Flare Proposal to the FTSO Management Group to Add New Crypto Price Feeds to the Existing Set of 38 on FTSO v2
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 Songbird and Flare. Essentially anyone can request new feeds, however, requests must first be reviewed and accepted by the MG under certain conditions in order to proceed
ASK-
The Flare Team respectfully requests that the MG consider and approve the addition of the following 12 new crypto prices to the FTSO on both Songbird v2 and soon after on Flare v2:
Helium (HNT)
Sui (SUI)
Pepe (PEPE)
Quant (QNT)
Aave (AAVE)
Fantom (FTM)
Ondo (ONDO)
Bittensor (TAO)
Artificial Superintelligence Alliance (FET)
Render (RENDER)
Notcoin (NOT)
THORChain (RUNE)
These new feeds were identified using the below criteria:
All coins are within the top 100 on CoinGecko and CoinMarketCap
All coins have at least $200mm trading volume over a period of 24 hours
All coins are listed on leading centralized exchanges - Binance, Coinbase, Bybit, OKX and UPbit
All coins have a strong social engagement across X, Telegram and Discord
Adding these 12 feeds will bring the total number on FTSOv2 to 50 which we believe would be valuable for a healthy Defi ecosystem on Flare
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 a transaction from the polling contract on Songbird for MG members to cast on-chain votes. Votes would either be in favor of adding all 12 or for not adding any of them at all
~ If voting reaches quorum the 12 new feeds will be added to Songbird v2
~ The voting process outlined above would also be repeated on Flare for the same 12 assets
Have done some mini research on the tokens in the list and all pass my criteria of getting them on FTSO. So Atlas will vote in favor of this proposal.
Meaning they have multiple pairs with USD in leading exchanges, listed to at least 5 big exchanges, being in the top 100 by market cap and having high enough volume and liquidity.
We believe 50 tokens is a good number tech wise to test our current systems. We have grown a lot in
the last few years compared to the original FTSO
As a final note its good to see the foundation listening and taking our feedback on creating this list, looking forward for more cooperation in the future and more community involvement.
Since you were so kind to forward my MG SIP/FIP proposal to flare network team for consideration, MG Project “April 29, 1992” has been temporarily placed on hold and the majority of members on our team are in support of your proposal and will vote accordingly – in the future, I hope to never ask, “Tell me, where were you?”
Personally, I’m against the introduction of PEPE and other meme coins. In my opinion, they undermine the seriousness of our projects and the ecosystem as a whole.
Meme coins are typically driven by hype and speculation, which leads to extreme volatility. This kind of instability makes it very challenging for a FTSO or any similar system to handle the data accurately and efficiently.
Just my two cents. Would love to hear others’ thoughts on this!
We voted yes on these. Some of these assets have been desired by the community for awhile. If Flare is going to be the “blockchain for data” then adding additional feeds is an obvious next step.
Note that for big changes like this we do believe that it is better to implement on Songbird first, treating it as a true Canary Network, and do proper analysis prior to implementing on Flare.
Both proposals, on Songbird and Flare respectively, have successfully met quorum. We appreciate the engagement and voting participation of the Management Group!