Understanding Flare
Flare emerges as a pioneering EVM-based layer 1 protocol designed to enhance the utility of blockchain technology. Its primary objective is to furnish developers with decentralized access to high-integrity data sourced from various chains and the internet. This breakthrough empowers the creation of innovative use cases and monetization models, enabling dapps to seamlessly cater to multiple chains via a unified deployment.
Distinctive Features of Flare
Flare introduces two groundbreaking interoperability protocols aimed at facilitating on-chain, decentralized acquisition of blockchain, time series, and Web2 API data. These protocols are safeguarded by the network itself, with decentralized data providers incentivized to furnish accurate data. This intrinsic mechanism ensures minimized risks for both users and developers.
The State Connector plays a pivotal role in acquiring event information from diverse blockchains and the internet, ensuring its availability for smart contracts on Flare. This process occurs securely, scalably, and in a decentralized fashion, with independent attestation providers required to achieve consensus on event validity before dissemination to dapps.
Meanwhile, the Flare Time Series Oracle (FTSO) leverages the network's structure to deliver decentralized prices and data series to Flare dapps, eliminating reliance on centralized data sources.
By granting dependable access to cryptocurrency prices, intricate transaction details from various chains, and Web2 event data, Flare empowers developers to construct applications that offer enhanced utility to a broader audience.
Utility of the Flare (FLR) Token
FLR serves as the native token within the Flare ecosystem, fulfilling multiple crucial functions:
- Payment: Facilitating transactions within the network.
- Transaction Fees: Preventing spam attacks by imposing fees on transactions.
- Staking: Enabling participation in validator nodes, contributing to network security.
- Wrapped FLR (WFLR): FLR can be wrapped into an ERC-20 variant, WFLR, offering additional functionalities such as delegation to FTSO data providers and participation in governance activities.
The issuance of Wrapped FLR (WFLR) involves depositing native FLR tokens into a smart contract and receiving newly minted WFLR tokens.
Circulation of FLR Tokens
Flare's mainnet genesis occurred on 14th July 2022, followed by a public token distribution event (TDE) on 9th January 2023.
At genesis, the total available supply of FLR was 100 billion, with 12 billion FLR in circulation immediately post-TDE.
The public token distribution spans 36 monthly installments, allocating a total of 28,524,921,372 FLR to the community.
Flare operates on an inflationary model, with 10% of the circulating supply minted in the first year. These newly minted FLR tokens are allocated to various entities, including FTSO data providers, validators, and State Connector attestation providers.
Visionaries Behind Flare (FLR)
Flare was conceptualized by Hugo Philion, Sean Rowan, and Dr. Nairi Usher, who currently hold the positions of CEO, CTO, and Chief Scientist, respectively. Their collaboration began during their studies in machine learning at University College London, driven by a shared fascination with distributed systems and their potential applications.
Where to Acquire Flare (FLR)
Flare (FLR) is actively traded on numerous exchanges, offering cryptocurrency and stablecoin pairs for interested investors.
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Flare Price Live Data
The live Flare price today is $0.032609 USD with a 24-hour trading volume of $32,358,473 USD. We update our FLR to USD price in real-time. Flare is down 2.94% in the last 24 hours. The current CoinMarketCap ranking is #61, with a live market cap of $1,120,258,246 USD. It has a circulating supply of 34,354,247,751 FLR coins and the max. supply is not available.
If you would like to know where to buy Flare at the current rate, the top cryptocurrency exchanges for trading in Flare stock are currently OKX, Bybit, DigiFinex, Bitrue, and Blofin. You can find others listed on our crypto exchanges page.
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