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Table Of Contents
Flare (FLR) is a layer-1 blockchain ecosystem and decentralized oracle network. The protocol incorporates a unique stack and token generation system built to enable cross-chain communications and programmability. The goal of the project is to enable HODLers to unlock liquidity and expand DeFi adoption.
What Problems Does Flare Attempt to Fix?
Flare was made to tackle some issues that have long plagued the market. The developers recognized the compartmentalized nature of the industry. They made Flare in a way that empowers developers to create decentralized interoperability applications. This structure enables creators to make digital assets that can function across multiple ecosystems in a streamlined manner. Developers can leverage the best aspects of different assets in this manner.
Another major concern for developers was ensuring that innovators could easily join and create on the network. They accomplished this goal by incorporating existing EVM tooling and the Solidity programming language used by Ethereum. This structure means that any Ethereum-compatible assets can easily convert and launch on Flare.
Flare seeks to reduce the high fees paid by earlier network users. As such, the platform offers low gas and transaction fees. Users can send value internationally often for far less than sending fiat currency or PoW blockchain assets like Bitcoin. Additionally, low gas fees mean that developers can create more immersive and complex Dapps to serve the community.
Benefits of Flare
There are many benefits gained by Flare users. For one, the network improves interoperability across the entire market which improves liquidity. Users can gain access to DeFi features with deep pools of liquidity using Flare. This structure supports scalable EVM-based smart contracts as well, which makes it an ideal solution for Ethereum developers seeking lower fees.
Flare's oracle system provides real-time data to dapps and the entire crypto community. Oracles are off-chain sensors that can communicate information to and from the blockchain. They can trigger smart contracts and are crucial to the operations of many dapps such as DEXs.
Flare provides reliable and highly decentralized prices and data series to dapps on the network. This information is redundant and verified making it ideal for use in any application. The main benefit of this approach is that it ensures the data is correct, not tampered with, and timely.
Another major benefit of Flare is its sustainability. The network does away with miners and instead users stake its own tokens to keep the blockchain valid. This strategy reduces the total electricity demands significantly. Flare operates at a fraction of the energy requirements of many earlier gen blockchains.
How Does Flare Work?
Flare is a layer 1 EVM blockchain that combines community governance, decentralized oracles, a programable blockchain, and the ability to bridge assets from earlier-gen networks like Bitcoin. All of this is provided thanks to the use of a scalable, low-carbon consensus algorithm. The Flare ecosystem can be broken down into two main components, connectors and flare time series oracles. (FTSSO).
Flare Time Series Oracle (FTSO)
FTSOs are the network of sensors. Each oracle that Flare uses is tracked and graded based on its reliability. Oracles that are found to provide slow or incorrect data get automatically removed from the network. This self-healing structure ensures that Flare dapps have access to critical information without delay.
The State Connector protocols serve a vital role in enabling Flare users to link to other sovereign blockchains. The system is flexible and can even support linking to the internet to track data. The state connector makes it simple to securely migrate assets into the Flare economy.
Layer Cake Bridge
The Layer Cake Bridge protocol is another crucial component used to connect Flare to other networks. This protocol supports the trust-less bridging of assets between layer-1 and layer-2 blockchains. The system is unique in that it doesn’t require additional collateral like previous bridges. Additionally, users that bridge assets share in the cross-chain pool rewards which add to your passive income streams.
FAssets are assets that are bridged from other networks. These systems improve usability for easier networking in multiple ways. For one, it opens the door for early blockchain users to enjoy DeFi rewards. They can use their FAssets to earn yield farming, staking, lending, and more.
FAssets adds another bonus to the market, in that they provide smart contract programmability to previously nonprogrammable assets. Notably, the system uses the Layer Cake Bridge protocol to securely bring the asset into the cross-chain pool before issuing your FAsset.
Flare Token – FLR
FLR is the main utility token for the flare economy. Users can pay fees and use FLR to send value globally. Developers need to hold FLR to execute smart contracts and mint new assets. FLR can be staked and is also crucial in the community governance system.
Flare leverages a community governance system that enables the user to put forth proposals on the future of the network. This approach is popular with DeFi and fourth-gen networks because it helps add transparency. Interestingly, Flare leverages the songbird voting protocol to ensure its community governance is accurate and timely. Community governance is popular in the DeFi market because it empowers users and gives the community a voice.
Flare (FLR) launched in January 2023 to much hype from the market. The token caught the attention of traders as its distribution was held on the largest exchange, Binance. This approach helped the token achieve its distribution goals. Today, FLR is traded across multiple exchanges and DEXs.
How to Buy Flare (FLR)
Currently, Flare (FLR) is available for purchase on the following exchanges.
Uphold – This is one of the top exchanges for United States & UK residents that offers a wide range of cryptocurrencies. Germany & Netherlands are prohibited.
Uphold Disclaimer: Assets available on Uphold are subject to region. All investments and trading are risky and may result in the loss of capital. Cryptoassets are largely unregulated and are therefore not subject to protection.
Kraken – Founded in 2011, Kraken is one of the most trusted names in the industry with over 9,000,000 users, and over $207 billion in quarterly trading volume.
The Kraken exchange offers trading access to over 190 countries including Australia, Canada, Europe, and is a top exchange for USA residents. (Excluding New York & Washington state).
Flare (FLR) – Building a Better DeFi Market
Projects like Flare help to drive DeFi adoption in many ways. They provide easy-to-use applications and programmability. Additionally, the systems oracle network provides the reliable information needed to make other Dapps operate. As such, Flare appears to be positioned to become an integral part of the crypto community moving forward. As such, you should expect to hear a lot more from this team as their project continues to take flight and traders become more aware of its unique combination of features.
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