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SolidiFi FTSO Data Provider

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SolidiFi FTSO Data Provider

FTSO Provider

SolidiFi FTSO Data Provider's  icon image
average rating is 5 out of 5

4 Ratings

5.0

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5 months ago

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Network

The Flare Time Series Oracle (FTSO) provides decentralized and rapidly updating price feeds for cryptocurrencies. It relies on a network of independent data providers to retrieve off-chain time series data and compute a final price estimate, which is published on-chain. The FTSO incentivizes accurate provision of data by rewarding data providers and sharing the rewards with token holders who delegated tokens to them. The FTSO is extendable and can incorporate additional time series data sets.

The SolidiFi FTSO Data Provider offers reliable and timely price feeds to Flare Network users through advanced algorithms that collect, process, and deliver accurate price feeds. SolidiFi FTSO Data Provider is developed by a team based in the Netherlands. The team consists of a senior developer, a junior developer, two junior testers, and a content provider. The lead developer, Ferdi, has a background in architecture and has a passion for combining aesthetics and technology, which is demonstrated in the recently launched mobile app, SolidiFi Wallet.

Introduction

SolidiFi FTSO Data Provider uses an efficient data collection system that aggregates prices from multiple sources, including exchanges and trading platforms. The collected data is validated through a rigorous verification process to ensure accuracy and consistency. This way, SolidiFi provides the network with price feeds that are accurate and therfor reliable.

SolidiFi FTSO Data Provider has been submitting prices on Songbird and Flare networks since October 2022. The team is continuously fine-tuning the algorithms and infrastructure to optimize rewards.

The team runs their own infrastructure hosted at cloud provider Digital Ocean, with 2 observation nodes for each network and load balancers to handle network traffic. They also have several APIs for their public services, and they have started preparing to run a validator node. Their current monthly infrastructure costs for the FTSO data provider alone are approximately $450.

SolidiFi FTSO Provider checks the USDT value (if available) on every exchange and converts trading prices to true USD prices. The provider submits prices from a combination of exchanges, and if an exchange falls away, the provider continues with available exchanges. The SolidiFi team also monitors the availability of each exchange of the 12 assets through their custom-built FTSO data provider CMS.

How it works

The team behind the SolidiFi FTSO Data Provider is a small team of developers and testers who are passionate about the potential of Flare Network. The team has created various dApps such as SolidiFi Web, which includes FTSO Data Provider list, wrapping, delegation, rewards functionality, Wallet with transaction history, Dashboard with real-time assets prices from the blockchain, and governance voting for Songbird and Flare. The team also developed a mobile app, SolidiFi Wallet, and is a top-notch wallet widely used within the community for Songbird and Flare and offers a complete crypto-experience for the respective networks.

In summary, SolidiFi FTSO Data Provider is a provider with neer 100% availabily on the Songbird and Flare Network, offering reliable and timely price feeds. The developers behind it are dedicated and passionate about creating the best possible infrastructure for Flare Network users. The various dApps and mobile app are a testament to their commitment to creating a seamless user experience.

Conclusion

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