Subsquid

Avalanche

Flare

With the update, the project wants to help FLR holders secure and contribute to the ecosystem.
Flare, a layer-1 solution that enables using smart contracts on the <a href="https://crypto.news/price/xrp/" data-type="link" data-id="https://crypto.news/price/xrp/" rel="noopener noreferrer nofollow">XRP</a> network, has rolled out a public staking service for <a href="https://crypto.news/price/flare/" data-type="link" data-id="https://crypto.news/price/flare/" rel="noopener noreferrer nofollow">FLR</a> token holders.
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper">
 <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 🌅 Flare public staking is live: <a href="https://t.co/ZB0AaH7sFZ" target="_blank" rel="noopener noreferrer nofollow">https://t.co/ZB0AaH7sFZ</a> Learn everything about delegating FLR stake with <a href="https://twitter.com/hashtag/FlareStake?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">#FlareStake</a>. ⬇️🧵 <a href="https://t.co/EsqWng7KCv" target="_blank" rel="noopener noreferrer nofollow">pic.twitter.com/EsqWng7KCv</a>— Flare ☀️ (@FlareNetworks) <a href="https://twitter.com/FlareNetworks/status/1718465722614190467?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">October 29, 2023</a>
 </blockquote>
 <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
 </div>
</figure>
In <a href="https://x.com/FlareNetworks/status/1718465722614190467?s=20" target="_blank" rel="noopener noreferrer nofollow">an X thread</a> on Oct. 29, the Flare team said the launch is part of the transition to a proof-of-stake consensus model. With the dedicated staking platform, FLR holders users can delegate their tokens to validators in a bid to support them in contributing to the ecosystem, the developers said.
You might also like: <a href="https://crypto.news/flare-brings-blockchain-api-to-google-cloud-marketplace/" rel="noopener noreferrer nofollow"> Flare brings blockchain API to Google Cloud Marketplace </a>
At launch, users could only stake FLR with Avalanche application set on their <a href="https://crypto.news/ledger-to-launch-controversial-recovery-service/" data-type="link" data-id="https://crypto.news/ledger-to-launch-controversial-recovery-service/" rel="noopener noreferrer nofollow">Ledger</a> hardware wallets. However, the developers promise to add other staking options in the future. The minimum threshold for staking is set at 50,000 FLR (around $500 at current rates), with the minimum lockup period of 14 days.
While stakers could continue to receive FlareDrops (a series of 36 monthly airdrops), they will not be able to simultaneously earn the FTSO delegation rewards, the Flare team noted without going into details.
In July 2023, Flare <a href="https://flare.network/flare-staking-phase-2/" target="_blank" rel="noopener noreferrer nofollow">began transitioning</a> to a proof-of-stake consensus model to become cheaper and environmentally friendly solution. Those interested in setting up a whole infrastructure solution will need to hold at least 1 million FLR tokens (around $10,000) and maintain an uptime of at least 80% to remain in the validator reward pool.
Read more: <a href="https://crypto.news/flare-integrates-subsquid-over-open-source-data-access-expansion/" rel="noopener noreferrer nofollow"> Flare integrates Subsquid over open-source data access expansion </a>

Flare launches public staking service for FLR token

crypto.news

Other articles published on Oct 30, 2023

Unlock The Never Ending Bonanzas With Provably Fair CryptoSlots

What to Expect from the November Fed Interest Rate Decision and Its Impact on Cryptocurrencies

Solana Price Pumps Past $35 as Bullish Growth Continues & This ICO Raises $2.7m

BitMEX announces changes to customer BTC addresses

White House issues executive order on AI risk management

Solana’s recent performance: A mixed bag amid FTX transfer

Join our free newsletter for daily crypto updates!