Buying Flare (FLR) simplified!

Considering buying Flare (FLR)? You can learn about this cryptocurrency distributed to Ripple (XRP) holders.

Why Buy Flare (FLR)?

You might consider buying Flare (FLR) because it’s the native token of the Flare blockchain. This cryptocurrency is essential for the network as it’s the only way to support transaction fee payments.

Previously known as Spark Token, purchasing FLR and staking it allows you to earn a portion of the rewards from transaction validation. Additionally, FLR serves as the governance token of this blockchain, meaning that holding it grants you the right to participate in decisions about the protocol’s future.

58% of Flare’s (FLR) supply was distributed through an airdrop to Ripple holders on December 12, 2020. Wallet addresses eligible for the airdrop were identified through a blockchain snapshot, which recorded the amount of XRP in each wallet.

What is Flare, and How Did It Originate?

FLR is the token of Flare, a Layer 1 Proof-of-Stake blockchain aiming for interoperability. This feature is crucial for projects looking to communicate with decentralised applications (dapps) and protocols built on other blockchains. Flare has always been closely associated with Ripple, especially the XRP Ledger, as evidenced by the airdrop for cryptocurrency holders.

Flare’s whitepaper was published in August 2020, introducing a token named Spark with the primary goal of enabling the development of smart contracts on networks not originally designed to support them, such as Ripple. The rebranding and subsequent name change of the token occurred in 2022.

Lastly, you might buy Flare (FLR) because it has raised about 11 million dollars in various investment rounds, with participation from some of the sector’s most renowned venture capitals, including Genesis Capital and CoinFund.

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