Over the past 24 hours, the value of Flare Network’s native token FLR has increased by more than 20%. Currently, FLR is trading at $0.04147 on MEXC, representing a 26.04% increase from the previous 24 hours. Check out the live token price now!
Why is FLR Token Suddenly Growing
The recent increase in FLR’s value can be attributed to Coinbase’s plan to add it to its listing roadmap. As part of its effort to provide asset transparency, Coinbase regularly updates its roadmap with the crypto assets they plan to list. FLR has now been added to the roadmap, indicating that it will soon be available for trading on Coinbase.
This information was shared on Twitter by the exchange on March 28, shortly before the token’s price surge began. FLR currently holds the 86th spot on CoinMarketCap’s market cap list, with a live value of $498,579,677. It also has a 24-hour trading volume of $63,192,876.
Another possible reason for the recent surge in FLR’s value could be attributed to its integration with MathWallet, a major cryptocurrency wallet provider. MathWallet has tweeted to its 500,000 followers, stating that users can now access decentralized applications on the network using their wallet.
Furthermore, Flare Network has recently announced that the Songbird Test Proposal 02 has been launched on its network. This proposal adds a secondary band to the Flare Time Series Oracle (FTSO) reward calculation. The team believes that it will further enhance the network’s decentralization.
With the introduction of this new band, a wider range of data providers who supply data to decentralized applications through the FTSO mechanism can now receive rewards. The proposal also prioritizes higher rewards for data submissions closer to the median value. Additionally, it will avoid the risks associated with having a low number of data providers.
What is Flare Network?
Flare Network or FLR is an interoperable Layer 1 Ethereum Virtual Machine (EVM) blockchain system. It runs on proof-of-stake (PoS) consensus and is interoperable with State Connector and Flare Time Series Oracle. It is a blockchain that connects that helps developers connect protocols with seamless interoperability, making it one of the most anticipated DeFi projects.
Additionally, holders of $XRP received $FLR tokens as part of an airdrop that distributed 15% of the total supply of the cryptocurrency. Although the snapshot was taken in late 2020, the distribution of the tokens began earlier this year, with the remaining tokens set to be distributed over the next three years.
More than 52 cryptocurrency exchanges participated in the airdrop, offering tokens to XRP holders at a 1:1 ratio. This means that for every 1 XRP at the time of the snapshot, investors will receive 1 FLR token. In total, 4.28 billion FLR tokens were under distribution to XRP holders. Get your hands on some FLR Tokens now!
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