Proposal to Add New Feeds
Flare Foundation Proposal to the Infrastructure Provider Management Group (MG) to add a new crypto price feed to the existing set on both Songbird and Flare
Background
As the MG is aware, STP.08 and FIP.09 outlined a streamlining process for adding new data sets to the FTSO system on each chain respectively. Anyone can suggest new feeds, however, additions must first be reviewed by the MG and are only accepted if specific voting conditions are met
The Flare team respectfully requests that the MG consider and approve the addition of the following new crypto price feed to the FTSO on both Songbird and Flare:
- OP/USD
This new feed was identified using the below criteria-
-All coins, including OP, are within the top 100 on Coingecko and CoinMarketCap
-All coins, including OP, have at least $200mm trading volume over a period of 24 hours
-All coins, including OP, are listed on leading centralized exchanges - Binance, Coinbase, Bybit, OKX and Upbit
-All coins, including OP, have a strong social engagement across X, Telegram, and Discord
We believe that adding OP to the FTSO would be valuable for a healthy DeFi ecosystem on Flare
Voting Process
~ An official request posted in open forum on Discourse for MG members to voice their support or raise any concerns
~ The Flare Team will then initiate transactions from the polling contract on Flare and Songbird for MG members to cast on-chain votes either for or against adding OP/USD to Flare and Songbird
~ If voting reaches quorum the OP/USD pair will be added to the FTSO on Flare and Songbird
Thank you for your consideration! 