For example, the FTSO brings information about a token’s price to the Flare Network. The Flare Time Series Oracle (FTSO) utilizes the network structure to deliver highly decentralized prices and data series to dapps on Flare without relying on centralized data providers. For developers, particularly those focused on independent game creation, 1FLR tokens offer a means to reward players, thereby encouraging participation and engagement with their games.
The FLR community and Flare Network are not under any legal or regulatory obligation to disclose material information to the public regarding its activities. Holders of FLR have no recourse to the Flare Network core team, developers, or Uphold if FLR declines in value for any reason. Flare Network combines the Avalanche consensus protocol and Federated Byzantine Agreement (FBA). The current yearly supply inflation rate is 272.50% meaning 40.19B FLR were created in the last year. The public token distribution continues for 36 monthly installments providing a total of 28,524,921,372 FLR to the community.
Popular Tokens on the Polygon Chain
- Acquiring Flare Tokens involves purchasing them on cryptocurrency exchanges that list 1FLR, using other digital currencies such as MATIC.
- Alternatively, holders can delegate their FLR to a data provider to earn a portion of the generated rewards.
- Cryptography ensures that transactions are secure and that the token cannot be counterfeited or double-spent.
- Uphold Operating Canada Ltd. (Uphold Canada) has filed an application for registration in certain Canadian jurisdictions but has not yet obtained registration.
- Wallets that support the MATIC Mainnet, including popular choices like MetaMask and Trust Wallet, can be used to store FLR.
- Scores are based on common sense Formulas that we personally use to analyse crypto coins & tokens.
This use case highlights the token’s potential to support and incentivize the development of new gaming content. Investors in Canada are reminded that no securities regulatory authority or regulator in Canada has assessed or endorsed any Crypto Contract or Crypto Asset made available through the Uphold Platform. However, the FLR max supply is technically unlimited, as the FLR supply will inflate over time in order to reward users that provide data to the Flare Time Series Oracle.
One of the uses of the State Connector is to prove that coins have been locked on the original chain, so a corresponding amount of FAssets can be minted on Flare. It incentivizes the adoption and decentralization of the FTSO, secures the network, and facilitates participation in network governance. Wrapped FLR (WFLR) can be minted by depositing native FLR tokens into a smart contract and withdrawing the newly minted WFLR.
The Flare Network enables different blockchains to communicate with each other (blockchain interoperability). It also provides smart contract capabilities to Layer-1 blockchains, hence the project’s tagline #ConnectEverything. The FLARE price page is just one in Crypto.com Price Index that features price history, price ticker, market cap, and live charts for the top cryptocurrencies. A total of 45 billion FLR tokens, or 45% of the initial supply, was allocated to holders of the XRP cryptocurrency. The XRP coins held by Ripple Labs and some of its former employees were not eligible for the airdrop. Flare also features the State Connector, which is a protocol for acquiring data from external blockchains and using it on Flare.
Circulating Supply
This aspect underscores the token’s utility in fostering a more interconnected and decentralized digital economy. Beyond its technical and governance functions, FLR also underpins the Play to Earn (P2E) and Non-Fungible Token (NFT) platform, PipeFlare. Within this ecosystem, FLR is used for a variety of purposes, including purchasing in-game items, upgrades, memberships, and NFTs. This utility extends to offering incentives for independent game developers, who can reward players with FLR for engaging with their games.
Risk Analysis
Wallets that support the MATIC Mainnet, including popular choices like MetaMask and Trust Wallet, can be used to store FLR. It’s important for potential buyers to be aware of transaction fees that may apply when purchasing or swapping for FLR. The token is also required for contributing to the Flare Time Series Oracle (FTSO), which brings data from outside the Flare Network into the network.
FLR Exchanges
Acquiring Flare Tokens involves purchasing them on cryptocurrency exchanges that list 1FLR, using other digital currencies such as MATIC. Interested buyers can then store their tokens in compatible wallets, ensuring their assets are secure and readily accessible for use within the ecosystem. In addition to cryptographic security, Flare Token relies on smart contracts for various operations within its ecosystem. These smart contracts are rigorously audited by both internal teams and external consultants. The purpose of these audits is to identify and rectify potential vulnerabilities, ensuring that the smart contracts function as intended without exposing users to risks.
Uphold has prepared this Crypto Asset Statement based on publicly available information. Although Uphold has taken steps to obtain information from apparently reliable sources, information contained in this Crypto Asset Statement may be inaccurate, incomplete or out-of-date. This overview is a starting point for you to perform your own research prior to investing in a crypto asset. Songbird acts as a testing ground for Flare’s technology, providing an adversarial environment that a testnet couldn’t replicate.
In a testnet, attackers would have weak incentives to try and find exploits, since testnet coins have no economic value. If you’ve heard of Flare, you might have also heard of a related token called Songbird (SGB). While this might have flr spark price caused some confusion, the connection between these two tokens is fairly simple. Songbird serves as the “canary network” for Flare, which is similar to how Kusama is a “canary network” of Polkadot.
- A canary network is in some ways similar to a testnet, but there’s a crucial difference.
- 1FLR can be used to purchase in-game items, powerups, memberships, NFTs, and more.
- Flare Network is a blockchain project that aims to bring smart contract functionality to crypto assets which are issued on blockchains that don’t support Turing-complete smart contracts.
- Beyond its technical and governance functions, FLR also underpins the Play to Earn (P2E) and Non-Fungible Token (NFT) platform, PipeFlare.
- While this might have caused some confusion, the connection between these two tokens is fairly simple.
- In addition to cryptographic security, Flare Token relies on smart contracts for various operations within its ecosystem.
- Flare Token, represented by the ticker FLR, is a multifaceted digital asset within the cryptocurrency ecosystem.
To check FLARE’s price live in the fiat currency of your choice, you can use Crypto.com’s converter feature in the top-right corner of this page. If you are new to crypto, use the Crypto.com University and our Help Center to learn how to start buying Bitcoin, Ethereum, and other cryptocurrencies. If you’re interested in Flare, you can view an up-to-date FLR price chart, the current price of FLR as well as detailed historical Flare price data on CoinCodex.