Delisting USDX Proposal
FTSO Feed Delisting:
USDX/USD
Subject: Request to proceed with Delisting Vote of the USDX/USD feed from the FTSO on Flare
The Flare Foundation formerly requests that the Management Group (MG) move directly to on-chain voting to remove the USDX feed on Flare and bypass the two-week ‘Delisting Watchlist’ period outlined in FIP.15, based on the information provided below
Summary of Breaches:
- Insufficient Venue Coverage: The asset was listed on a single centralized exchange (CEX), Bitmart, which recently announced it was winding down all services including trading which will be discontinued later this month (August). The lack of CEX coverage materially reduces effective decentralized price sourcing, such that cross-venue aggregation is not robust
Monitoring Exception Justification:
FIP.15 introduced the formal process for delisting FTSO feeds and recommended a 14 day enhanced monitoring period of feeds that are in breach of adequate venue coverage and/or minimum liquidity requirements. However, Bitmart is currently the only CEX venue for the USDX/USD feed and has been the only exchange for quite some time. The FF also does not anticipate any additional CEX listings for USDX thereby creating extenuating circumstances to expedite the delisting process, with the MG’s concurrence
USDX on Songbird:
The USDX feed will remain on Songbird to continue to support the FAsset system. However-
FAssets on Songbird will soon undergo an upgrade to consume a newly developed ‘Proof of Reserves’ FTSO (a FTSO custom feed) based oracle which will use FCC to query both the amount of USDX in circulation together with public and private API endpoints indicating reserves held by the custodian. Once the TEE based version is out, we will sunset the existing FTSO USDX feed on the Songbird as well, in accordance with STP.12, and similar to this current MG proposal process on Flare
Voting Details:
The Flare Foundation will initiate a Delisting Vote for the FTSO Management Group for onchain voting anticipated for-
5 August, 2026
Voting is on Flare only and MG members can leverage the MG tab on the Flare Portal to cast votes. Voting is rejection based and would require 66% participation amongst all eligible MG members and more than 50% of the votes going against the proposal for it to be rejected. Otherwise, the Foundation will proceed with delisting the USDX/USD pair on Flare sometime after the voting period expires