Flare Network Surges Past 482K Wallet Addresses, Unveils Tokenomics Blueprint

Flare Networks, an ally of Ripple, recently announced a surge in its network wallet addresses to 482,000, a significant increase of 60,000 since December 2023. The protocol also unveiled its tokenomics, revealing that 58.3% of the Genesis FLR supply will be owned by the community through various initiatives.

Flare Network Surpasses 482,000 Wallet Addresses, Unveils Tokenomics Details

London, United Kingdom - March 13, 2023 - Flare Networks (FLR), an Ethereum Virtual Machine (EVM)-based Layer-1 protocol, has announced a significant milestone with the surpassing of 482,000 wallet addresses on its network. This represents a surge of 60,000 addresses since December 2023, marking a notable growth trajectory.

Alongside this milestone, Flare has disclosed key insights into its tokenomics, outlining the distribution and utility of its native FLR tokens. The majority of FLR tokens, amounting to 58.3% of the total Genesis supply of 100 billion, will be allocated to the community.

This community allocation will be distributed through various mechanisms, including monthly FlareDrops, cross-chain incentives for network contributions, and project grants via the Ecosystem Support Program. Notably, approximately 19.8% of the Genesis FLR supply is designated as non-voting, comprising tokens held by Flare Foundation and Flare VC Fund.

Flare's expansion into the artificial intelligence (AI) realm has further bolstered its growth prospects, with plans to create a novel integration system leveraging blockchain technology.

Regarding the utility of FLR tokens, holders can stake them to Flare validators, contributing to the security of the network. This utility was embraced by early investors, who agreed to reinvest 50% of FLR token sales into the network's long-term development.

Additionally, FLR tokens can be utilized as transaction fees to mitigate spam attacks and serve as collateral within decentralized applications (DApps) built on the Flare network.

Despite the positive news regarding wallet addresses and tokenomics, the FLR token value remains relatively stable at $0.03466, with a modest increase of 0.12% in the past 24 hours.

Previous updates to FLR tokenomics in February had a more significant impact, pushing its price up by 7% and increasing trading volumes by 64% to $88 million.

As Flare Network continues to expand its ecosystem and drive adoption, the community will closely monitor the implications of its tokenomics strategy and the potential impact on the token's price performance.