Flare $FLR

Flare is an innovative blockchain project aimed at building applications that are interoperable with other blockchains and the internet. Utilizing an Ethereum Virtual Machine (EVM) based Layer 1 blockchain, Flare's unique feature set and native interoperability protocols set it apart from other blockchain projects.

What is Flare (FLR)?

Flare is designed to enable developers to build applications that can interact with other blockchains and the internet. By providing a decentralized way to access highly-integrity data, Flare opens up new use cases and monetisation models. This unique approach to blockchain development is a groundbreaking step forward in the world of decentralized finance and beyond.

What sets Flare apart?

Flare's unique feature set includes native interoperability protocols, namely the State Connector and the Flare Time Series Oracle (FTSO), both of which are secured by the network itself. These features allow Flare to reliably deliver data from a wide variety of off-chain sources in a decentralized manner. This approach minimizes risk by building a decentralized data infrastructure natively into the blockchain, powered by a large number of independent data providers. By incentivizing these providers to query, acquire, and process data without relying on a single, centralized source, Flare can facilitate the development of a wide range of innovative, interoperable dapps.

Role of the Flare (FLR) token

The native token of the Flare network, FLR, is used for payments, transaction fees to prevent spam attacks and staking in validator nodes. Beyond its basic function, FLR can also be wrapped into an ERC-20 variant, WFLR. These wrapped tokens can serve various functions; they can be delegated to FTSO data providers, for instance, or staked to participate in governance. Additionally, this dual functionality doesn't prevent the tokens from being used in other EVM-compatible dapps and smart contracts on Flare. This flexibility makes FLR a versatile asset within the Flare network and the wider blockchain ecosystem.