After posting 8.56% increase over the last 24 hours, Flare Networks (FLR), the EVM blockchain technology with ties to Ripple, is seeing one of its most optimistic growth trends this month. After this price increase, the cryptocurrency is currently trading at a spot price of $0.01553, according to information from CoinMarketCap.
By providing decentralised access to high-integrity data from other chains and the internet, the Flare protocol is intended as a Layer 1 network to increase the use of blockchain. The protocol has been presenting a variety of value propositions to its community and token holders in an effort to fulfil this goal.
These value propositions are frequently seen as aidrop-style incentives. Since its mainnet went online, the Flare protocol has been hard at work, and in a recent update, it disclosed its plans to promote the introduction of a supplementary reward band for the FTSO on Flare through FIP.03. The suggestion will “support decentralisation by assisting more data providers in covering their infrastructure costs,” despite the fact that it may seem quite complex.
Flare is always introducing new concepts in an effort to become one of the leading protocols in its specialised field, with access to its oracles one of the plans on the horizon for its users and token holders.
Is Flare growth sustainable?
Positive expectations are held for Flare as a blockchain system, however attempts to translate these expectations to the FLR currency have been hampered by clear market constraints.
Despite a more than 375% increase in trading volume in the last 24 hours, Flare is still having trouble as its price has fallen over the past week and month by more than 43.72% and 7.47%, respectively.
We may infer from Flare’s historical performance that its present growth is not sustainable, but the company has the basics in place to support future development.
