The Flare Network, an EVM-based Layer 1 blockchain enabling developers to build apps using data from other chains, releases an update as Layer 2 advances. The Flare Time Series Oracle, renowned for its decentralized data feeds in Flare dApps, has been enhanced to FTSOv2. This upgrade promises more frequent updates, enhanced performance, increased data feeds, and high-frequency updates, marking a significant step towards Flare's evolution into a data blockchain.

Flare's recent upgrade, FTSOv2, substantially enhances on-chain data access for businesses within the DeFi ecosystem, particularly benefiting trading and lending dApps. Flare's oracles set new benchmarks for decentralization and affordability in data sharing, lowering usage costs and enhancing data accessibility. The focus remains on fully decentralized oracles to support app development on Flare and other chains, ensuring inherent security.

Expanding its data capabilities, the Flare Network aims to reduce latency for data feeds and accommodate a wider range of assets, including stocks and commodities, while maintaining decentralization and enabling multiple data feeds. Open delegations from network users simplify enrollment for data providers without requiring authorization, fostering a robust and transparent ecosystem.

The FTSO aggregates estimates into a weighted median value, leveraging inputs from 100 sources where providers' weight corresponds to the amount of wrapped FLR (WFLR) they possess. To prevent excessive input and decentralization, each provider's maximum weight is capped at 2.5%, with excess weight shared among providers. The FTSOv2 updates aim to maintain protocol decentralization and prevent dominance by any single provider.

FTSOv2 enables faster updates and continuous data streams, adjustable to accommodate asset volatility through governance or community funding. This allows users to fund the protocol for improved stream feed fidelity and faster data updates, ensuring a reliable and accurate stream feed for consumers.

Overall, the FTSOv2 update significantly enhances the network's design, making data more accessible, cost-effective, and decentralized. It offers a wider range of data feeds, quicker update times, robust security features, and a fast update feature for users requiring regular data updates.