FLR token rising as Flare launches public staking

• FLR token gains 18.88% in a week, currently valued at $0.01077.
• Flare introduces public staking service, allowing FLR holders to participate in the ecosystem.
• Flare Network transition to proof-of-stake model.

FLR, the native token of the Flare network, is making waves following the recent launch of a public staking service.

FLR has seen a surge in both interest and value. Here’s a closer look at how this development has impacted the FLR token.

FLR token price on the move

Over the past seven days, FLR token has demonstrated impressive performance, with an 18.88% increase in its price. Currently valued at $0.01077, this token is gaining traction in the market, capturing the attention of investors and enthusiasts alike.

Flare’s public staking service

Flare, an EVM-based layer 1 blockchain giving developers decentralized access to high-integrity data from other chains and the internet, has taken a significant step towards enhancing its ecosystem. The Flare team on October 29 unveiled a public staking service for FLR token holders, aligning with its transition to a proof-of-stake consensus model.

🌅 Flare public staking is live: https://t.co/ZB0AaH7sFZ

Learn everything about delegating FLR stake with #FlareStake. ⬇️🧵 pic.twitter.com/EsqWng7KCv

— Flare ☀️ (@FlareNetworks) October 29, 2023

This dedicated staking platform allows FLR holders to delegate their tokens to validators, contributing to the ecosystem’s growth.

While initially, users could only stake FLR with Avalanche application set on Ledger hardware wallets, the development team has promised to introduce more staking options in the future.

The minimum staking threshold stands at 50,000 FLR, equivalent to approximately $500 at current rates, with a lockup period of 14 days.

Flare embracing PoS model

Flare made a decision to embrace a proof-of-stake model in July 2023 aiming at creating a more cost-effective and environmentally friendly solution.

To set up a complete infrastructure within the Flare network, interested parties are required to hold a minimum of 1 million FLR tokens (equivalent to around $10,000) and maintain an uptime of at least 80% to participate in the validator reward pool.

These innovations, including the Flare Time Series Oracle (FTSO) and State Connector, demonstrate Flare’s commitment to enhancing the utility of blockchain technology. By providing reliable access to data from various sources, FLR and the Flare network are poised to offer developers new opportunities and a more versatile environment for decentralized applications, ultimately benefiting a wider user base.