Flare

Time factors

Protocol time
Human readable time
Protocol time 1
Block
3 seconds
Protocol time 2
Epoch
3.5 days
First reward delay
1 epoch
3.5 days
Reward frequency
Every epoch
3.5 days
Unbonding period
None
  • Block times are not fixed.
  • Epochs begin every Monday 7:00:00 UTC and Thursday 19:00:00 UTC.
  • Vote-power block. The protocol randomly chooses one block from the last 50% of blocks in an epoch. A snapshot of all stake is taken from that chosen block and is used to weight all validator operations of the upcoming epoch. Rewards are also dependent on this snapshot.
    • For example, let’s assume Alice has decided to stake at epoch X, but the vote-power block snapshot has already been taken. In this scenario, Alice’s stake will become effective only from epoch X+2.

Lifecycle

Staked before vote-power block snapshot
Staked after vote-power block snapshot

Must know before staking

Minimum stake amount
50,000 FLR
Partial stake changes
Partial reward withdrawal
Compounding
Penalty
Slashing
  • Rewards must be claimed. Rewards expire after 90 days and are burned.
  • Stakers must stake for a minimum of 2 weeks.
  • The protocol has a special account called an executor which can perform reward claims and staking actions on behalf of delegators. Executor accounts can be used to compound staking rewards.

Advanced topics

General

  • Flare Time Series Oracle (FTSO) system
    • The protocol’s main purpose is to provide on-chain data for developers to use.
    • Validators are required to participate as data providers for the FTSO system. They must report token prices every 3 minutes.
    • The prices reported by validators are weighted by stake and used to calculate a median.
  • Revoking delegations. Delegators can revoke their stake which take effect immediately. This is expected to be used only under extreme circumstances (i.e. attack from a validator).

Rewards

  • Rewards come from newly issued tokens.
    • Target inflation. The protocol targets a 10% inflation rate in year 1, 7% inflation rate in year 2 and 5% inflation from year 3 and onwards. The newly issued tokens are used to reward the validators operating the FTSO system.
  • Factors that impact realized rewards.
    • Price reporting. From the weighted median calculated from the FTSO, only validators who have reported within a 50% band of the median will get rewards. In other words, validators who reported a price that is below 25% of the median or above 25% of the median will not get any rewards.
    • Commissions.

Risks

  • The protocol does not have any penalties or slashing.

Validators

Total validator cap
100
Validator requirements
1,000,000 FLR
  • All validators begin with a 20% commission fee that can be adjusted afterwards.
  • Validators can accept only 15 times their self-stake amount. They can have up to 200 million of stake.
  • Validators are required to participate as data providers for the FTSO system. They must report token prices every 3 minutes.

Resources

Update notes

2023-10-06: Flare has made some changes to how staking functions with FIP.05 (https://proposals.flare.network/FIP/FIP_5.html).
Last modified 4mo ago