Firefunction-v2 is an advanced open-source function calling model developed by Fireworks, designed to outperform existing models like GPT-4o in real-world scenarios by offering similar capabilities at a fraction of the cost and with significantly lower latency. The model integrates the robust multi-turn conversation capabilities of Llama 3 while excelling in function calling tasks, especially parallel function calling, which is crucial for intuitive user experiences and broader API usage. Unlike other open-source models, which often sacrifice general reasoning abilities for function specialization, Firefunction-v2 maintains a balance between function calling and general conversation tasks, making it adaptable to diverse applications. This is achieved through careful fine-tuning of Llama3-70b-instruct, preserving its instruction-following abilities while enhancing its function calling capabilities. Evaluations have shown that Firefunction-v2 consistently outperforms its predecessors and competitors in multiple benchmarks, demonstrating its efficacy in both function calling and non-function calling tasks. The model is available on the Fireworks platform, offering an easy transition for developers currently using OpenAI APIs, and is supported by a community-driven development approach that encourages feedback and continuous improvement.