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 XRP network, has rolled out a public staking service for FLR token holders.…
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 XRP network, has rolled out a public staking service for FLR token holders.
In an X thread 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.
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At launch, users could only stake FLR with Avalanche application set on their Ledger 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 began transitioning 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.