Live Flare price – FLR USD chart to study emerging patterns, trends and price momentum.
What is Flare Network:
Flare is a layer 1 EVM blockchain for building dApps that uses decentralized data from other blockchains and Internet. It has 2 core protocols, the State Connector and Flare Time Series Oracle (FTSO). These protocols allow developers to build wide array of applications that require off-chain data (or oracles).
- The State Connector uses a set of independent attestation providers which fetch the required information from other blockchains and deliver it to the Flare network. The State Connector smart contract then checks if there is consensus among the received answers, making the results available to the network if so.
- The FTSO relies on a set of independent data providers to retrieve price pair information from external sources, such as centralized and decentralized exchanges. From this data, a final price estimate is computed and published on-chain. The FTSO’s price outputs can then be used by decentralized applications built on Flare, for instance by lending protocols.
FLR token utility:
- Incentivized delegation to the FTSO to support the provision of reliable decentralized price data.
- Participation within protocol governance.
- Collateral within third party decentralized applications built on Flare blockchains.
- Transaction fees.
PS: Cryptocurrency markets including Flare – FLR token are highly volatile and can experience sudden and significant price fluctuations in short period. The price of Flare token FLR, like any other cryptocurrency is influenced by various factors such as market sentiment, adoption rate, regulatory developments, and competition from other cryptocurrencies. Therefore, investing in cryptocurrencies is a risky venture, and it’s important to do your own research and exercise caution when making investment decisions.