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Home » News » What is Flare (FLR)?: Will Flare Price Explode in 2024? (Cryptoticker)

What is Flare (FLR)?: Will Flare Price Explode in 2024? (Cryptoticker)

There is significant excitement surrounding the Flare Network and its potential for disruption within the cryptocurrency industry. The ecosystem has gained prominence, driven in part by integrating essential industry participants such as Ankr, Figment, Restake, and NorthStake, and involving them in dual roles as validators and data providers. With the successful distribution of the FLT token, the network is now officially operational. This guide provides a comprehensive overview of Flare Network, encompassing its definition, operational mechanisms, key features, Flare price prediction, and mission. Let’s delve into the details.

What is Flare Network and the FLR Token?

Flare Network is a blockchain initiative designed to introduce smart contract capabilities to crypto assets issued on blockchains lacking support for Turing-complete smart contracts.

For instance, holders of XRP can seamlessly transfer their coins to the Flare Network, where they become represented as FXRP. These FXRP tokens can then be utilized in decentralized finance applications, a functionality not available on the XRP Ledger itself. Flare Network also aims to extend support to other crypto assets without native smart contracts, including Bitcoin, Stellar, and Litecoin.

The network’s native asset, formerly known as Spark Token, is now called Flare and is denoted by the ticker FLR. FLR token holders play a role in the governance of the Flare Network. Additionally, the token is essential for contributing to the Flare Time Series Oracle (FTSO), which integrates external data into the Flare Network. As an example, the FTSO provides information about a token’s price to the Flare Network, and in return, holders of the Flare cryptocurrency receive an “oracle reward.”

It’s important to note that the FLR token does not play a role in the Flare Network’s consensus process. The network employs a combination of the Avalanche consensus protocol and the Federated Byzantine Agreement (FBA).

Before delving into a detailed examination of the FLR crypto, let’s briefly outline some key features of the Flare Network:

– Platform introducing smart contract functionality to coins lacking native smart contract support.
– Utilizes Flare (FLR) as its native token.
– The token was initially distributed through an airdrop to XRP holders.
– Flare Time Series Oracle (FTSO) employs off-chain data to provide estimates for price pairs.
– FLR token holders have the opportunity to contribute data to the FTSO and earn rewards.

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How does it work?

The primary objective of the Flare Network is to facilitate communication and transactions among diverse blockchain networks, extending the functionality of smart contracts to alternative networks. Operating as a Turing-Complete Byzantine Agreement Network, the Flare network utilizes the Flare Consensus Protocol. Its Turing-complete nature allows the execution of smart contracts that can simulate any computer algorithm, enabling developers to use any coding language for smart contract deployment on the network.

Flare adopts the Ethereum Virtual Machine (EVM) for the deployment of smart contracts, simplifying the process for Ethereum developers to create applications on the Flare platform.

To enhance interoperability across various blockchains, the Flare network employs two protocols: the State Connector and the Flare Time Series Oracle (FTSO). The State Connector facilitates the extraction of external data from other blockchains, processing this data on-chain to establish consensus on the state of the connected blockchain. 

This enables the Flare Network to replicate the activities occurring on the connected blockchain. Conversely, the Flare Time Series Oracle (FTSO) enables decentralized acquisition of time-series data, encompassing information such as data indices, asset prices, and more, collected consistently over time on other blockchains.

Through the deployment of these protocols, the Flare Network can effectively communicate with and exchange data across multiple blockchains, promoting interoperability in the development and utilization of applications on different networks.

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What are the features of Flare Network?

The Ethereum Virtual Machine (EVM)

The Ethereum Virtual Machine (EVM) is software designed for executing and deploying smart contracts on the Ethereum blockchain. It serves as an environment for developers to create decentralized applications (DApps) within the Ethereum network. Similarly, in the Flare Network, the EVM plays a parallel role in executing smart contracts and hosting DApps, rendering the network accessible and practical for Ethereum developers.

Flare State Connector Protocol

The Flare State Connector Protocol is a smart contract that empowers the Flare Network to gather data from any interconnected blockchain in a decentralized and secure manner, leveraging independent attestation providers. These providers autonomously retrieve data from a specified blockchain, and once a consensus is achieved, the Flare network publishes this data.

Flare Time Series Oracle Protocol (FTSO)

The Flare Time Series Oracle Protocol (FTSO) is an additional feature on the Flare Network for cross-chain data collection and validation. In contrast to the State Connector Protocol, FTSO focuses on collecting time-specific data. Utilizing independent data providers ensures decentralized and secure data collection, often sourced from locations such as cryptocurrency exchanges. The gathered data is automatically weighted based on the voting power of the information providers. A median is then calculated, producing an estimate that becomes usable on the Flare Network once appropriately weighted.

Songbird

Songbird serves as Flare’s ‘Canary’ network, functioning as a test and experimental network equipped with the same features and functionality as the main Flare network. Independent developers and the Flare team leverage Songbird to conduct real-life experiments, assessing the impact of proposed changes on the Flare network. This provides a safe and controlled environment for experimenting and deploying changes without risking disruptions to the primary network.

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What is FLR token and how does it work?

The FLR token, native to the Flare Network, serves multiple purposes including payments, covering transaction fees to thwart spam attacks, and participating in staking within validator nodes. Additionally, FLR can be encapsulated into an ERC-20 variant known as WFLR. 

These wrapped tokens, WFLR, offer versatile functionality, such as delegation to Flare Time Series Oracle (FTSO) data providers and engagement in governance processes. 

Importantly, these uses are not mutually exclusive and do not constrain the tokens from being employed in other Ethereum Virtual Machine (EVM)-compatible decentralized applications (dApps) and smart contracts on the Flare Network.

Minting Wrapped FLR (WFLR) involves depositing native FLR tokens into a smart contract, subsequently withdrawing the newly minted WFLR tokens. This process facilitates the integration of FLR into the broader Ethereum-compatible ecosystem on the Flare Network.

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How has the FLR price moved in recent days?

FLR/USD Daily Chart- TradingView

As of the latest data, the current price of Flare (FLR) is $0.019127, with a 24-hour trading volume of $94.06 million. The market capitalization stands at $282.11 million, and Flare holds a market dominance of 0.02%. Over the past 24 hours, the FLR price has increased by 28.07%.

Flare achieved its highest price on August 13, 2022, reaching an all-time high of $0.702240. Conversely, its lowest price was recorded on October 19, 2023, at an all-time low of $0.008248. Following the all-time high, the lowest price since the peak was $0.008248 (cycle low), while the highest FLR price since the last cycle low was $0.022083 (cycle high).

The current circulating supply of Flare is 14.75 billion FLR. The overall sentiment for Flare’s price prediction is currently bullish, and the Fear & Greed Index indicates a score of 74, signifying “Greed” in the market sentiment.

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What is the FLR Price Prediction for 2024?

The FLR price prediction for 2024 is subject to both positive and cautionary considerations. With 17 green days in the last 30 days, representing a 57% positive trend, there are indications of recent bullish momentum. The cryptocurrency exhibits high liquidity, underscored by its market capitalization, which fosters an environment conducive to sustained trading activity. 

However, a comprehensive risk analysis reveals notable concerns. The price of FLR has experienced a significant downturn over the past year, plummeting by -96%, a factor that requires careful consideration. It is noteworthy that FLR has underperformed in comparison to 100% of the top 100 crypto assets over the past year, as well as against prominent cryptocurrencies like Bitcoin and Ethereum. 

Furthermore, FLR is currently trading below the 200-day simple moving average, indicative of a potential bearish sentiment. Additionally, the cryptocurrency faces a substantial decline of -97% from its all-time high, signaling historical challenges. 

Is FLR a good buy?

Achieving a price of $1 for the FLR token entails a formidable increase in its current value. A point of reference is Bitcoin, which has seen its value surge by nearly $20,000, showcasing the potential for significant price movements within the crypto space. 

Notably, various tokens have experienced meteoric rises, often fueled by an influx of available funds. However, the path to a $1 FLR token involves a market capitalization of almost $20 billion, surpassing established cryptocurrencies like Cardano and Solana. 

It’s essential to consider the practicality of such growth, especially given the historical trends and market dynamics. If Flare Token were to sustain a growth rate of 25% annually, it would take approximately 19 years to attain the coveted $1 mark. 

This projection underscores the importance of assessing both short-term and long-term factors, including market conditions, adoption rates, and investor sentiment when evaluating the feasibility of such ambitious price targets.

Yet, the 2024 forecast for Flare appears optimistic, as indicated by various technical quantitative indicators. This bullish outlook suggests that Flare may present itself as an attractive investment opportunity in the coming year. 

The predicted upward trajectory is often associated with the economic principle that scarcity tends to drive up prices. If Flare demonstrates characteristics of scarcity, such as limited token supply or high demand, it could contribute to an increased value of the cryptocurrency.

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