Bitcoin (BTC) continues to rise and, as we know, this has a significant impact on altcoins. This results in significant profits for various projects. A notable example of this is Flare (FLR), a project that has been around since February last year and recently set a new price record.
What is Flare?
Flare Network is an innovative project that is making significant progress in improving interoperability between different blockchain networks. As a Layer 1 blockchain based on the Ethereum Virtual Machine (EVM), Flare allows users to access trusted data from various blockchains and the internet in a secure and decentralized manner.
What sets Flare apart are its advanced protocols such as the State Connector and the Flare Time Series Oracle (FTSO). These protocols support accurate and efficient data exchange between different blockchains. The FLR token plays a central role within the ecosystem by not only driving adoption of the network, but also contributing to the decentralization of the FTSO.
Why is the Flare price rising?
Flare Network is experiencing a period of strong growth; since the beginning of this month, the digital currency has seen an impressive increase of over 140%. This price increase is not only due to the generally optimistic trend in the crypto market, but also to specific developments within the Flare ecosystem.
Recently, the Flare Network team provided a significant update on the project’s tokenomics, which appears to be especially positive for the stock. The highlight of this update is the decision by early investors to deepen their engagement with Flare by extending the token unlock period to the first quarter of 2026, originally planned until 2024, and by reinvesting up to 50% of the revenue from token sales in the ecosystem.
These investors have also committed to selling just 0.5% of the token’s total trading volume, with the intention of reinvesting a significant portion of the proceeds into Flare-based projects. These moves are seen as positive by investors, contributing to a 50% increase in the token price over the last week.
Furthermore, Flare has since its launch impressive performance including bringing Google on board as an infrastructure provider. The project has also created successful synergies with the Ripple ecosystem, further highlighting Flare’s potential and strengthening investor confidence.
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Source: https://newsbit.nl/onbekende-crypto-bereikt-onverwachts-nieuwe-all-time-high/
