What’s Flare Crypto?

Flare is a layer 1 Ethereum Virtual Machine (EVM) based blockchain which enables robust interoperability. The network is built with two open native interoperability protocols: the State Connector and the State Connector and Flare Time Series Oracle (FTSO), which allow for on-chain decentralized acquisition of, respectively, blockchain and time series data. Let’s dive into Flare Crypto…

The State Connector enables decentralized consensus on the state of external blockchains, thus enabling on-chain acquisition of external blockchain data. The FTSO is a decentralized oracle for time series data, such as asset prices, data indices and more. These two open protocols allow for a wide array of applications that use off-chain data to be built. Crucially, these protocols are secured by the network itself.

The Core functionality of the Flare covers,

1. Reliable decentralized prices

The FTSO utilizes the network structure to deliver highly decentralized prices and data series to dapps on Flare, without relying on centralized providers.

2. Secure state acquisition from other blockchains

The State Connector allows information from other chains to be securely and trustlessly used on Flare.

3. Scalable EVM-based smart contracts

Flare’s scalable EVM allows existing EVM tooling and Solidity to be used to launch any existing or envisaged EVM dapp on Flare.

4. Fast, low fee and low carbon

Flare’s next generation technology brings fast, secure and efficient transactions with very low gas fees and a small carbon footprint.

State Connector

The State Connector is able to come to consensus on information from external blockchains and the internet, so that it can be used on Flare, for example whether a given Bitcoin transaction has occurred. It does so securely and in a decentralized manner.

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 State Connector can, for instance, check whether a deposit has been made on another blockchain, opening the door to more advanced mechanisms.

The Flare Time Series Oracle (FTSO)

The FTSO is Flare’s native oracle for time series data such as cryptocurrency prices. It provides applications on the Flare crypto network with rapidly updating and highly decentralized data. No single party is in control of the process and it would take a very large amount of effort to disrupt.

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.

Each data provider’s submission is weighted by its stake and any stake delegated to it by any Flare holder, reflecting the community’s trust in that particular provider.

The resulting price estimates are published on-chain, and data providers that supplied useful price pair information close to the final estimate are rewarded. These rewards are shared with the token holders that delegated to them.

Flare Tokenomics

The majority of Flare (FLR) tokens are destined for community ownership, whether by direct token distribution, network incentives or through Flare Foundation ecosystem initiatives.

58.3% of the genesis Flare supply is allocated to the community via:

1. The public token distribution.
2. Cross-chain incentives.
3. The Ecosystem Support Program.

More information is available in our detailed Tokenomics article.

19.8% of the genesis total distribution is not permitted to vote in governance:

NB. This and the following chart show the situation should Flare Improvement Proposal 01 be approved by the community. Read more about FIP.01 here.

After the initial 15% distribution, the majority of entities receive the remainder of their allocation smoothly over 36 months.

Token Uses

• 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 in order to prevent spam attacks.

First, Delegate FLR to Get Rewards

You can earn rewards by delegating your tokens to Flare Time Series Oracle data providers. Each time a data provider submits useful information, they share their reward with you as the token holder who delegated to them, after a fee. Theoretically, you could provide your own price predictions, but, to be successful, providing data requires developing very sophisticated algorithms.

You can trust data providers, because they demonstrate how reliable they (and their algorithm) are by how much vote power they have. Vote power is in proportion to the quantity of tokens they hold and have delegated to them. The FTSO system uses each provider’s vote power to weight their contribution. If their submission proves accurate, they earn rewards. The more rewards they earn, the more vote power they have, and the more community acknowledgement they have for the accuracy and honesty of their data. 

As data providers grow stronger from delegation, they can share more rewards with you. In addition, delegation strengthens the entire ecosystem by supporting reliable data providers. As you earn rewards from delegating, you can reinvest them to compound your rewards.

How To Delegate?

To delegate, you first wrap your native tokens (FLR or SGB) into WFLR or WSGB, because they are more interoperable than native tokens. Wrapped tokens have a 1:1 conversion to native tokens. Remember to keep some tokens unwrapped to pay gas fees.

Next, you will select one or two data providers and the percentage of your total tokens that you want to delegate to them. At flaremetrics.io, you can find a list of data providers and their vote power to help you make your selection.

For the simplest way of delegating, go to flaremetrics.io. Then click into each data provider and their website (on the right) to see what apps they may offer or learn how to delegate manually at Manual Delegation and Claiming.

What happens as a result of delegation?

Data Providers submit price information, such as the price of a token in USD. The FTSO system calculates the resulting price by averaging the submissions from all data providers, weighted by their voting power, which your delegation influences.

Your rewards accumulate in the Reward Manager and become claimable for each finalized reward epoch (7 days on Songbird and 3.5 days on Flare). They expire after 90 days. For the simplest way of claiming, go to flaremetrics.io. Then click into each data provider and their website (on the right) to see what apps they may offer or learn how to claim manually at Manual Delegation and Claiming.

Check Here On How To Delegate (Detailed Video)

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Next, Get FlareDrop: Facts, figures and eligibility criteria.

A series of 36 monthly FlareDrops totalling 24.2 billion FLR can be claimed by active Flare community members who have wrapped their Flare tokens. Check the eligibility criteria and how to claim airdrops here.

Airdrop Details:

• A total of 24,246,183,166 FLR will be split into the 36 FlareDrops.
• Tokens will be claimable at 12:00 UTC every 30 days starting on 17th March 2023.
• 67 days after each distribution, any unclaimed tokens will be burned. This is 90 days from the start of the holdings calculation period.
• There will be 35 distributions of 676,040,637 FLR and one final distribution of 584,760,871 FLR in month 36.

In Summary…

Flare Blockchain Enables Universal Connectivity for Secure Flow of Assets and Data, with FLR Token for Native Payments and Spam Control. Staking WFLR Earns Airdrops and Rewards for 36 Months, Offering a Lucrative Passive Income Opportunity with 7.5X Airdrop Potential and Token Value Appreciation.

Related Reading: CryptoGPT: Blockchain for Monetizing Your Data With AI

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Disclaimer: Please note that this is not a financial advice and we highly encourage you to conduct your own research before investing your funds in any of the strategies we will discuss. This series serves purely as an educational and motivational platform. The information provided does not serve as investment, financial, trading, or any form of advice and should not be considered as such. The views expressed are those of a third party and this platform does not endorse the buying, selling, or holding of any specific cryptocurrency or the making of any crypto investment. The cryptocurrency market is highly volatile and presents a significant risk, with many high-risk and unproven projects. To ensure informed investment decisions, readers should undertake their own research and seek advice from a professional financial advisor.

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