Flare Staking Phase 2 Ready to Ignite with New Partnerships and Ecosystem Advancements

Flare Networks has transitioned to a proof-of-stake system after a majority vote in favor of FIP.05, offering enhanced infrastructure services and a reimagined staking landscape. Recent partnerships have expanded the Flare ecosystem, including collaborations with Encode for a three-day hackathon, the creation of Flarescan with Avascan, and integration with Arkham, an AI-driven platform linking digital crypto addresses to real-world entities. The Flare ecosystem continues to evolve, with discussions focusing on developments like trustless bridges and the Flare Builders¹ website showcasing new decentralized projects leveraging Flare technology.

Governance

It has been a bustling period for Flare Networks, marked by an overwhelming majority vote in favor of FIP.05², the blockchain ecosystem has now transitioned into a proof-of-stake system. This crucial upgrade entails significant enhancements to infrastructure services, a reimagined staking landscape, and a fairer distribution of inflation rewards among validators.

What adds intrigue is the recent implementation of these changes this week. Flare dropped a tweet confirming we are going to witness a dynamic reallocation of inflation rewards, with a substantial 70% flowing towards FTSO providers and delegators, while the remaining 30% bolsters the network's validators. Even more enticing for network participants is the array of exciting options to either earn rewards, whether by delegating to FTSOs or through innovative staking methods³.

As articulated in Flare's official documentation, there's a reassuring message for all participants: those who delegate their stake to validators on the P-Chain will find their stake amounts seamlessly mirrored on the C-Chain through a mirroring service, facilitated by a smart contract.

This mechanism ensures that staked token amounts not only continue to qualify for monthly FlareDrops but also enable active participation in crucial governance voting matters. So rest assured, there's no need for FOMO; Flare has your back.

Partnerships

In recent weeks, Flare has been on a whirlwind of activity, establishing a dynamic partnership with Encode to organise a thrilling three-day hackathon alongside London's vibrant Ethereum community. This hackathon offers an opportunity for developers venturing into the realm of Web 3.0. It provides invaluable guidance from protocol experts and the chance to secure enticing bounty prizes. For all builders, mark your calendars for the event from October 27th to the 29th, and don't miss this unique opportunity to participate!⁴

Calling Web3 Devs in London 📢

It's Official, Flare is part of ETH London Hackathon by @encodeclub !

$11K worth of prizes up for grabs which also Includes Pool Prizes & No code challenges 🧑‍💻

📆 Oct 27-29 📍 London

Apply now to hack with @FlareNetworks : http://encode.club/eth-london

Uttam Singh

Flare has also announced a strategic partnership with Avascan Block Explorer's team to create Flarescan. This new explorer is poised to become the central hub for data sourced from various Flare networks, including the Flare and Songbird mainnets, along with the Coston and Coston2 testnets.

Flarescan's capabilities are indeed impressive. Users can explore transaction histories, assess address balances, track token movements, and engage in in-depth block-by-block analysis with remarkable ease. What sets Flarescan apart is its inclusivity.

It offers developers seamless access to both the C-Chain, where most transactions occur, and the P-Chain, vital for staking activities. In addition to its informative features, Flarescan is designed with a user-centric approach. It provides comprehensive network statistics, detailed transaction insights, and compelling data visualisations. A verification process ensures the accuracy of displayed contract information. ⁵

Flarescan is scheduled to launch on October 16th, initially offering full support for C-Chain and live staking analytics. In November, it will expand to include full support for P-Chain and historical staking analytics. Furthermore, Flarescan will offer a developer API, simplifying the integration of blockchain data into various applications.

But wait, there's more exciting news you won't want to miss! If you've been following the latest Flare buzz, you'll know that Flare has made a groundbreaking announcement – they're now live on Arkham. This partnership introduces a game-changing asset to your crypto arsenal. Arkham, equipped with ULTRA, a cutting-edge proprietary AI engine, is set to revolutionise the crypto landscape. Its mission? To illuminate the crypto world by linking digital addresses to real-world entities. ⁶

With Arkham, Flare users gain the power to follow the world's top traders and investors in real-time, all while monitoring their portfolios closely. But it doesn't stop there. This treasure trove of data isn't exclusive to the elite – it's your ticket to informed decision-making.

Whether you're conducting due diligence, predicting market shifts, tracing fund flows, conducting independent research, or playing a role in safeguarding the crypto world from illicit activities, Arkham's real-time analytics empowers you with the tools to navigate the crypto realm with unshakable confidence and pinpoint precision. This is your invitation to explore a new dimension of crypto expertise, and it's yours for the taking.

Ecosystem

While we are in Staking Phase 2, Hugo shares via his tweet that the Infrastructure Management Group, formerly known as the FTSO Management Group, will remain a crucial part of the ecosystem. This group plays a pivotal role in maintaining security and monitoring potential bad actors within the network. In recent times, the Flare Foundation has taken action by reviewing and approving two proposals aimed at addressing and neutralising any disruptive forces. ⁷

These measures are designed to ensure the blockchain's integrity and security. Flare Chill Proposal #14 (O1_FTSO), addresses concerns related to the use of colluding algorithms on both the Flare and Songbird networks. Songbird Chill Proposal #13 (Pinnacle_FTSO), targets collusion with BestFTSO.

It's important to note that your stake and rewards could be affected if you choose to delegate to an infrastructure provider who has been previously chilled or banned. Ensuring a safe and secure blockchain environment is a shared responsibility, and these actions demonstrate a commitment to maintaining the integrity of the staking and delegation process.

Ecosystem Calls

In recent Flare ecosystem discussions, two enlightening sessions took center stage, offering deeper insights into the platform's evolving landscape. The inaugural community call, expertly hosted by John from Flare Community, featured a special appearance by CEO Hugo Philion. This dynamic duo delved deep into the world of Flare's protocols and developments, particularly focusing on exciting innovations emerging from Flare Labs. They shared insights into the creation of secure and trustless bridges. Hugo, in his signature style, shared a wealth of wisdom, offering a glimpse into the creation of trustless bridges, such as FAassets and Layer Cake.⁸

In one notable quote from the session, Hugo emphasised, "The FAsset system will be multi-collateral. Agents will principally put up stables and potentially other non-correlated tokens, with insurance pools behind it being at least 1.5x FLR." Additionally, Hugo expressed, "We think having multiple types of collateral, including FLR, is a really effective way to do it because it means that you don't create a circular reference”.

This revelation showcased the platform's unwavering commitment to security and resilience, supported by innovative insurance mechanisms. The promise of trustless, insured bridges, as revealed in these conversations, is nothing short of thrilling in the ever-evolving world of blockchain technology.

The second call, hosted by Flare, showcased various builders and projects within the Flare ecosystem. In this session, CEO Nik Christodoulakis of Ēnosys joined CEO Hugo Philion of Flare Network and John from Flare Community to discuss the DeFi landscape on Flare and the latest products from Ēnosys. Key highlights included the launch of Ēnosys' product suite on the Flare mainnet, offering liquidity pools, swaps, and farming pools. Ēnosys introduced governance tokens APS and HLN, along with the APY Cloud, a central fee aggregator that rewards users. ⁹

The FTSO system played a pivotal role in Ēnosys, showcasing its potential for diverse applications. The discussion also addressed the debut of the FLR/eUSDT liquidity pool on Ēnosys' DEX, offering liquidity providers a chance to earn rewards. Ēnosys developed a bridge to transfer USDT from Ethereum to Flare, and they plan to explore adding new assets to enhance its functionality.

Additionally, Ēnosys introduced governance tokens APS and HLN, with both tokens enabling users to receive yields from the APY Cloud, which collects fees from transactions across Ēnosys' products. The FTSO was highlighted as a key component in the Flare ecosystem, providing decentralised price and data feeds.

Efforts are underway to scale and improve the FTSO to make it the best and most decentralised oracle in the space. The FTSO and Web Connector were discussed as native data acquisition protocols with various use cases, including perpetual markets, prediction markets, NFT marketplaces, and GameFi Dapps. Ēnosys is actively using the FTSO in its indexing platform, loan protocol, and NFT Gallery.

Community questions and feedback were addressed during the session, covering topics such as delegation enhancements, liquid staking, USDC pairing, staking mechanisms, bridging USDT, and tracking unclaimed tokens. Overall, the session was jam packed full with insights into Ēnosys' contributions to the Flare ecosystem, the role of the FTSO, and the community's engagement and inquiries.

Project Developments

The Flare Builders website showcases a compelling array of novel projects that have harnessed the power of Flare Networks. These ventures range from pioneering decentralised applications (dApps) within the ecosystem, such as those found in the E8T app. These applications are driving a transformative shift in the hospitality industry by leveraging Flare Network technology.

Additionally, the innovative concept of Flare Web 3 Domain Names introduced by FlareLink is worth exploring. Lengthy addresses will be the next blockbuster within the Flare Network as FlareLink will enable users a new alternative to build their online identities and receive any crypto payments.

As we conclude yet another eventful week within the dynamic Flare ecosystem, stay connected and remain vigilant for the latest updates. We eagerly look forward to the thrilling advancements on the horizon.