Flare Launches Public Staking Service for FLR Token Holders
Flare, a layer-1 solution that enables smart contracts on the XRP network, has introduced a public staking service for FLR token holders. This move is part of the project’s transition to a proof-of-stake consensus model. The staking platform allows FLR holders to delegate their tokens to validators and support them in contributing to the ecosystem.
Initially, users can stake FLR using the Avalanche application set on their Ledger hardware wallets. However, more staking options will be added in the future. The minimum threshold for staking is 50,000 FLR (approximately $500), and the lockup period is 14 days.
While stakers can continue receiving FlareDrops, they will not simultaneously earn FTSO delegation rewards. Flare began transitioning to a proof-of-stake model in July 2023 to achieve cost-effectiveness and environmental friendliness.
Hot Take: Flare Empowers FLR Holders with Public Staking Service
Flare’s launch of a public staking service for FLR token holders is a significant development in its transition to a proof-of-stake consensus model. By delegating tokens to validators, FLR holders can actively contribute to the ecosystem. Although only available through Ledger hardware wallets and the Avalanche application initially, additional staking options are expected in the future.
The introduction of this staking service aligns with Flare’s goal of becoming a more cost-effective and environmentally friendly solution. While stakers will miss out on FTSO delegation rewards, they can still benefit from FlareDrops. Overall, this move demonstrates Flare’s commitment to enhancing user participation and engagement within its network.
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