Merge branch 'stp08' into 'main'

Add STP.08 FSC-274

See merge request flarenetwork/docs-team/governance-proposals!5

STP/STP_8.md

@@ -0,0 +1,101 @@
+---
+nav_order: 30008
+title: STP.08
+---
+
+# STP.08: Update FTSO Data Feeds and Define Process to Add New Ones
+
+| Type                | Songbird Test Proposal   |
+| :------------------ | :----------------------- |
+| Author              | Flare Foundation         |
+| Created             | 16-May-2024              |
+| Document Status     | Draft                    |
+| Threshold Condition | 75% (required to reject) |
+| Majority Condition  | 50% (required to reject) |
+
+## 1. Brief Description
+
+The community approval of [STP.06](./STP_6.md) significantly increased the number of data feeds that [Flare's FTSO system](https://docs.flare.network/tech/ftso) can support through the introduction of the FTSO Scaling protocol.
+This proposal starts making use of this increased capacity.
+
+The purpose of this proposal is twofold:
+
+1. Add 19 more cryptocurrency prices to the current list of 19 data feeds.
+2. Define a process for the future inclusion of more data feeds, including automatic monitoring and community requests.
+
+The following sections describe in more detail the proposed changes.
+
+## 2. Technical Description
+
+### 2.1 Addition of New Data Feeds
+
+All data feeds are price pairs against the `USD` currency.
+The current 19 feeds are `ADA`, `ALGO`, `ARB`, `AVAX`, `BNB`, `BTC`, `DOGE`, `ETH`, `FIL`, `FLR`, `LTC`, `MATIC`, `SGB`, `SOL`, `USDC`, `USDT`, `XDC`, `XLM`, and `XRP`.
+
+This proposal adds the following 19 new feeds: `TRX`, `LINK`, `ATOM`, `DOT`, `TON`, `ICP`, `SHIB`, `DAI`, `BCH`, `NEAR`, `LEO`, `UNI`, `ETC`, `WIF`, `BONK`, `JUP`, `ETHFI`, `ENA`, and `PYTH`.
+
+For transparency's sake, these are the reasons that these feeds were chosen:
+
+* Shortlisted by surveying responses from the FTSO community: `TRX`, `LINK`, `ATOM`, and `DOT`.
+* Currently ranked in the top 25 of [CoinMarketCap](https://coinmarketcap.com): `TON`, `ICP`, `SHIB`, `DAI`, `BCH`, `NEAR`, `LEO`, `UNI`, and `ETC`.
+* Launched on [Binance](https://binance.com) in the past 3 months, with strong narrative and market capitalization: `WIF`, `BONK`, `JUP`, `ETHFI`, `ENA`, and `PYTH`.
+
+### 2.2 Process to Add More Data Feeds
+
+Two methods are proposed to streamline the inclusion of new data feeds in the future.
+These methods will work in parallel with governance proposals initiated by the Flare Foundation, such as [STP.04](./STP_4.md).
+
+#### 2.2.1 Automatic Inclusion
+
+A cryptocurrency showing exceptional market performance can trigger its automatic inclusion in the FTSO system using the following process:
+
+1. The Flare Foundation will identify any token that reaches a 24h trading volume of $10 million during each of the first 3 days after its launch, as reported by [CoinMarketCap](https://coinmarketcap.com), on any of the 5 major exchanges: [Binance](https://binance.com), [Coinbase](https://coinbase.com), [Bybit](https://bybit.com), [OKX](https://okx.com), and [UPbit](https://upbit.com).
+2. The Flare Foundation will announce the identified tokens on Twitter and the dedicated FTSO groups, in order for the data providers to prepare.
+3. A week later, the identified tokens will be added to the FTSO system, without a governance vote.
+
+#### 2.2.2 Through the FTSO Management Group
+
+Cryptocurrencies not added automatically by the previous method, or non-cryptocurrency data feeds, which might incur additional costs for data providers, can still be included by submitting a vote to the FTSO Management Group created in [STP.03](./STP_3.md).
+
+The process is as follows:
+
+1. A request to include a data feed must be made through one of these channels:
+    1. A tweet with the hashtag `#NewpairsonFlare` that gathers at least 100 likes.
+    2. A message on [Flare's Discord server](https://discord.com/invite/flarenetwork), in the `Discuss-Ideas` developer channel, explaining the business justification for the request.
+    3. A web form (URL to be announced), explaining the business justification for the request.
+2. The Flare Foundation will forward the request to the [FTSO Management Group's forum](./STP_3.md#3-link-to-code-repository) and request a vote.
+3. If the vote passes, the requested data feed will be added to the FTSO system.
+
+### 2.3 Secondary Reward Band
+
+[STP.02](./STP_2.md) introduced a secondary reward band to benefit more FTSO data providers. The width of this band is chosen for each price pair to reward a fixed percentage of all providers.
+
+However, immediately after a new price pair is added, enough information about it is not available to calculate its secondary band width. As a result, the secondary reward bands are initially disabled for all newly-added data feeds.
+
+After a few weeks, when a few reward epochs have passed and enough submissions have been analyzed, secondary reward bands for the new feeds will be enabled.
+
+Similarly, currently existing data feeds might need to have their secondary reward bands recalculated to make sure that enough providers are covered after [STP.06](./STP_6.md) enabled the FTSO Scalability protocol.
+
+### 2.4 Relation to FTSO Fast Updates
+
+Proposal [STP.07](./STP_7.md), currently being voted on, introduces the FTSO Fast Updates protocol, which provides a separate stream of FTSO updates.
+If that proposal is accepted, any new data feeds added directly by STP.08, or by the mechanisms defined in STP.08, will also be available through the FTSO Fast Updates protocol.
+
+Given that the initialization of new fast update streams requires a starting value provided by the FTSO Scaling protocol, a delay of a few reward epochs is to be expected before new feeds are available through the Fast Updates protocol.
+
+## 3. Links to Code Repositories and Contracts
+
+There is no new code involved. Only governance calls to modify the network's configuration.
+
+## 4. Proposed Implementation Date Range
+
+Implementation is expected to start shortly after the voting finishes. The exact date will be announced in time for FTSO data providers to prepare.
+
+## 5. Voting Details
+
+An STP is rejection-based, meaning that it is accepted unless certain conditions are met, namely, that the quorum threshold (75%) is reached and at least half of the votes are against it. (See [Governance](https://docs.flare.network/tech/governance/#stps).)
+
+## 6. Deadline for Voting
+
+* **Notice period**: 20-May-2024 to 24-May-2024
+* **Voting period**: 27-May-2024 to 31-May-2024

index.markdown

@@ -48,6 +48,7 @@ Proposals aimed at improving the Flare network by being tested first on the Song
 |      5 | [Inflation Updates](STP/STP_5.md)                                           |
 |      6 | [Add Support for the Flare Systems Protocol and FTSO Scaling](STP/STP_6.md) |
 |      7 | [Add Support for FTSO Fast Updates](STP/STP_7.md)                           |
+|      8 | [Update FTSO Data Feeds and Define Process to Add New Ones](STP/STP_8.md)   |
 
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