Flare introduces FLR token’s public staking service with a bang
Flare, a layer-1 solution that allows for the use of smart contracts on the XRP network, has introduced a public staking service for FLR token holders. The project aims to assist FLR holders in securing and contributing to the ecosystem.
In a post on the XRP thread on October 29th, the Flare team announced that the launch of the staking service is part of their transition to a proof-of-stake consensus model. Through this dedicated staking platform, FLR holders can delegate their tokens to validators to support them in their contributions to the ecosystem.
Initially, users could only stake FLR using the Avalanche application set on their Ledger hardware wallets. However, the developers have assured users that additional staking options will be added in the future. The minimum requirement for staking is 50,000 FLR (equivalent to approximately $500 at current rates), with a minimum lockup period of 14 days.
While stakers will still receive FlareDrops, a series of 36 monthly airdrops, they will not be able to simultaneously earn the FTSO delegation rewards. The Flare team did not provide further details on this.
In July 2023, Flare began transitioning to a proof-of-stake consensus model in order to offer a more cost-effective and environmentally friendly solution. Those interested in setting up a complete infrastructure solution will need to hold at least 1 million FLR tokens (equivalent to around $10,000) and maintain an uptime of at least 80% in order to remain in the validator reward pool.
For more information, you can read about Flare’s integration of Subsquid for open-source data access expansion. Stay updated with us by following on Google News.
