Deep Dive
1. Purpose and technology
Flare aims to make blockchains more connected and useful for developers. Its Flare Time Series Oracle provides data feeds, while the Flare Data Connector verifies information from external sources. This can let applications use data that does not originate on Flare itself. (CoinMarketCap)
Flare is EVM compatible, meaning developers can use tools designed for Ethereum to build smart contracts on it.
2. FLR token and use cases
FLR is Flare’s native token. It is used for payments, transaction fees and staking with validator nodes. Holders can wrap FLR into WFLR, which can be delegated to data providers or used in governance. (CoinMarketCap)
Flare’s FAssets system creates tokenized versions of assets such as XRP for use in smart contracts and decentralized finance (DeFi). For example, FXRP represents XRP on Flare and can be used in DeFi applications. (The Block)
Conclusion
Flare is a smart contract blockchain focused on connecting apps with external data and enabling other networks’ assets to be used in DeFi, with FLR supporting fees and network functions. How effectively can its data tools and FAssets enable new applications?
