{"id":276567,"date":"2024-04-03T12:55:01","date_gmt":"2024-04-03T07:25:01","guid":{"rendered":"https:\/\/dripp.zone\/news\/xrp-linked-flare-network-flr-open-interest-shoots-45-heres-why-crypto-news\/"},"modified":"2024-04-03T12:55:04","modified_gmt":"2024-04-03T07:25:04","slug":"xrp-linked-flare-network-flr-open-interest-shoots-45-heres-why-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/xrp-linked-flare-network-flr-open-interest-shoots-45-heres-why-crypto-news\/","title":{"rendered":"XRP-Linked Flare Network (FLR) Open Interest Shoots 45%, Here’s Why – Crypto News"},"content":{"rendered":"

<\/p>\n

\n

XRP-linked Flare Network (FLR) saw a v-shape recovery in the last 24 hours, with price skyrocketing over 20%. The FLR price rally came amid a massive 270% jump in trading volumes, indicating a huge rise in interest among spot and derivatives traders after Flare announced upgraded oracle FTSOv2.<\/p>\n

After Flare Network co-founder Hugo Philion<\/a> in mid-February announced that XRP could come to Flare through the FXRP asset, FLR price skyrocketed more than 75% in the next few days but faded all gains. The new interest has sparked speculation in the XRP community.<\/p>\n

<\/p>\n

Flare Announced FTSOv2 Upgrade<\/h2>\n

Flare Network announced the upgraded version of (FTSO) Flare Time Series Oracle \u2014 FTSOv2<\/a>. Flare revealed the upgrade will give dapp<\/a> developers access to a wider range of up to 1000 data feeds in every block in 1-2 seconds. \u201cFTSOv2 is a stepping stone to realize the vision of Flare as the Blockchain for Data,\u201d it added.<\/p>\n

The key 3 improvements in the FTSOv2 upgrade include:<\/p>\n

    \n
  1. Increase in the number of data feeds to more than 50 data feeds, with the potential to scale to 1,000 data feeds.<\/li>\n
  2. Increased update frequency: Anchor updates are provided every 90 seconds.<\/li>\n
  3. Stream updates are available in between anchor updates, enabling faster access to updates, at a possible cost in accuracy.<\/li>\n<\/ol>\n

    Flare said it is expanding its data capabilities to a broader spectrum of assets, such as stocks and commodities. The network\u2019s developments facilitate secure, efficient cross-chain data exchange by enhancing security, reducing costs, and simplifying development processes. \u201cThis is in preparation for further advancements in connecting data across blockchains and between web2 and web3.\u201d<\/p>\n

    <\/p>\n

    <\/p>\n

    Also Read: GBTC Bitcoin ETF Outflows Surge Past $15.15 Billion, More Pain Left Ahead?<\/a><\/strong><\/p>\n

    FLR Price Skyrockets Over 20%<\/h2>\n

    FLR price<\/a> jumped over 20% in the past 24 hours, with the price currently trading at $0.039. The 24-hour low and high are $0.033 and $0.043, respectively. Furthermore, the trading volume has increased by 270% in the last 24 hours, indicating a massive interest among traders.<\/p>\n

    Flare futures open interest increased by 45% in the past 24 hours amid the key developments. Total FLR futures OI across major crypto exchanges such as Bybit and OKX saw a massive jump. However, there is some decline in OI in last few hours, causing FLR price to fall.<\/p>\n

    <\/p>\n

    After the XRPL AMM<\/a> developments, sourcing XRP will be useful for FXRP agents. \u201cClearly there are some kinks to be ironed out but that will happen, said Hugo Philion.<\/p>\n

    Also Read: Bitcoin Algorithmic Tracking of ETF Flows Creates Volatility in Asian Markets<\/a><\/strong><\/p>\n

    <\/p>\n

    \n
    \n

    \u2713 Share:<\/p>\n

    <\/a><\/p>\n

    \n
    \n \"coingape\"
    \n<\/a>\n <\/div>\n<\/p><\/div>\n<\/p><\/div>\n

    <\/p>\n

    \n
    \n
    \n
    \n
    \n<\/p>\n

    Varinder has 10 years of experience in the Fintech sector, with over 5 years dedicated to blockchain, crypto, and Web3 developments. Being a technology enthusiast and analytical thinker, he has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers. With CoinGape Media, Varinder believes in the huge potential of these innovative future technologies. He is currently covering all the latest updates and developments in the crypto industry. <\/p>\n<\/p><\/div>\n

    \n \"\"