New Flare roadmap: Flare launch date July 4th

[Seoulite]

https://medium.com/flarenetwork/flare-rollout-process-665e4405dc19

Edited March 30, 2022 by Seoulite

[Seoulite]

Some key points:

Key milestones

The State Connector has now been fully deployed on Songbird. Over the next couple of weeks the decentralized consensus model will also be rolled out and validation will incrementally shift from its current model to being run entirely by the FTSO providers. This brings the project to the point at which it is possible to launch Flare. To mitigate Flare launch technical glitch risks, an audit with Trail of Bits, one of the most reputable firms in the space, has been booked to start on May 16th. This will run for three weeks and provided no issues are found, Flare will aim to launch on July 4th. 🇺🇸 The team will confirm this date in mid June when the audit completes.

[Seoulite]

They have a new proposal for the FLR token distribution and taxes:

FL02: Governance Update On Token Distribution: The team has been working on a governance proposal regarding the token distribution. The proposal intends to achieve three things:

1) Remove the risk of an exchange failing to pass on future token distributions.

2) Substantially increase the incentive to engage with the network.

3) Provide positive tax implications such that a majority of recipients can avoid generating a taxable event until they claim their token allocations and withdraw them from the system. This would give the recipient autonomy for when they wish to trigger a tax event.

The governance vote for this proposal will only take place once 75% of the initial 15% distribution is freely available to take part in the governance vote. In the case of exchanges, this means that the token will have been distributed and can be withdrawn from the exchange. The proposal details will be published with ample advance warning before Flare launches.

[Seoulite]

SGB to be part of mainnet governance (good news for songbird):

The team is also working on a governance proposal to introduce SGB as part of the Flare governance mechanism. Whilst not limited to, it will include: 1) An SGB bonding system over the governance of the build of bridges between Flare and networks below the top 75 by market capitalization. The aim of this is to provide a mechanism to signal which bridges in this category to build and in what order, through choosing those with the most bonded SGB. 2) An SGB bonding system for community generated governance proposals. Again the aim here is to sort through governance proposals by creating a priority mechanism based on bonded SGB.

 

[Seoulite]

Songbird Roadmap:

Key:

SB01: State Connector Activation: Completed.

SB02: Updated consensus activation: To be initiated over the next couple of weeks.

SB03: State Connector Client Release: Release of an example client side package for the State Connector. This allows State Connector attestors to correctly submit events to the State Connector system. Anyone can build a client side, Flare is simply releasing a reference implementation.

SB04: FAsset A Launch: This version of the FAsset system enforces the Agent to hold 100% of the underlying token on the underlying chain. This allows for a lower collateral ratio on Flare than 2.5X. This is the version of the FAsset system that will most likely be used for “Self Minting”.

SB05: LayerCake Bridges Batch 1 Launch: The first batch of LayerCake bridges, likely with Terra & either Ethereum or Solana.

SB06: FAsset B Launch: This version of the FAsset system uses a 2.5X collateral ratio on Flare, but allows the agent to hold less than 100% of the tokens on the underlying chain.

SB07: FTSO Performance Upgrade: The FTSO system will undergo optimizations with the aim of increasing both the number of possible price series and the number of possible data providers into the 1000’s.

All major changes to existing systems, such as upgrading the FTSO, will be subject to Songbird governance.

 

[Montoya]

Sounds like good news for SGB. 

[Elysium2030]

Songbird has been online for about 4-5 months and still it has no market cap. As a result, it is not listed on many sites and I can't pull the price into my evaluations via query.

What is the reason for this? When will Songbird get its market cap?

[Treehouse]

The proposal is a little concerning. Earlier this year, Flare tweeted that they were not going to distribute tokens to exchanges that would not commit to passing them on to clients within a month (maybe I remember the time limit wrong). They are right to be worried about the exchanges, but throwing people who trusted their readiness to throw people under the bus who had trusted in the arrangement that Flare themselves negotiated with the exchanges at the time of the snapshot was concerning. Makes me wonder what has happened in their relationships with exchanges. I get the whole not your keys thing, but the project team themselves endorsed the arrangement. If they change the terms now, then the issue is not about exchanges withholding, it is about the core team changing the rules after the fact. It's an airdrop, so one can't complain about not receiving something free but people who did buy in advance of the airdrop do have more of a basis.