Flare Network (FLR) operates on a distributed network designed to create bridges between different networks. FLR serves as the native cryptocurrency of the Flare Network and is used for interacting with smart contracts and paying transaction fees. FLR is an inflationary token, with an annual inflation rate of 10% for all FLR tokens.
The Flare Network itself is a Layer-1 network that is fully compatible with the Ethereum Virtual Machine (EVM). It was created to promote interoperability and interconnectivity in the Web3 space, allowing users to bridge cryptocurrencies between networks. The network features two core protocols: the State Connector and the Flare Time Series Oracle (FTSO).
The State Connector is responsible for achieving consensus on information from external blockchains and the internet, allowing it to be utilized on top of Flare in a decentralized manner. It uses the Request-commit-reveal (RCR) protocol and the Branching protocol to request and verify information from other blockchains, bringing data to Flare and enabling functionality within native dApps.
The Flare Time Series Oracle (FTSO) is the native oracle for time series data, such as cryptocurrency prices. It collects data from independent providers, weighs each submission based on stake, and publishes price estimates on-chain. This ensures decentralized and impartial information.
Above are only for introduction, not intended as investment advice.
What is the allocation for flare-networks (FLR)?
The Flare mainnet was launched on 14 July 2022, and the subsequent public token distribution event (TDE) took place on 9 January 2023.
At the genesis of the mainnet, the total supply was set at 100 billion FLR. By the end of the TDE, 12 billion FLR had entered circulation.
- 24.2% is allocated to Delegation Incentives, amounting to 24.2 billion FLR
- 20% is allocated to Cross-Chain Incentives, amounting to 20 billion FLR
- 12.5% is allocated to Flare Networks Limited, amounting to 12.5 billion FLR
- 10% is allocated to Flare VC Fund, amounting to 10 billion FLR
- 33.3% is allocated to Others, amounting to 33.3 billion FLR
What is the supply schedule for flare-networks (FLR) ?
The distribution of tokens to the public is spread out over 36 monthly payments, amounting to a total of 28,524,921,372 FLR for the community.
Flare operates on an inflationary model. In the first year, 10% of the circulating supply will be newly created. These new FLR tokens are primarily awarded to Flare Time Series Oracle data contributors and the delegating token holders (70%), ensuring decentralized and accurate price data for the network. Validators receive 20% of this influx, and State Connector attestation providers get the remaining 10%.
Flare Network (FLR) operates on a distributed network designed to create bridges between different networks. FLR serves as the native cryptocurrency of the Flare Network and is used for interacting with smart contracts and paying transaction fees. FLR is an inflationary token, with an annual inflation rate of 10% for all FLR tokens.
The Flare Network itself is a Layer-1 network that is fully compatible with the Ethereum Virtual Machine (EVM). It was created to promote interoperability and interconnectivity in the Web3 space, allowing users to bridge cryptocurrencies between networks. The network features two core protocols: the State Connector and the Flare Time Series Oracle (FTSO).
The State Connector is responsible for achieving consensus on information from external blockchains and the internet, allowing it to be utilized on top of Flare in a decentralized manner. It uses the Request-commit-reveal (RCR) protocol and the Branching protocol to request and verify information from other blockchains, bringing data to Flare and enabling functionality within native dApps.
The Flare Time Series Oracle (FTSO) is the native oracle for time series data, such as cryptocurrency prices. It collects data from independent providers, weighs each submission based on stake, and publishes price estimates on-chain. This ensures decentralized and impartial information.
Above are only for introduction, not intended as investment advice.