- FLR token is up 18.88% in one week and is currently worth $0.01077.
- Flare introduces a public staking service to allow FLR holders to participate in the ecosystem.
- Flare Network moves to a proof-of-stake model.
FLR, the native token of the Flare network, is making waves recently with the launch of its public staking service.
FLR has seen a surge in both interest and value. Let’s take a closer look at how this development affects the FLR token.
FLR token price fluctuations
Over the past seven days, the FLR token has shown impressive performance, with its price rising by 18.88%. Currently valued at $0.01077, the token is gaining traction in the market and attracting the attention of investors and enthusiasts alike.
flare price chart
Flare’s public staking service
Flare, an EVM-based layer 1 blockchain that provides developers with decentralized access to high-integrity data across other chains and the Internet, has taken important steps to strengthen its ecosystem. On October 29th, the Flare team unveiled a public staking service for FLR token holders in line with the transition to a proof-of-stake consensus model.
🌅 Flare public staking is live: https://t.co/ZB0AaH7sFZ
Learn all about FLR stake delegation. #FlareStake. ⬇️🧵 pic.twitter.com/EsqWng7KCv
— Flare ☀️ (@FlareNetworks) October 29, 2023
This dedicated staking platform allows FLR holders to contribute to the growth of the ecosystem by delegating their tokens to validators.
Initially, users could only stake FLR through the Avalanche application set up on their Ledger hardware wallet, but the development team promised to introduce more staking options in the future.
The minimum staking threshold is 50,000 FLR, which is equivalent to approximately $500 at current exchange rates, and the lock-up period is 14 days.
Flare embraces the PoS model
Flare has decided to adopt a proof-of-stake model in July 2023, with the goal of creating a more cost-effective and environmentally friendly solution.
To set up a complete infrastructure within the Flare network, stakeholders must hold at least 1 million FLR tokens (equivalent to approximately $10,000) and maintain at least 80% uptime to participate in the validator reward pool.
These innovations, including the Flare Time Series Oracle (FTSO) and State Connector, demonstrate Flare’s commitment to improving the usability of blockchain technology. By providing reliable access to data from a variety of sources, FLR and the Flare network can provide developers with new opportunities and a more diverse environment for decentralized applications, ultimately benefiting a broader user base.