We are a Signal Provider for the Flare Time Series Oracle (FTSO), offering vote delegation services to Flare and Songbird token holders. We have developed our own set of unique algorithms, to help bring accurate data feeds to Flare's decentralised ecosystem.
We are fully operational on the Songbird Network, submitting regular price data. Delegate your vote now to start earning rewards.
By participating in the running of the Flare network you can earn daily rewards by delegating your governance vote to us. We aim to offer a high-level of data accuracy, and will work tirelessly to improve the yield we can offer to you.
With our services hosted across multiple data centres around the world, we offer a truly global solution, ensuring a low latency and smooth experience, wherever you are. We also run our own nodes around the world to ensure tight integration with the whole ecosystem.
As your tokens do not need to leave your custody, you can have peace of mind that there is no risk in using the vote delegation service. This also makes it very easy to switch between Signal Providers, with minimum effort.
The Flare network is a new Layer-1 blockchain that aims to bridge other networks which do not support smart contracts. You can find a lot more details on their website; here, or by going directly to their White Paper.
Flare is the native token of the Flare network: Its ticker is FLR.
The F-Asset system is a set of financial mechanisms encoded into smart contracts which enables certain token holders (XRP, LTC, DOGE, ALGO, BCH, ADA, XLM) to create and redeem a 1:1 representation of their token on the Flare Network (FXRP, FLTC etc.). In order to achieve this, the system relies on Agents participating in the system by putting up FLR as collateral, while earning fees in return. Again, more information can be found on the Flare Networks website.
FTSO stands for Flare Time Series Oracle. At a high-level, it is a service designed to obtain externally sourced (off-chain) data and provide it to the Flare Network, via a suite of smart contracts, that can be utilised by other smart contracts, running on the Flare network.
A Signal Provider is an entity that provides off-chain data to the Flare network, via the FTSO smart contracts. One example of this is price data, i.e. XRP/USD.
It is worth noting that all are Signal Providers are incentivised to provide as accurate data as possible and are rewarded based on this accuracy. The eco-system also encourages the participation of many Signal Providers to ensure the network remains as decentralised as possible.
In theory, yes. However, to become a Signal Provider and submit data to the FTSO you must first have voting power. Each Flare and F-Asset token comes with voting rights, so theoretically anyone owning Flare or an F-Asset can submit data to the FTSO.
However, there are a couple of things to consider: (i) A minimum threshold of voting power is needed to be able to submit prices, which can be decided by the Flare community (FLR holders). (ii) Some level of technical technical knowledge is required to create a system that can gather accurate off-chain data and submit it to the FTSO.
Absolutely. You can do this by delegating your vote to any Signal Provider. Our service will allow you to do just this. By using our service you can participate in the running of the Flare network while earning rewards, without your Flare tokens leaving your custody.
Yes, F-Asset holders can participate in the voting rounds, however they do not automatically get compensated. Instead, FXRP holders are incentivised to vote to ensure the integrity of the price data.
At set time intervals, Signal Providers will submit their data to an FTSO smart contract, as part of a 'voting round'. Voting rounds take place three every three minutes. Submissions can be made at any point within the three minute window, which is then followed by one minute window, where all submissions are made public and the winners are declared.
FLR is an inflationary asset. For six months following the Flare network inception, the inflation rate will be set to 10% p/a. After this time period, the Flare community (Flare holders) will be able to vote on what the inflation rate should be going forwards. A large part of these newly minted tokens will be allocated into an FTSO rewards pool, to incentivise users to participate in the network.
Flare holders who provided accurate data, that falls within the medium 50% of all submissions for that voting round, either directly or by delegating their vote, will receive a portion of the available rewards.
For all successful submissions we will take a percentage of the rewards as a fee for the service provided. This fee is received directly from the FTSO Rewards Manager smart contract, as are the rewards that you, as a vote delegator.
Check out our Getting Started guide to start delegating and earning rewards.
Flare (FLR) itself does not come with voting capabilities. WFLR is essentially a wrapped version of FLR. It is an ERC20 token that supports vote delegation from one address to another. Meaning, any WFLR holder can delegate their vote power to any other WFLR address(es).
One key point worth noting is that; although WFLR and FLR will always have the same value, they differ in usage. Only FLR can be used to pay for Flare network transactions (gas), while only WFLR can be used to represent and delegate vote power in price submissions.
Any user can wrap their FLR by sending FLR to the WFLR smart contract via a deposit API. WFLR can then be converted back to FLR by calling a withdrawal transaction on the same WFLR smart contract. FLR and WFLR will always have a 1:1 ratio.
We offer the capability to wrap and un-wrap your FLR tokens, via our delegation app.
No, when delegating voting power you will retain full custody over your WFLR, they do not leave your wallet and we will never ask you to send us tokens. Be wary of anyone asking for your seed phrases or to send them your tokens.
Songbird is the name of a Canary network that is being developed by Flare Networks. It will be a fully operational blockchain with a defined token supply that is intended to be used to test new features, ahead of launch on the main Flare network. Prior to the launch of Flare, Songbird will be instrumental in the continued testing of the Flare Time Series Oracle, the State Connector, F-Asset systems and the network architecture.
The FTSO and F-Asset protocols will be live on Songbird with F-Assets generated from the underlying tokens. This will improve the security, stability and credibility for the ultimate launch of Flare. Post Flare launch, Songbird is intended to be a long term network for testing governance led changes to Flare, such as; the incorporation of new F-Assets, changes to the FTSO, F-Asset systems or any other network change.
Songbird will have its own token called SGB, which has been distributed in the same ratio to all the same recipients of the FLR distribution. The total starting supply will be 15 Billion with an initial inflation of 10% per annum distributed through the FTSO and validator rewards systems. This means that for every 1 XRP held at the time of snapshot, 0.1511 SGB will be allocated, dependant on participating exchanges. Our friends over at FTSO AU are doing a great job at keeping a track of which exchanges have agreed to distribute SGB to users.
Songbird went live in September 2021, and after a nine day period in 'Observation Mode', became a fully operational network on the 27th September 2021. All FTSO contracts were deployed and the and the vote delegation service is now in full flight. Check out this Getting Started blog for some details around how to start participating in the running of the network, whilst earning rewards.
Now that the FTSO system is operational, the team at Flare Networks will begin implementing the F-Asset and State Connector systems, for testing. Once all appropriate testing has been completed on Songbird, and audits have been completed, Flare will go live. There is no set date for this, as yet.
It is important to note that that security of the networks is far and away the most important factor in the release of these new services, so we encourage patience, from all parties, keen to start participating in the Flare eco-system.
Absolutely. You can delegate your vote us, or any other Signal Provider and earn high-yielding rewards. Check out this Getting Started blog, where we explain the process in more detail.
