Series Oracle provides
highly decentralized price feeds.
The Flare Time Series Oracle provides highly decentralized price feeds.