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FIP.13 & STP.10 introduce Custom Feeds to Flare Time Series Oracle

Flare Updates

FIP.13 and STP.10 propose adding Custom Feeds to the Flare Time Series Oracle (FTSO) to broaden the types of data feeds supported on the Flare and Songbird network.


FIP.13 Proposal: https://proposals.flare.network/FIP/FIP_13.html

STP.10 Proposal: https://proposals.flare.network/STP/STP_10.html


🗓️ Notice period (same for both proposals): 11-February-2025 to 16-February-2025

🗓️ Voting period (same for both proposals): 17-February-2025 to 23-February-2025

The FTSO currently focuses on price feeds for crypto assets with significant trading volume on centralized exchanges. Custom Feeds will expand this to include data like Liquid Staked Tokens (LSTs) and cross-chain metrics, using on-chain smart contracts to derive values. Let’s delve deeper.

 

Key aspects of the proposal

FIP.13 introduces several technical modifications to the FTSO’s smart contracts to enable Custom Feeds while maintaining backward compatibility.

Custom Feeds will be available through the FtsoV2Interface contract, similar to existing block-latency feeds. This won’t require changes to data provider client logic or dApp integrations, and no token inflation will be allocated.

Key changes proposed:

  • Different risk profile: Custom Feeds present a different risk profile than standard FTSO feeds. Standard feeds are secured by the entire network of data providers, while Custom Feed security depends on the logic of its smart contract. Users and developers must therefore assess each Custom Feed individually to understand how its smart contract implementation affects their applications’ security.
  • Smart contacts modifications: The implementation of Custom Feeds requires several technical modifications to the FTSO smart-contract system. These changes are designed to maintain backward compatibility while introducing new functionality. All modifications will be visible on the public Flare Smart Contracts GitHub.
  • First Custom Feed on Flare: The first Custom Feed on Flare will be Sceptre Staked Flare (sFLR), which will be implemented through the SFlrCustomFeed.sol contract. sFLR was chosen as the first feed due to its central importance to the Flare ecosystem. sFLR is a liquid staked version of FLR that can be used in Flare’s DeFi ecosystem for lending, borrowing, and liquidity provision. The sFLR Custom Feed will also serve as the reference point for developers looking to implement new Custom Feeds.

What is the significance of Custom Feeds?

Custom Feeds will expand the FTSO’s core functionality, which in turn, enhances the overall capabilities across the Flare DeFi ecosystem. Custom Feeds will bring:

  • More accurate collateral valuation for lending and borrowing.
  • Reliable price data for liquidation mechanisms, which will benefit Flare’s risk management systems.
  • Expanded on-chain data availability beyond traditional price feeds.

How can developers add new Custom Feeds?

Developers can propose a new Custom Feed by submitting a New Feed Request via the Flare Developer Hub GitHub.

The request must include:

  • Business justification
  • Verified contract link

Once a request is raised, the Flare Foundation will determine eligibility after reviewing input from the data providers’ Management Group. If significant concerns are raised, the request will be submitted for a vote within the MG group.

Voting Details

The FIP.13 proposal requires a simple majority of votes in favor of it. STP.10, however, is accepted by default and is only rejected if enough votes are cast against it. Please be sure to keep track of the voting timeline:

🗓️ Notice period: 11-February-2025 to 16-February-2025

🗓️ Voting period: 17-February-2025 to 23-February-2025


Voting on these proposals will strengthen Flare’s infrastructure, so be sure to vote before the voting period comes to a close. 

🗳️ Vote on FIP.13: https://proposals.flare.network/FIP/FIP_13.html

🗳️ Vote on STP.10: https://proposals.flare.network/STP/STP_10.html