Flare News: Weekly Roundup June 04 2023

Welcome to our weekly roundup of the latest updates from the Flare ecosystem. The past week was filled with noteworthy developments, including an exciting governance proposal that garnered overwhelming support and a breather for the FTSO Management Group after successfully passing multiple proposals. Additionally, we have updates on Celsius' ongoing bankruptcy process, Flare's analytics report on the secondary FTSO reward band, the growing adoption of the API Portal, and notable achievements by Enosys in bridging Songbird to XDC and Songbird's rise in DEX volume rankings.

Governance

Just a week ago, on May 23rd, a sizzling hot Songbird Test Proposal (STP.04) hit the scene, aiming to add 8 fresh price pairs and bid farewell to 2. With voting nearing its end, the outcome seems clear with a whopping 99.15% in favor and a mere 0.85% opposing. Barring any unexpected twists, this proposal is on the path to a resounding victory and a future implementation. Keep tabs on this proposal's journey on the Flare Portal.

FTSO Management Group

Last week was a whirlwind of action for the FTSO Management Group as they passed four proposals: SMGP-7¹, SMGP-6², FMGP-4³, and FMGP-3⁴. This week, they've taken a breather, eagerly anticipating the Flare Foundation's implementation of these passed proposals, which will put into action on-chain disciplinary measures against the accused data providers.

The data providers from the group who sold tokens before the TDE, and opted for a self-imposed chill as a disciplinary measure, have now concluded their one-week hiatus and resumed submitting data.

Ecosystem

Amidst their seemingly never-ending bankruptcy process, crypto exchange Celsius⁵ managed to secure the green light to hand out FLR tokens to eligible account holders through the initial airdrop back in January. But hold up, despite the announcement feeling like old news, account holders are still left empty-handed, causing Flare's CEO, Hugo Phillion, to step in and offer reassurance. According to him, they've got their legal eagles on the case, actively working to sort out this mess and ease everyone's worries.

Regarding Celsius. Flare has engaged counsel who are actively working to resolve this matter. We will provide further updates as soon as they are available.

Hugo Philion

Flare dropped another analytics reports that dive deep into the nitty-gritty of the secondary FTSO reward band on Songbird. Now, let's be honest, these reports can get pretty technical and might require a serious dose of motivation to read every single word. But fear not, because here's a handy breakdown for you:

• The report sought to analyse and assess the impact of the secondary reward band, introduced in governance proposal STP.02, on the price accuracy and the systems decentralisation.
• A Relative Root Mean Square Error (rRMSE) method was applied to FTSO and exchange trade price aggregates. This was chosen as it accentuates errors making them larger and thus easier to detect outliers in analysis.
• A minimum and maximum range was applied to a given exchange from the lowest and highest trades of the exchange to assess when an FTSO price fell outside of this range.
• An assessment using rRMSE was made on both Songbird and Flare during December 2022 when both networks were using the original scheme (no secondary reward band).
• A second assessment was made for both networks again in April 2023 when the secondary reward band had been introduced for only Songbird allowing for a comparison between the data of December and April.

Ultimately it was found that with the introduction of the secondary reward, there was no significant impact on price quality and that rewarded data providers increased from 25% to 66% which provides a more even split of rewards for all participants.

In an update from the Flare API Portal, it has been revealed that CoinTiger, a digital assets exchange, has joined the growing list of platforms integrating the API Portal into their operations. This development further underscores the increasing adoption of the API Portal, following recent partnerships with Bifrost Wallet and SubQuery. It’s shown no signs of slowing down with its steady growth.

We are pleased to share that the digital asset exchange platform @CoinTigerEX has integrated the Flare API Portal into its operations.

Welcome to the Flare API Portal ecosystem CoinTiger. 🐯

API Portal

Enosys, led by their CEO Christodoulakis Nik (aka Bannik), had some exciting updates to share. Their bridge connecting Songbird to XDC reached a significant milestone, with a total of 11 million XDC being bridged. As a result, the daily bridge limit has been raised from 1.25 million to an impressive 3.2 million XDC.

...

• Ēnosys Bridge has successfully reached Week Five of the rollout, with a daily bridge limit of 3,200,000 $XDC.
• Ēnosys Bridge has reached over 11m $XDC bridged. ...

Bannik

In similar news, on May 30th, Thanasimos, a team member of Enosys, proudly announced that Songbird has entered the top 25 blockchains in terms of 24-hour DEX volume. This achievement is a remarkable milestone for DeFi within the Flare ecosystem, signaling its growing prominence.

And that wraps up another eventful week in the vibrant Flare ecosystem. Stay engaged and keep an eye out for the latest updates, as we eagerly anticipate the exciting developments that lie ahead. Until we meet again next week, let the Flare community shine on ☀️.