{"id":174000,"date":"2023-10-14T07:50:48","date_gmt":"2023-10-14T02:20:48","guid":{"rendered":"https:\/\/dripp.zone\/news\/?p=174000"},"modified":"2023-10-14T07:50:48","modified_gmt":"2023-10-14T02:20:48","slug":"flare-network-announces-massive-burning-of-flr-to-improve-ecosystem-health-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/flare-network-announces-massive-burning-of-flr-to-improve-ecosystem-health-crypto-news\/","title":{"rendered":"Flare Network Announces Massive Burning of FLR to Improve Ecosystem Health – Crypto News"},"content":{"rendered":"
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Flare<\/a>, an EVM-based blockchain designed for building data-centric applications, announced that it will burn\u00a02.1 billion of its native\u00a0FLR tokens to enhance its ecosystem health. The move will see the network burn\u00a0more than 2% of all FLR and they will be permanently\u00a0taken out of circulation. The 2.1 billion tokens that will be burned represent over 40% of the total token supply.<\/p>\n

FIP.01 and the impact of the burn<\/h2>\n

By burning FLR tokens, Flare aims to mitigate\u00a0the risk of token inflation and incentivize more people to join the network. In the absence of this, Flare says its investors would be able to claim about three times their initial allocation via FlareDrops. Ultimately, this would skew the token distribution unfairly to the advantage of initial backers, and to the detriment of the\u00a0community.<\/p>\n

However, this is not entirely surprising, given that early supporters of the project\u00a0received the tokens that were meant to be\u00a0burned. This is the result of Flare\u2019s agreement with\u00a0these supporting entities on how the first Flare Improvement Proposal (FIP.01) should impact token allocations to equity shareholders.<\/p>\n

In January, 94% of the Flare community voted to support the implementation of\u00a0FIP.01, initiating the process. The goal of the proposal\u00a0was to encourage more people\u00a0to join\u00a0the network by making token distribution more accessible to them. As a result of the latest changes, the community will see its\u00a0allocation\u00a0in the Flare network tokenomics rise marginally\u00a0from 58.3% to 59.6%.<\/p>\n

Furthermore, all Wrapped FLR holders will receive\u00a0a total of 24.2B tokens over the course of three years. These tokens will come\u00a0via 36 monthly FlareDrops , in line with the provisions of\u00a0FIP.01. To date, the network has completed\u00a0seven FlareDrops, with the eighth set to happen\u00a0on October 13.<\/p>\n

The FlareDrop process will end in January 2026. This will see the burning of\u00a0a total of 198,880,170.19 FLR immediately and another 66,293,390.06 FLR monthly. Due to the long-term burn, backers will only receive a small percentage of their initial allotment. Earlier in the week, the backers received the\u00a0remaining tokens.<\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"

Flare, an EVM-based blockchain designed for building data-centric applications, announced that it will burn\u00a02.1 billion of its native\u00a0FLR tokens to enhance its ecosystem health. The move will see the network burn\u00a0more than 2% of all FLR and they will be permanently\u00a0taken out of circulation. The 2.1 billion tokens that will be burned represent over 40% […]<\/p>\n","protected":false},"author":2,"featured_media":174001,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[230,225,221,227,226,228,229,60,223,224,222],"class_list":["post-174000","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptocurrency","tag-brave","tag-coinbase","tag-crypto","tag-decentralised","tag-decentralized","tag-decentralized-exchange","tag-erc-20","tag-featured","tag-meme-coin","tag-robinhood","tag-solana"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/174000","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=174000"}],"version-history":[{"count":1,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/174000\/revisions"}],"predecessor-version":[{"id":174002,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/174000\/revisions\/174002"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/174001"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=174000"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=174000"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=174000"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}