When the airdrop was first announced, the token was known as Spark Token, but the Flare Network team later decided to change the name of the token to Flare. The snapshot of the XRP blockchain to determine eligibility for the airdrop was taken on December 12, 2020. The public token distribution continues for 36 monthly installments providing a total of 28,524,921,372 FLR to the community. In other words, $40.01M have changed hands within the past 24 hours through trading. Songbird acts as a testing ground for Flare’s technology, providing an adversarial environment that a testnet couldn’t replicate. In a testnet, attackers would have weak incentives to try and find exploits, since testnet coins have no economic value.
Who are the founders of Flare (FLR)?
The most efficient natural gas combined-cycle power plants have heat rates somewhat below 7,000 Btu/kWh; the spark spread for such units would be larger than the value shown here. The live Flare price today is $0.02 with a 24-hour trading volume of $40.01M. The table above accurately updates our FLR price in real time. The price of FLR is down -0.46% since last hour, down -2.57% since yesterday.
The platform’s methodical approach to regulatory compliance, coupled with its hybrid public-private architecture, positions it uniquely to capture significant market share in the emerging tokenization landscape. While current fee generation primarily stems from metadata transactions, the planned launch of Figure Markets, major exchange listings, and comprehensive market-making initiatives in 2025 could serve as powerful catalysts for growth. An interesting aspect of the Flare / Spark Token airdrop is that there was a long period of time between the XRP blockchain snapshot and eligible users actually receiving their FLR coins.
Flare / Spark Token airdrop
- FLR token holders can provide data to the FTSO, and receive “oracle rewards” if they provide quality data.
- By providing reliable access to cryptocurrency prices, detailed transaction information from other chains, and Web2 event data, Flare enables developers to build applications that can provide more utility to a larger group of users.
- In a testnet, attackers would have weak incentives to try and find exploits, since testnet coins have no economic value.
- One of the uses of the State Connector is to prove that coins have been locked on the original chain, so a corresponding amount of FAssets can be minted on Flare.
- The protocols are secured by the network itself, with decentralized, independent data providers incentivized to deliver accurate data.
The live market cap, measured by multiplying the number of coins by the current price is $2.09B. FLR has a circulating supply of 52.54B coins and a max supply of 102.76B FLR. The chart above shows spark spreads during 2012, calculated for four locations around the United States. Power prices formed in Regional Transmission Organizations (New York City and Chicago in the chart above) tend to be spikier than those formed in markets featuring bilateral trading between market participants (Pacific Northwest and Southeast).
FlareFLR
Flare is an inflationary network with 10% of circulating supply minted in year 1. The spark spread is a common metric for estimating the profitability of natural gas-fired electric generators. The spark spread is the difference between the price received by a generator for electricity produced and the cost of the natural gas needed to produce that electricity.
The State Connector securely acquires event information from other blockchains and the internet to be used in smart contracts on Flare. It acquires this data securely, scalably and in a decentralized manner, with a set of independent attestation providers needing to reach consensus on the validity of an event before the information can be made available to dapps on the network. However, the FLR max supply is technically unlimited, as the FLR supply will inflate over time in order to reward users that provide data to the Flare Time Series Oracle.
For example, the FTSO brings information about a token’s price to the Flare Network. In return, holders of the Flare cryptocurrency receive an “oracle reward”. Flare Network is a blockchain project that aims to bring smart contract functionality to crypto assets which are issued on blockchains that don’t support Turing-complete smart contracts. Flare is a decentralized project with the primary goal of acting as a bridge between cryptocurrency ecosystems such as XRP and Ethereum. In its network implementation, Flare enhances the XRP capabilities by enabling the distributed ledger network to leverage the highly interoperable ERC-20 smart protocol, utilizing smart contracts even though typically lacks the functionality to do so. By providing reliable access to cryptocurrency prices, detailed transaction information from other chains, and Web2 event data, Flare enables developers to build applications that can provide more utility to a larger group of users.
A canary network is in some ways similar to a testnet, but there’s flr spark price a crucial difference. Unlike testnets, the coins on canary networks have economic value because they have a strictly defined supply that cannot be changed at will. If you’ve heard of Flare, you might have also heard of a related token called Songbird (SGB). While this might have caused some confusion, the connection between these two tokens is fairly simple. Songbird serves as the “canary network” for Flare, which is similar to how Kusama is a “canary network” of Polkadot.
These FXRP tokens could then be deployed in decentralized finance applications, which wouldn’t be possible on the XRP Ledger itself. Flare also aims to support other crypto assets that don’t have their own smart contracts, for example Bitcoin, Stellar and Litecoin. The Flare Time Series Oracle (FTSO) utilizes the network structure to deliver highly decentralized prices and data series to dapps on Flare without relying on centralized data providers.
Notably, the FLR token is not used in the Flare Network’s consensus process. Flare Network combines the Avalanche consensus protocol and Federated Byzantine Agreement (FBA). The table above shows the price and ROI of Flare today and previous years on the same date (Nov 18). The table above shows the number of days which Flare closed above a certain price level. Genesis of Flare mainnet occurred on 14 July 2022, followed by the public token distribution event (TDE) on 9 January 2023.
It is typically calculated using daily spot prices for natural gas and power at various regional trading points. To obtain off-chain information such as prices of cryptocurrencies on various centralized exchanges, the Flare Network utilizes the Flare Time Series Oracle (FTSO). FLR token holders can provide data to the FTSO, and receive “oracle rewards” if they provide quality data. Alternatively, holders can delegate their FLR to a data provider to earn a portion of the generated rewards. Flare has developed two native interoperability protocols facilitating on-chain, decentralized acquisition of blockchain, time series and Web2 API data. The protocols are secured by the network itself, with decentralized, independent data providers incentivized to deliver accurate data.
