• Flare Network announces a public staking launch, igniting bullish market sentiment with a 3.96 percent surge in 24 hours. 

• According to the press release, users would have to deposit a minimum of 50k FLR to be eligible for the program. 

After 4-years of existence, Flare (FLR), a distributed network used in creating bridges between two networks has established itself as one of the key projects in the crypto ecosystem and an ally of Ripple Labs. As part of the plans to expand its features and appeal to a wide range of users, Flare Network has announced the launch of public staking – Flare Staking Phase 2. 

According to the official release, users would first have to unwrap their FLR tokens to ensure compatibility with the staking mechanism. However, users can only use a ledger hardware wallet to access the staking tool. This, according to the team, would be the case in the initial phase until more options are added in the future.

Also, staking can be done on the condition that users have a minimum amount of 50,000 FLR in their account. This would be around $486.7 based on the current price of the token. Based on the information available, the minimum duration for staking is 14 days.

Interestingly, this does not end there as staked tokens would be considered for FlareDrops, however, earning the FTSO delegation rewards would not be simultaneous. It is important for users to also have a small amount of FLR on the C- and P-Chains for transaction fees. 

More on the Flare Network’s Staking Program 

In a separate article explaining the staking process, Flare Network stated that the amount awarded to participants would depend on how well their staking validators would perform within the period. The article further prompts users on an extra step to take since the Flare Network uses two independent underlying chains. 

Funds must be transferred from the C-chain, where smart contracts run, to the P-chain, where staking happens. After the staking period expires and funds are unlocked, they can be transferred back to the C-chain.

The effort of the team to support the growth of the ecosystem is evident in its recent initiatives. It can be recalled that Flare Network announced a couple of weeks ago that it is burning 2.1 billion FLR tokens to support the network. To effectively execute this plan, 198 million FLR would be burnt immediately, followed by a monthly burning exercise of 66 million FLR until January 2026. 

Hugo Philion, CEO and co-founder of Flare believes that the exercise would reduce competition for FlareDrops. Not just that, the dilution of holdings of all ecosystem participants would be reduced as well. 

We are very happy to have reached an agreement with our shareholders and thank them for their support. It is right that investor token allocations should also be affected by the changes implemented in FIP.01. Without this burn, the investors would be able to claim approximately 3x their original allocations through the FlareDrops, unfairly diluting community holdings.

Flare is currently one of the best-performing crypto assets with a weekly surge of 16 percent. In the past 24 hours, the asset has made a 3.96 percent gain to hit $0.009734. Analysts expect the price to trade as high as $0.017521 before the year ends.