The Flare Network Reduces its $FLR Token Supply
The Flare Network, a layer-1 Ethereum Virtual Machine-compatible blockchain, has recently burned 66 million of its native $FLR tokens. The move was aimed at reducing its supply and pushing the total number of burned tokens closer to 400 million through its “community-first commitment.”
As per the latest update, the circulating supply of $FLR tokens has been notably reduced through this burn. This community-first commitment involves burning tokens, fees, and unclaimed FLR rewards.
Flare’s Ongoing FLR Token Distributions
Flare recently announced the release of a new FlareDrop, which made another batch of FLR tokens available to users who had maintained a holding of Wrapped FLR (WFLR) for a minimum of 23 days.
Flare’s Deflationary Strategy
Flare’s decision to burn tokens is in line with the increasing popularity of token burning among blockchain projects. This strategy aims to reduce the circulating supply of tokens, potentially driving up their market value if demand continues to grow while supply decreases through these burns.
Flare’s Commitment to the Ecosystem
Flare was earlier set to burn 2.1 billion of its own FLR tokens to support the ecosystem’s health and development. The decision to burn these tokens was made after consulting with its backers about the Flare Improvement Proposal, FIP.01, and its impact on token distributions to equity shareholders.
Token Burning Trend in the Crypto Space
The initiative to burn tokens isn’t unique to Flare; other projects like Shiba Inu and Ethereum have also adopted this strategy to reduce supply and potentially increase the token’s market value.
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