Flare Updates FTSO Rewards System and Decentralized KYC Solutions

• Flare Time Series Oracle v2 introduces a new reward system, delaying 50% of rewards for two epochs.
• Flare’s decentralized KYC ensures privacy while enabling regulated digital access for Chinese visitors in Hong Kong.

Flare’s announcement emphasized substantial modifications to its Flare Time Series Oracle (FTSO) v2 rewards mechanism, indicating a critical shift in the company’s operational architecture. Officially launching on the Flare mainnet a week ago, the FTSO v2 brings enhancements meant to maximize the incentive distribution mechanism for its network users.

Update on FTSOv2 Rewards on Flare

A week ago, the Flare Time Series Oracle v2 went live on Flare mainnet, introducing changes to FTSO rewards.

TL;DR: V1 rewards are reduced in epochs 226 (ended today) and 227 due to the V2 deployment entering the beta phase, where rewards will… pic.twitter.com/OgYbUX2g57

— Flare (@FlareNetworks) September 23, 2024

Flare Encourages Quick Migration to FTSO v2 for Full Rewards Eligibility

Under the revised approach, a week will cause 50% of the FTSO incentives to be postponed. This change means that the prizes for the following two epochs—each lasting 3.5 days—will be halfed. Full incentives, however, should start to flow on November 28, following the end of these transitional periods.

Flare has advised consumers to quickly change their delegations to data providers supporting the v2 protocol to maximize their chances of qualifying for forthcoming awards. The eligibility depends on a randomly chosen block from the current reward period, thereby stressing even more the need for quick migration.

Flare also made clear that all data sources have to switch to v2 at the earliest chance. This is vital not only for preserving eligibility in the ecosystem but also for gathering rewards sooner. Users assigning to companies already moved to v2 need not redelegate, therefore streamlining the change for a subset of users.

Beside that, a prior CNF report highlighted Flare’s partnership with Red Date Technology to bring distributed KYC.

For Mainland Chinese guests in Hong Kong, this approach lets them have controlled but anonymous digital access. Flare guarantees that personal data stays safe by combining privacy and compliance, so following regulatory rules—a major advance in bridging digital economies.

Meanwhile, Flare’s native coin, FLR, keeps attracting interest. Reflecting a 1.13% increase over the last 24 hours, FLR swapped hands at about $0.02323 at the time of writing. Its market cap rises over the $1.2 billion level with this result.