Quote from Heatman on October 29, 2023, 5:04 am

Flare Network, a key Ripple ally and platform designed as an oracle service provider, has unveiled the launch of its public staking, Flare Staking Phase 2.

 

Flare Network Staking Goes Live

Flare highlighted in a recent release that users can now transfer their FLR token from the C-Chain, where smart contracts run, to the P-Chain, its dedicated staking chain. This innovative move opens up a wealth of possibilities for FLR holders, as they can now actively participate in securing the network and earn rewards for their contributions.

 

To get started, Flare noted that users must first unwrap their FLR tokens. This process ensures compatibility between their tokens and the staking mechanism. Additionally, the staking tool can only be accessed with a Ledger hardware wallet. However, Flare Network plans to introduce more options in the future, making staking accessible to a broader audience.

 

It is worth noting that the minimum staking amount is 50,000 FLR tokens, and the minimum staking duration is 14 days. This ensures that users actively participate in staking and contribute to the network’s security.

 

Furthermore, users are advised to keep a small amount of FLR on both the C-Chain and P-Chain to cover any transaction fees and ensure uninterrupted staking. Users have the option to delegate stakes to validators of their choice. Moreover, Flare Network provides a list of Node IDs on FlareMetrics, allowing users to identify their preferred validator.

 

One of the most exciting aspects of Flare Staking is that users’ staked tokens continue to be eligible for FlareDrops. This means they can still participate in any airdrops or rewards offered to FLR holders.

 

Flare Unveils Landmark Token Burn Campaign

Meanwhile, Flare Network recently revealed its decision to burn a staggering 2.1 billion FLR tokens. As part of this initiative, Flare will immediately burn 198 million FLR tokens, with a commitment to continue burning 66 million tokens each month until January 2026.

 

This meticulous approach to token burning not only reduces the overall token supply but also adds transparency and predictability to the ecosystem.

 

In addition to the token burn initiative, Flare Networks recently shared another exciting update featuring its onboarding of Atriv, a Web3.0 digital platform powered by Artificial Intelligence (AI) technology, a move centered on deepening its ecosystem functionalities.