Request to Add New Feed (USDX) to the FTSO

ftso group test
#1

Flare Proposal to the Infrastructure Provider Management Group to Add a New Crypto Price Feed to the Existing Set of 50 on Songbird FTSOv2

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

ASK-

The Flare Team respectfully requests that the MG consider and approve the addition of the following new crypto price pairing to FTSOv2 on Songbird:

  1. USDX/USD

PURPOSE / JUSTIFICATION -

The addition of USDX to FTSOv2 is essential for the FAssets launch and testing on Songbird. USDX is a stable coin pegged to USD and adding it to the FTSO enables a reliable and secure price feed necessary to capture collateral requirements for FAssets

Note that this request to add a USDX feed is for Songbird only. Inclusion on Flare can be done at a later time

USDX is scheduled to be listed on an exchange in the very near future with a USDT pairing. USDX is also available on SparkDEX

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 either for or against adding USDX

~ If voting reaches quorum the USDX/USD pair will be added to FTSOv2 on Songbird

6 Likes
#2

Atlas will be supporting this feed to be added for Songbird. (although not wholeheartedly)
As i understand it its a prerequisite for Fassets testing to advance in the Songbird network and using the canary network even though its not passing our usual standards, is deemed acceptable.

I hope that as promised more listings will happen before this proceeds to the mainnet though, because we will not vote for it until its brought closer to the standards the rest of the feeds have.

#3

If I understand correctly, the USDX stablecoin is essential for Fassets to function effectively.

The Fassets project needs a stablecoin they control to ensure their feature operates as intended. Given that our goal is to support the growth of our blockchains, we also need to support the success of projects and features that drive that growth.

This situation differs from our usual context. Here, we’re looking at supporting a core network feature, not just approving an additional coin.

While I’m generally in favor of minimal requirements on assets, this case involves a project feature on one of our two blockchains.

We will be supporting the addition of this feed.

#4

A native stable coin solution should get our full support.