- Key Development: Ripple’s close associate, Flare Network, has initiated its public staking feature, welcoming FLR token holders to a new realm of possibilities.
- Enhancing Network Security: By staking their tokens, users can now play a crucial role in bolstering the network’s security, with rewards on offer for their active participation.
Flare Staking Phase 2: A New Era for Token Holders
In a significant stride forward, Flare Network, recognized as a pivotal ally of Ripple and esteemed decentralized oracle service provider, has proudly announced the commencement of its public staking feature, labeled Flare Staking Phase 2. This development signifies a monumental moment for holders of the FLR token, as they are now empowered to transfer their assets from the C-Chain, the hub for smart contract operations, to the P-Chain, a chain specifically dedicated to staking.
This transition not only represents a technological advancement but also serves as a gateway for FLR token holders to actively engage in the fortification of the network’s security infrastructure, all the while accruing rewards in recognition of their invaluable contributions.
Navigating the Staking Landscape
To embark on this journey, users must first undertake the unwrapping of their FLR tokens, a process crucial for ensuring seamless compatibility with the staking mechanism. Initially, access to the staking tool is exclusively available to users possessing a Ledger hardware wallet, though Flare Network has articulated its intentions to diversify access options in the future.
Key parameters have been set to foster active participation and uphold network security; a minimum staking amount of 50,000 FLR tokens and a staking duration not falling below 14 days. Users are encouraged to maintain a modest quantity of FLR on both the C-Chain and P-Chain, a strategic move aimed at covering transaction fees and ensuring an uninterrupted staking experience.
Further enhancing the user experience, Flare Network facilitates the delegation of stakes to validators, empowering users with the freedom to select their preferred validator, aided by a comprehensive list of Node IDs available on FlareMetrics.
Token Burn Campaign and Ecosystem Development
In a parallel stride of innovation, Flare Network has initiated a token burn campaign of monumental proportions, committing to the elimination of 2.1 billion FLR tokens. The campaign kicks off with the immediate incineration of 198 million FLR tokens, followed by a monthly burn of 66 million tokens, extending until January 2026.
This strategic token burn not only serves to trim the total token supply but also injects a layer of transparency and predictability into the ecosystem, ensuring a stable and reliable environment for all network participants. Alongside this, Flare Network has also announced its collaboration with Atriv, a cutting-edge Web3.0 digital platform, rooted in Artificial Intelligence technology, marking another milestone in its relentless pursuit of ecosystem enhancement.
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