The FLR token, native to the Flare Network, has been making waves in the market following the launch of the public staking service. FLR has seen an impressive 18.88% increase in its price over the past week, currently valued at $0.01077. Let’s take a closer look at the developments that have impacted the token’s performance.
The Flare Network public staking service is a significant step towards enhancing the ecosystem. It allows FLR holders to delegate their tokens to validators, contributing to the growth of the network. Initially, the tokens could only be staked with Avalanche applications set on Ledger hardware wallets, however, the team has promised to introduce more staking options in future. The minimum staking threshold is currently set at 50,000 FLR, equivalent to approximately $500 at current rates, with a lockup period of 14 days.
In July 2023, Flare made the decision to transition to a proof-of-stake (PoS) consensus model in order to create a more cost-effective and environmentally friendly solution. To participate in the validator reward pool, interested parties are required to hold a minimum of 1 million FLR tokens (equivalent to around $10,000) and maintain an uptime of at least 80%.
Innovations such as the Flare Time Series Oracle (FTSO) and State Connector demonstrate Flare’s commitment to enhancing the utility of blockchain technology. By providing reliable access to data from various sources, FLR and the Flare Network offer developers new opportunities and a more versatile environment for decentralized applications. Ultimately, this will benefit a wider user base.
