FLR Price Hits 6-Month High amid SparkDEX Token Launch Buzz – Crypto News – Crypto News
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FLR Price Hits 6-Month High amid SparkDEX Token Launch Buzz FLR Price Hits 6-Month High amid SparkDEX Token Launch Buzz

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FLR Price Hits 6-Month High amid SparkDEX Token Launch Buzz – Crypto News

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SparkDEX’s upcoming SPRK token launch and the recent XRP rally may be driving a breakout for Flare, with FLR price and TVL both showing strong gains

The price of FLR, the native asset of the Flare blockchain, has jumped over 100% from its April low, with trading volume up over 240% in 24 hours, per CoinGecko data. The FLR price surge seems to be fueled by growing excitement around SparkDEX — the network’s biggest decentralized exchange (DEX) and currently its top protocol by total value locked (TVL) — as it gears up to launch its own token, SPRK, next week.

Top protocols on Flare by TVL. Source: DefiLlama

The token will debut via Flarepad, a Flare-native launchpad from TrustSwap, becoming the first full-scale Flare-native initial DEX offering. The SPRK token will act as the core governance and utility token for SparkDEX, per the platform’s blog.

On top of FLR’s rally, TVL on the Flare network has quadrupled since April, climbing from about $50 million to $224 million by early July, according to DefiLlama’s data.

the-defiant
Flare TVL. Source: DefiLlama

That surge also appears to have been driven by a few key catalysts: the launch of the omnichain USDT0 stablecoin by Tether on Flare in May likely brought a wave of stablecoin liquidity, while incentive programs — such as the rollout of DeFi-enabled FAssets rewards — seem to have helped sustain momentum into July.

XRP Momentum

Some of the buzz around FLR and SparkDEX may also be riding on XRP’s recent breakout. Flare a is a Layer 1 blockchain protocol designed to bring non-smart-contract assets, like XRP, into decentralized finance. Flare and XRP are closely linked on the technical side as Flare uses its decentralized bridge system, FAssets, to bring XRP on-chain as FXRP, allowing it to interact with DeFi apps on Flare’s Ethereum-compatible smart contract layer, which the XRP Ledger doesn’t support natively.

Per data from The Defiant’s price tracking page, XRP has surged over 60% over the past month, reaching close to $3.30.

Max Luck, head of growth at Flare, told The Defiant that the recent surge appears to be fueled by a combination of factors tied to its evolving DeFi ecosystem and growing role as an outlet for XRP-based finance.

Luck explained that the network is positioning itself as “a premiere DeFi outlet for XRP,” offering non-custodial, transparent, and on-chain yield generation alternatives to the custodial, off-chain strategies currently dominating the XRP space.

“Currently the offerings for XRP yield generation are predominantly custodial and make use of a number of offchain strategies. Flare is offering a bridging solution that’s non-custodial, transaparent and onchain,” Luck told The Defiant.

He also noted that Flare’s expanding ecosystem now includes lending, trading, perpetuals, and an upcoming Eigen-style protocol called Firelight, which will let users stake XRP as economic security. “This presents a robust set of yield opportunities for XRP and has driven significant interest in the chain over the past week,” he said.

Luck also pointed to the recent launch of USDT0 on Flare, which helped push total value locked on the network up nearly 400%.

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