What is Flare (FLR)
Flare is a Layer 1 blockchain based on the Proof of Stake mechanism that makes interoperability its distinctive feature. Its goal is to enable the development of smart contracts and decentralised applications (dapps) also starting from data and assets of other networks, including those that do not natively support smart contracts, such as the XRP Ledger.
FLR is the native crypto-asset: it is required to pay the network’s transaction fees. The token was originally called Spark; its current name came with the project’s rebranding.
What the FLR token is for
Besides paying fees, FLR serves two main functions. The first is staking: by staking FLR you help validate transactions and can receive rewards, which are variable, dependent on the protocol and not guaranteed. The second is governance: holders can take part in decisions about the protocol’s evolution.
Flare also aims to provide applications with reliable external data and information from other blockchains, through oracle-type mechanisms built into the protocol: a central aspect of its positioning as an infrastructure for interoperability.
The XRP-linked airdrop and how it began
Flare’s whitepaper was published in August 2020, when the token was still called Spark. One of the project’s best-known features is its strong link with Ripple and the XRP Ledger: 58% of the supply of FLR was allocated to an airdrop reserved for XRP holders, based on a blockchain snapshot taken on 12 December 2020.
In 2022 the rebranding took place, with the name change from Spark to Flare. The project raised around 11 million dollars across several funding rounds, with the participation of well-known sector funds such as Genesis Capital and CoinFund.
Price trends and what to consider
Like all crypto-assets, FLR has shown a highly volatile price trend. Its quotations can be influenced by the general trend of the crypto market, by the actual adoption of the network and its interoperability services and by the development of the ecosystem.
Past performance is not a guarantee of future results.
Flare Market Data
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