Flare Network will burn approximately 2.1 billion FLR tokens in order to support ecosystem development as well as the overall health of the network, the blockchain developer told Coindesk on Oct. 13.
According to the publication, more than 2% of the total supply of FLR tokens will be permanently removed from market circulation.
The amount of FLR tokens that are on schedule for burning has been allocated to the blockchain’s early backers. After making an agreement, these tokens will no longer be distributed.
Approximately 198 million FLR tokens are expected to be burned immediately. In addition, another 66 million must be burned monthly until January 2026, according to the publication.
At the time of publication, Flare was priced at US$ 0,00920773 on the rise of 1.2% in the last 24 hours.
What is Flare Network coin (FLR)?
The Flare Network is a decentralized blockchain system that uses the Flare Consensus Protocol. While proof-of-work (PoS) systems typically have scalability limits, Flare goes beyond these limits with a permissionless network consisting of a stabilized currency.
Flare Network (native token: FLR) is a new project expected to be fully launched during the summer of 2022. Over the past few years, the Flare Network team has worked on customizing, integrating, auditing, and verifying all infrastructure building blocks of the network to ensure that the entire system is well designed. Keep in mind that this system is the first protocol of the Federated Byzantine Agreement. The main use case for this network involves providing inputs to DeFi platforms.
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