Be it coincidence or correlation, Flare Network couldn’t have chosen a better week to launch its native token. FLR has soared into the top 100 crypto assets by market cap, sitting at number 72 at the time of writing. Its release comes at a time when the crypto market as a whole is in the green, following a 5% gain in just 24 hours.
Flare Shines as Market Soars
On January 9, XRP holders finally received their FLR airdrop, two years on from the original snapshot. The token has seen strong volume since listing on a slew of tier-1 crypto exchanges and is riding high in the crypto top 100. OKX, Kraken, KuCoin, Bitfinex, and Huobi are among the dozens of exchanges that have now added support for FLR.
FLR has a market cap of over $500 million and is pushing close to $100 million in trading volume per day. Approximately 12 million FLR tokens are currently in circulation. Airdrop recipients will receive the remainder of their tokens on a monthly basis over the next 36 months.
A New Era for Interoperability
Operating under the hashtag #ConnectEverything, Flare is on a mission to make it easier for assets to move between crypto networks in a secure fashion. Its mandate doesn’t just extend to EVM chains either: Flare has also been designed to unlock the limitations of first-generation chains such as Bitcoin and Dogechain. This is why its airdrop was originally earmarked for XRP holders, who will be able to utilize XRP for DEX trading, yield farming, and other DeFi applications on Flare.
There are two core protocols that power Flare’s interoperable network: the State Connector and Flare Time Series Oracle (FTSO). These tools allow developers to create dApps that can pull reliable data, including asset prices, from other chains. They also ensure that tokens on the source chain are locked while in use on the destination chain while providing robust security guarantees.
Developers Get Developing
For all its promise and impressive tech, Flare can only be as good as the applications built upon it. These will provide users with their first taste of what Flare is capable of. For this reason, Flare is currently on a mission to woo developers into the fold and has released a series of APIs to support this. These promise “institutional-grade” API access to Flare chains and connected chains such as Bitcoin.
It remains to be seen whether the green shoots that have characterized crypto lately can flourish through the rest of January and beyond. Following the traumatic events of last year, crypto traders are trying to avoid getting their hopes up. Nevertheless, there are currently good grounds for optimism.
Excessive leverage has been flushed out of the system, the contagion caused by FTX has gone, and in its place there is a DeFi ecosystem that’s growing stronger and better connected through the development of protocols such as Flare. If FLR can keep up this momentum, it should be a top 50 token before the month is out.