At a time when the whole market is going through a significant consolidation, Flare Network (FLR), the blockchain-based oracle provider with connections to Ripple Labs, has maintained to sustain its upward trajectory. At the time of writing, the price of Flare is $0.01155, up 6.21% from the previous day.
Records show that FLR has outperformed many of its industry competitors in the last seven days, and we specifically point out the overnight increase of more than 441% in trading volume. Notably, FLR is regarded as a mid-cap token; nonetheless, many traders still favour it in the current market.
Flare’s expanding utility and growth strategies that are centred on the community are what draw people to it. Flare has maintained its shine as one of the leading pioneers in the blockchain industry over the past 12 months, through a number of innovative enhancements to reward-based governance techniques.
Without mentioning the entire amount of transactions that have been so far logged on the protocol, the Flare data would not be comprehensive. The Flare Network Explorer reports that this total transaction count has already crossed the 40.5 million milestone, a level that demonstrates very widespread acceptance.
Flare is just getting started
Some of the blockchain protocol’s most significant actions in recent years have highlighted how ambitious it is. For example, U.Today previously announced that the protocol is switching to proof of stake (PoS) in order to better support some of its innovations and establish a footing in governance.
Chainlink (LINK), the leading decentralised oracle service provider in the Web3.0 era, is under competition from the Flare network. While Flare’s plans to unseat Chainlink in the medium to long term seem illusory, the company is now carving out a place for itself by gradually taking market share across the board.
