Flare API Portal Undergoes Revamp, Elliptic Partners with Flare and Community Members Discuss Intriguing Ideas

Welcome to our most recent weekly roundup, where we embark on a journey through the expansion of the Flare Network. This week, we bring you the details about the enhancements made to the Flare API Portal, marking its official exit from beta with a revamp. In addition, we will explore the latest announcement that Flare has partnered with Elliptic, the global leader in crypto asset risk management.

Furthermore, here at FlareMetrics, we appreciate the Flare Network’s strong focus on its community. This recognition leads us to pay tribute to the committed Flare community members who actively engage in insightful and thought-provoking discussions about Flare.

This underlines the invaluable contributions made by network participants and their pivotal role in driving the overall growth of the ecosystem. Join us as we take a deep dive into these exciting developments.

Ecosystem

API Portal operates on a blockchain infrastructure that is both highly scalable and secure, featuring automated functionalities. It leverages cutting-edge technologies to empower Web3 access, with a strong emphasis on speed, security, and availability.

On November 3rd, Flare Network announced the release of Version 2 of its blockchain infrastructure provider, API Portal, and the departure from the beta phase. In the ever-evolving world of decentralized technology, change is a constant companion. Joshua Edwards, VP Engineering at Flare Labs unveils this in the latest Flare documentation.

Right from its inception, the focus has been on offering innovative and reliable blockchain infrastructure for builders not yet needing their blockchain nodes. The API Portal continues to be an indispensable resource for more than 500 institutional partners, such as Google Cloud, Uphold Inc, iSafePal, and many more.

The beta phase has served as a valuable learning curve, with extensive community feedback significantly shaping the updates incorporated into API Portal Version 2. Notable upgrades include improved scalability, fortified security measures, streamlined infrastructure for enhanced interoperability, a simplified and rebranded user interface, and a commitment to an eco-friendly approach.

Additionally, a new personal plan subscription has been introduced, catering to individuals working on personal projects while ensuring secure access to supported blockchain networks. This transition from beta reflects rigorous testing, demonstrating the platform's robustness and readiness to support growing businesses.

Sounding alarms, Flare has issued an important update that should be noted by all stakers. If you stake your Flare with a validator holding more than 5% of the total staked amount, your rewards will experience a reduction. This reduction is due to the rule capping rewards at 5% per validator, similar in nature to the 2.5% cap on FTSO vote power.

You can check for over staked delegators by visiting the Flare Metrics Validators page; they will be indicated by a red bar and an exclamation mark, serving as a signal to review your stake and make any adjustments as needed.

Furthermore, here’s some food for thought: In conjunction with this staking update, AtlasTSO, an Infrastructure Provider on Flare, shared some valuable insights for their delegators. The message emphasizes the potential benefits of not over-delegating to a provider and instead staking with a validator.

The suggestion is that if everyone delegating to AtlasTSO were to reduce their WFLR delegations to their FTSO by 30% and transition to staking, they could potentially achieve a higher Annual Percentage Yield (APY) in the FTSO system while also gaining extra rewards from staking.

FTSO AU chimed in on the conversation by suggesting that reallocating 30% from your data provider and delegating to an under-capped provider could result in increased rewards.

Food for thought for our delegators. No reason to keep overdelegating to a provider when you can get more by staking to a validator. If everyone delegating to us remove 30% of the tokens and move to staking they will get higher apy in FTSO system and extra from staking.

AtlasTSO

Ecosystem Partnerships

In a new collaboration, Flare will integrate Elliptic's real-time wallet and transaction screening capabilities into its network. This partnership enables organizations building decentralized applications on the Flare Network to efficiently uncover connections to illicit actors. Elliptic is the sole blockchain analytics provider recognized as a World Economic Forum (WEF) Technology Pioneer, backed by significant investors such as J.P. Morgan, Wells Fargo Strategic Capital, SBI Group, and Santander Innoventures.

It has a demonstrated history of assessing risk on transactions valued at several trillion dollars. Their solution offers pre-transaction due diligence on crypto wallets, providing valuable support to organizations in combating money laundering, complying with sanctions, and addressing fraud. Integration with Elliptic's tools on the Flare allows financial service firms to maintain on-chain compliance and safeguard against sanctioned entities.

Community

In our exploration of Flare Network and its community, we come across fascinating discussions. This week, Ash W leads a conversation on "The Concept of Vote Power." In his own words, Ash explains that vote power measures the influence an address's votes hold in Flare's governance, particularly in decisions related to improving the network's protocols or network parameters.

This metric is determined by considering the address' stake and delegations from other addresses, fostering what is known as “liquid democracy” for decentralized decision-making processes within the network.

Ash also introduces the idea of "Reputation scores”, a signaling metric that could provide prominent participants in Flare’s ecosystem a pathway of receiving delegated governance votes from the community. These scores might give individuals a greater say in Flare governance voting, especially when they're trusted members of the community.

Naturally, the establishment of social identities and Web 3 domains is essential to link community members' activities to the accounts through which they can receive governance delegations.

In the world of Flare governance voting, transferring governance vote power enables token holders to shift their voting influence to another account without giving up custody of their tokens. This simplifies the voting process by consolidating all votes into a single wallet, making participation and impact in network governance more convenient and efficient.

Flare Network responds to Ash's discussion, acknowledging the importance of vote power in Flare governance and the intriguing concept of a Reputation Score, highlighting its novelty and potential use in Flare's evolving landscape. The opportunities are endless on Flare Network, and this concept is very interesting indeed.

📚: What is the concept of vote power?

Vote power refers to the influence an address has in governance voting within the Flare network. It represents the weight or importance of an address's vote when participating in decision-making processes, such as protocol upgrades or changes to network parameters...

Ash W

Updates

BitKanexchange lists FLR

BitKan, a well-established platform since 2012 boasting over 50 million registered users, has earned its reputation as the world's largest cryptocurrency broker exchange. They have partnered with over 8 leading exchanges, including Binance and OKX. Exciting news: FLR Spot Trading Pair is now live and ready for trading on Bitkan.

SimpleSwap lists SGB

SimpleSwap is a user-friendly and reliable service for cryptocurrency exchanges. Their platform supports more than 1000 crypto and fiat currencies. This week they've unveiled the addition of SGB to their exchange.

Enosys UI Upgrade

Enosys introduces an enhanced UI for DEX and Farms on Coston, featuring a 'claim all' button for rewards and real-time dollar conversions for Total Value Locked (TVL), positions, trading volumes, and rewards using Skopos and FTSO. Future plans include Liquidity Pool (LP) fee tracking, LP statistics, and interactive volume charts, along with real-time charts for mobile users, courtesy of Skopos. Expect more updates and improvements from the Enosys team.

As we wrap up this week's overview of the Flare ecosystem, here's a sneak peek at what's coming up:

Mark your calendars for the 9th Flare Drop scheduled for November 12th, and anticipate the availability of Staking Rewards after a 14-day waiting period.

For the builders in our community, Flare Network extends a special invitation to the Flare Meetup in Istanbul on November 16th at 20:00 UTC+3. Notably, this event enjoys the generous sponsorship of Ankr - secure your spot by registering.

We look forward to seeing you all on next week's round up.