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Layer-1 EVM oracle platform Flare launches to boost interoperable DApps

January 10, 2023 Coin Telegraph

Blockchain

Layer 1 EVM blockchain Flare goes online, aimed at providing developers a platform to build decentralized interoperability applications.

Flare, a new layer-1 Ethereum Virtual Machine blockchain platform, has gone live with the launch of two core protocols aimed at powering decentralized interoperability applications.

The platform serves as an oracle network that allows developers to build applications that are aimed at being interoperable with different blockchains and internet platforms and services.

Flare features two protocols that power its application-building suite. Its State Connector protocol enables information and data to be used securely and at scale from various blockchains and internet sources with the use of smart contracts. The functionality is touted to offer powerful data to the network and facilitate the development of cross-chain solutions.

Meanwhile, the Flare Time Series Oracle (FTSO) sources and provides decentralized price and data feeds to decentralized applications (DApps) running on the layer-1 blockchain platform. According to Flare’s technical documentation, the FTSO smart contract provides continuous estimates for different types of data.

Independent providers retrieve data from external sources like centralized and decentralized exchanges and supply that data to the FTSO system. The information is weighted according to each provider's voting power, and a median is calculated to produce the final estimate.

This operates as an incentive system for data providers, which are rewarded for supplying price pairs and other information that are close to the median value from various sources.

The protocol’s two networks, Songbird and Flare, run Ethereum Virtual Machine which allows Ethereum contracts and tools to be used in the development of smart contracts and applications. However these layer 1 networks run independently of the Ethereum mainnet.

Details of the platform launch shared with Cointelegraph highlight the importance of providing secure access to data. Flare CEO & co-founder Hugo Philion believes the two protocols can lead to new use cases for blockchain technology, such as triggering a Flare smart contract with a payment made on another chain or by input from a conventional website.

“It also facilitates a new way of bridging, specifically to bring non-smart contract tokens to Flare for use in applications like DeFi protocols.”

Flare initiated its token airdrop on Jan. 9, with 4.27 billion FLR tokens distributed to millions of users across various cryptocurrency exchanges. The airdrop itself marked a unique milestone, as developers can now start using Flare’s EVM and data acquisition protocols.

The initial token distribution released 15 percent of the full public token allocation, with the remainder set to be released monthly over 36 months. The allocation method for the remaining token supply will be settled by a community vote through the Flare Improvement Proposal 01 (FIP.01).

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EOS price jumps 20% for biggest gain in 15 months — what’s fueling the uptrend?

August 17, 2022 Coin Telegraph

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EOS attempts to become a fully decentralized network following a key "hard fork" in September.

EOS rose approximately 20% to reach $1.66 on Aug. 17 and was on track to log its best daily performance since May 2021.

Initially, the EOS rally came in the wake of its positive correlation with top-ranking cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH), which gained over 2% and 3.75%, respectively. But the upside move was also driven by a flurry of uplifting updates emerging from the EOS ecosystem.

*EOS/USD daily price chart. Source: TradingView*

EOS incentive program launch

On Aug. 14, the EOS Network Foundation (ENF), a not-for-profit organization that oversees the growth and development of the EOS blockchain, opened registrations for its upcoming "Yield+" incentive program.

The Yield+ is a liquidity incentive and reward program to attract DeFi applications that generate returns for their users. In doing so, the service attempts to compete with its top blockchain rivals in the DeFi space, namely Ethereum, Cardano (ADA), and Solana (SOL).

Since the beginning of Yield+ registration, the total value locked (TVL) inside the EOS pools has increased from 94.71 EOS to 102.18 EOS, showing a temporary spike in demand for the tokens. The TVL will likely increase in the days leading up to the reward activation on Aug. 28.

The Yield+ Launch Is Imminent!

Designed to build economic activity on $EOS through incentivizing DeFi dApps that increase TVL and generate yield.

August 14th — Registration opens
August 28th — Rewards for TVL begin

Get all the details here:
➡️ https://t.co/fFOZCOEG4y ⬅️ https://t.co/b6q4Xmlay7 pic.twitter.com/ePZPkEiu4I
— EOS Network Foundation (@EosNFoundation) August 10, 2022

EOS hard fork in September

In addition, EOS will rebrand to EOSIO later this week, followed by a v3.1 consensus upgrade called Mandel in September, according to Yves La Rose, the CEO of ENF.

The rebranding and upgrade serve as EOS's symbolic divorce from Block.One, the company that originally designed the network, nine months after the EOS community elected to stop the issuance of 67 million EOS (~$108 million) to it on malpractice concerns.

La Rose noted that the upgrade would occur via a hard fork, meaning that the new version (EOSIO) will not be backwards compatible with the original chain and will follow new consensus rules.

Rebranding EOSIO and hardforking #EOS is a necessary part of the comeback, and represents the start of a new chapter: #TheNewEOS

Under the leadership of the @EOSNFoundation, $EOS can finally break through its glass ceiling and reach its full potential!
— Yves La Rose (@BigBeardSamurai) August 15, 2022

A hard fork also means that in the event of a possible chain split, all the existing EOS holders will receive an equal amount of tokens on both chains. In theory, that could increase EOS demand among speculators in the days leading up to the hard fork as witnessed in the case of Ethereum.

Technicals hint at more upside

From a technical perspective, EOS's price eyes an extended bull trend in the coming weeks

The first major hint comes from a cup-and-handle formation on the EOS daily chart, confirmed by a U-shaped price trajectory followed by a downward channel trend. As a rule of technical analysis, a cup-and-handle breakout should send the price higher by as much as the pattern's maximum height.

*EOS/USD daily price chart featuring cup-and-handle breakout setup. Source: TradingView*

As a result, EOS's upside target comes to be near $2.45, up almost 50% from today's price

Nevertheless, as a note of caution, the breakout risks losing its momentum near EOS's 200-day exponential moving average (200-day EMA; the blue wave) at $1.79. Such a pullback could have EOS test the 50-day EMA (the red wave) at $1.21 as its next downside target, almost 25% below the current price.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.