- Key Development: Flare Network, closely aligned with Ripple, has rolled out its public staking feature, named Flare Staking Phase 2, marking a significant progression for FLR token holders.
- Strategic Token Burn: Flare Network also announced a comprehensive token burn campaign, committing to the elimination of 2.1 billion FLR tokens over a period stretching to January 2026.
Flare Staking Phase 2: Harnessing the Power of Participation
Flare Network, recognized as a decentralized oracle service provider and a vital ally to Ripple, has announced the launch of Flare Staking Phase 2, marking a pivotal moment for holders of the FLR token. The platform has meticulously designed this feature to enable users to shift their FLR tokens from the C-Chain, the nucleus for smart contract activities, to the P-Chain, a chain exclusively devoted to staking operations.
In advance of today’s Senate Banking hearing, @SenLummis and @RepFrenchHill call on the AG / DoJ to evaluate the extent to which illicit finance is facilitated via @binance and @Tether_to pic.twitter.com/FHeIb4u5A0
— Alexander Grieve (@AlexanderGrieve) October 26, 2023
This strategic move unlocks a plethora of opportunities for FLR token holders, facilitating their active involvement in fortifying the network’s security mechanisms while simultaneously reaping rewards for their contributions. To initiate this process, users are required to unwrap their FLR tokens, ensuring seamless compatibility with the staking mechanism.
Staking Mechanics and Future Prospects
At this juncture, access to the staking tool is confined to users in possession of a Ledger hardware wallet. However, Flare Network has expressed its intention to broaden accessibility in the future, aiming to cater to a more diverse audience. To uphold active participation and contribute to the network’s security, the platform has instituted a minimum staking requirement of 50,000 FLR tokens, coupled with a 14-day minimum staking duration.
Users are also advised to retain a nominal amount of FLR on both the C-Chain and P-Chain to cover transaction fees and ensure a seamless staking experience. Additionally, the platform enables users to delegate their stakes to validators of their choosing, further enriched by the availability of a comprehensive list of Node IDs on FlareMetrics.
Token Burn Campaign and Ecosystem Enrichment
In a parallel stride towards innovation and network optimization, Flare Network has initiated a token burn campaign of historic proportions, targeting the elimination of 2.1 billion FLR tokens. The campaign will commence with an immediate burn of 198 million FLR tokens, followed by a consistent monthly burn of 66 million tokens until January 2026.
This strategic reduction in token supply aims to instill a sense of transparency and predictability within the ecosystem, fostering a stable and reliable environment for network participants. Complementing this initiative, Flare Network has also announced its collaboration with Atriv, a Web3.0 digital platform powered by Artificial Intelligence technology, signifying another monumental step in its ongoing journey to deepen ecosystem functionalities and fortify its alignment with Ripple.