Flare Foundation Proposal to the Infrastructure Provider Management Group to Add Six New Crypto Price Feeds to the Existing Sets on 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
ASK (p1)
The Kinetic team requests that the MG consider and approve the addition of the following new crypto price pairing to the FTSO on each chain
- JOULE/USD
PURPOSE / JUSTIFICATION
The addition of JOULE to the FTSO is critical for the following reasons:
- Enables DeFi Integration: JOULE is the native token of Kinetic, Flare’s native lending protocol. A decentralized and reliable price feed is required for its utility in DeFi applications, such as borrowing, staking, and liquidity provision, ensuring accurate valuations and risk management.
- Alignment with the Flare Ecosystem: As a Flare-native token, listing JOULE on the FTSO further integrates it into the ecosystem, promoting its utility and ensuring alignment with the decentralized infrastructure of Flare
- Expands Use Beyond Trading: Decentralized pricing empowers JOULE to be used in collateralized lending, derivative products, and other financial tools, enhancing its role within Flare’s growing DeFi landscape
- Market Context: JOULE is already actively traded on SparkDEX as well as centralized exchanges Probit, MEXC, and Bitrue, and will benefit from FTSO inclusion to enhance price transparency and decentralization
- Strategic Importance: This proposal focuses on integrating JOULE into Flare’s core DeFi infrastructure
**New Risk Category
Given the limited liquidity and sharp price movements of JOULE/USD, the feed will be categorized on Flare Developer Hub (see block-latency and anchor feeds) as “New Feed.” The goal of this categorization is to ensure that developers fully understand the risks of integrating these feeds into their dApps
ASK (p2)
The Flare Team respectfully requests that the MG consider and approve the addition of the following five new crypto price pairs to the FTSO on each chain
- HBAR/USD
- PENGU/USD
- HYPE/USD
- APT/USD
- PAXG/USD
PURPOSE / JUSTIFICATION
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 $200m trading volume over a period of 24 hours
- All coins are listed on leading centralized exchanges such as Binance, Coinbase, Bybit, OKX, and Upbit
- All coins have a strong social engagement across X, Telegram, and Discord
We believe that adding these feeds to the FTSO would be valuable additions supporting a healthy DeFi ecosystem on both Flare and Songbird
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 contracts on Flare and Songbird for MG members to cast on-chain votes either for or against adding JOULE, HBAR, PENG, HYPE, APT, and PAXG prices to the FTSO on each respective chain
~ If voting reaches quorum for both, then the JOULE/USD, HBAR/USD, PENG/USD, HYPE/USD, APT/USD, & PAXG/USD pairs will be added to the FTSO on Songbird and Flare
