The Flare community is seeking to incorporate Shiba Inu (SHIB) price feeds into the FTSO ecosystem, along with 18 other assets, through a process of governance voting.
This initiative, introducing a new Flare Improvement Protocol, follows the successful adoption of a similar proposal by the Songbird community, continuing the trend of integrating popular cryptocurrencies into the Flare Time Series Oracle (FTSO) system.
For those unfamiliar, The Flare Time Series Oracle is a decentralized system that provides precise price data to the Flare Network, gathering information from various sources crucial for smart contracts and dApps.
Inclusion Criteria
The Flare Foundation, creators of the FIP.08, have laid out a plan to enhance the FTSO system’s data feeds. The proposal, formulated on May 28, aims to add 19 new crypto price pairs to the existing list of 18. This expansion is facilitated by the FTSO Scaling protocol, introduced in a previous proposal, FIP.06.
The proposal has two main objectives. Initially, it seeks to incorporate 19 additional assets, including SHIB, into the current FTSO data feeds. These new feeds encompass a variety of popular assets such as DAI, TON, ATOM, LINK, TRX, and meme coins BONK and WIF from Solana. The selection process was based on community surveys, market rankings, and recent launches on major exchanges.
Secondly, FIP.08 outlines a method for adding new data feeds in the future. This process involves monitoring market performance automatically and considering community requests to ensure the system remains responsive to the crypto market.
According to the proposal, the system will automatically include tokens with significant market performance based on specific criteria. These criteria include a 24-hour trading volume of $10 million in the first three days post-launch on any of the five leading crypto exchanges: UPbit, Coinbase, Binance, OKX, and Bybit.
To maintain transparency, the Flare Foundation will announce any new tokens on X and select FTSO groups. These tokens will be integrated into the FTSO system one week later without the need for a vote.
Voting Period for Shiba Inu Inclusion
Details of the voting process for FIP.08 have been provided, with the notice period running from June 3 to 9, and the voting period scheduled between June 12 and 18. The Foundation states that a simple majority is required to pass the proposal, highlighting a community-driven governance approach within the Flare network.
This recent development further solidifies Shiba Inu’s presence in the wider crypto ecosystem. The proposal confirmed SHIB’s inclusion due to its ranking among the top 25 largest assets on CoinMarketCap.
Notably, this inclusion will enhance Shiba Inu’s visibility to a broader audience by providing reliable price data. This move comes shortly after Atomic Wallet announced support for Shiba Inu ecosystem token BONE.
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