Flare (FLR) Unveils Major Network Milestone
Highlights
- Flare Network has hit a total of 482,000 wallet address count
- Protocol is making massive pivot into the AI scene
- Flare network is carving out a niche as an oracle protocol
According to Flare Networks (FLR), there are currently a total of 482,000 wallet addresses on the network.
Flare Milestone and Tokenomics
The EVM-based Layer-1 protocol is celebrating this milestone as it marks a significant increase from the earlier total recorded figure. Precisely, the 482,000 Flare network wallet addresses are 60,000 more than the volume recorded in December 2023. In addition to the announcement of this major milestone, Flare uncovered extra details regarding its tokenomics.
Flare confirmed that a majority of its native tokens will be owned by the community and this could be done either by direct token distribution, network incentives, or through Flare Foundation ecosystem initiatives. Per the data shared, 58.3% of the Genesis FLR supply is allocated to the community. For context, the total Genesis token supply is pegged at 100 billion.
The community is privy to this allocated supply via the monthly FlareDrops or as cross-chain incentives for adding sustainable value to the Flare network. At other times, the tokens are supplied as project grants through the Ecosystem Support Program. Of the genesis total distribution, about 19.8% are not permitted to vote in governance including proposals like the FIP.06 that is expected to introduce new features to the Flare protocol.
This fraction of non-voting holders includes Flare Foundation and Flare VC Fund. Another major boom in the Flare Network is its pivot into the AI world as it hopes to create a new integration system using blockchain technology.
Utility Associated With the Flare Network Token
Once in possession of these FLR tokens, holders can decide to stake them to Flare validators to secure the network.
This utility was embraced by its initial investors who agreed to reinvest 50% of FLR token sales in the network’s long-term growth. FLR could also be utilized as transaction fees to prevent spam attacks or as collateral within Decentralized Applications (Dapps) built on the Flare network.
Meanwhile, the FLR token is trading at $0.03466 with only a 0.12% increase in the last 24 hours. This suggests that it is yet to be impacted by the news of the total wallet addresses or the Flare network tokenomics reveal.
In February, some key updates to the FLR tokenomics were able to push the price of FLR by 7% and its trading volumes up by 64% to $88 million.
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