Flare Price

What Is Flare (FLR)?

FLR is the token of Flare, an EVM-based Layer 1 blockchain aiming to provide DApp builders with decentralized access to high-integrity data from other chains and the internet.

As an interoperability-focused network, Flare applies a proof of stake (PoS) mechanism and is powered by two core protocols — the State Connector and the Flare Time Series Oracle (FTSO).

FTSO is a smart contract-powered oracle network that provides reliable and continuous estimations of different types of data to developers in a decentralized and secure manner through the help of independent data providers.

State Connector is another smart contract on Flare that checks for the consensus of data retrieved from outside sources through the help of independent attestation providers to ensure that external information can be used safely and trustlessly on Flare.

Flare also has an API Portal, a paid product that lets developers access private nodes on different blockchains, rather than deploy their own or use public ones. In addition, developers can test their products on Flare’s canary network, Songbird, before deploying them on the main network.

The Flare Network’s native token is FLR (formerly known as Spark). The Flare project was launched in two phases, as the network went live on Jul 14, 2022 in private mode, and was made publicly available on Sep 30, 2022.

FLR Price

FLR entered the market on Jan 10, 2023 at $0.15 and dropped to its lowest price (to date) of $0.0237 the same day. However, it quickly recovered the next day, rising to a high of $0.0499. The slight price rally didn’t hold, and the FLR token price corrected in the following days.

FLR rallied briefly toward the end of January 2023, its price increasing over 30% to $0.047 on Jan 30. From there, FLR traded sideways through February 2023, with a slight price drop on Mar 16 to $0.0268. The token has since recovered from this drop, and is trading at around $0.035 in late March.

What Is FLR Used For?

As the native token for the Flare Network, FLR is utility-enabled to facilitate data interoperability for the two protocols. The use cases for FLR include:

• Prevent spam attacks through transaction fees

• Incentivize delegation on FTSO to support the provision of decentralized data

• Allow participation within protocol governance

• Can be wrapped to WFLR to act as collateral for DApps on Flare

FLR Tokenomics

Flare (FLR) has a genesis total supply of just over 100 billion tokens. Initially, 58.3% of these tokens have been set aside for public distribution to the Flare community through airdrops and cross-chain incentives.

The remaining 41.7% has been split between Flare entities for product development (22.5%), and 19.2% for the Flare team, advisors and early backers.

Of the tokens allocated for the community, 28,524,921,372 FLR tokens are being distributed through an airdrop (FlareDrop), split into two phases. The first 15% (4,278,738,206 FLR) were distributed to wallets that held XRP on Dec 12, 2020. The other 85% (24,246,183,166 FLR) will be airdropped to FLR token holders who have wrapped their tokens (WFLR) over 36 months.

The detailed token distribution is shown below:

• 24.2% — Delegation incentives

• 20.0% — Cross-chain incentives

• 4.3% — Airdrops

• 9.8% — Flare Foundation

• 10% — Flare VC Fund

• 12.5% — Flare Networks Ltd.

• 7.0% — Founding team

• 1.5% — Rest of the team

• 3.0% — Future team

• 2.0% — Advisors

• 5.7% — Backers

Who Is the Founder of Flare? 

Flare was co-founded by Hugo Philion (CEO), Sean Rowan (CTO) and Naïri Usher (Chief Scientist).

How to Store FLR

The following wallets are recommended to store FLR tokens: Bifrost Wallet, Brave Wallet, D’CENT Wallet, Enkrypt, MetaMask, SafePal S1 Hardware Wallet, Trezor Model T, and Ledger Nano X and Nano S.