Flare Looks to Integrate Shiba Inu Price Feed

The Flare community is looking to integrate Shiba Inu (SHIB) price feeds to the FTSO ecosystem, in addition to 18 other assets, through governance voting.

This move, which introduces a new Flare Improvement Protocol, follows the successful implementation of a similar proposal by the Songbird community, building on a growing trend of integrating popular cryptocurrencies into the Flare Time Series Oracle (FTSO) system. 

For the uninitiated, The Flare Time Series Oracle is a decentralized system that provides accurate price data to the Flare Network. It aggregates information from multiple sources and is essential for smart contracts and dApps.

Criteria for Inclusion

The Flare Foundation, the author of the FIP.08, has outlined a plan to expand the FTSO system’s data feeds. The proposal, drafted on May 28, seeks to add 19 new crypto price pairs to the existing list of 18. This expansion is possible through the FTSO Scaling protocol, introduced through a previous proposal, FIP.06.

FIP.08 follows hot on the heels of the approval of STP.08 🔥

FIP.08 proposes adding 19 new feeds in the FTSO on @FlareNetworks and defines a process for selecting and adding further feeds in the future.

Vote starts Jun 12.
Wrap $FLR by Jun 9 🗓️https://t.co/sJ6BJcWlIw pic.twitter.com/dGutrNlSF2

— Flare ☀️ (@FlareNetworks) June 3, 2024

The proposal has two main objectives. First, it aims to include 19 additional assets, including SHIB, to the current FTSO data feeds. These new feeds involve a range of popular assets including but not limited to DAI, TON, ATOM, LINK, TRX, and Solana meme coins BONK and WIF. The selections were based on community surveys, market rankings, and recent launches on major exchanges.

Secondly, FIP.08 outlines a process for including new data feeds in the future. This process includes automatically monitoring market performance and looking at requests from the community. Such a process would ensure the system remains responsive to the crypto market. 

Per the proposal, the system will automatically include tokens with noteworthy market performance based on specific criteria. These criteria involve a 24-hour trading volume amounting to $10 million in the first three days post-launch on any of the five leading crypto exchanges: UPbit, Coinbase, Binance, OKX and Bybit.

To ensure transparency, the Flare Foundation will publicize any new token on X and select FTSO groups. These tokens will be integrated into the FTSO system one week later, bypassing the need for a vote.

Voting Period for Shiba Inu Inclusion 

The voting details for FIP.08 have been outlined, with the notice period from June 3 to 9, and the voting period is between June 12 and 18. According to the Foundation, a simple majority is required to pass the proposal, signaling a strong community-driven approach to governance within the Flare network.

This latest development is another testament of Shiba Inu’s recognition in the broader crypto ecosystem. The proposal confirmed that SHIB’s inclusion was due to its position among the top 25 largest assets on CoinMarketCap.

Notably, this inclusion would help bolster Shiba Inu’s visibility to a wider audience through the presentation of reliable price data. The move comes shortly after Atomic Wallet added support for Shiba Inu ecosystem token BONE.