The Flare Protocol (FLR) is currently in the spotlight as it was recently announced that its first improvement proposal, called FIP.01, has been approved by the community. FLR token is currently trading at $0.0409, up 10.24% on the day.
Source: TradingView
Growth could be fueled by the Flare Improvement Proposal (FIP.01), which reportedly passed with a 93% majority.
The first of its kind, FIP.01 is a testament to the decentralized nature and community power of the Flare Network. As of January 21, the proposal recognized the participation of more than 15,190 wallets out of 89,568 active wallets.
Of the 89.568 wallets actively voting to lock blocks on January 21st, 15,194 wallets participated in the FIP.01 vote.
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— Flare️ (@FlareNetworks) February 14, 2023
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Flare Network is an EVM-based layer 1 blockchain designed to allow developers to build applications that can interact with the blockchain and the internet. According to a screenshot of 2020 XRP holders, 15% of the protocol’s native token has been airdropped to early network participants.
The airdrop process created a lot of friction on exchanges. This FIP.01 aims to change the distribution of the remaining 85% of tokens to promote more active participation.
For this governance vote, the Flare Network claims that no participant owns more than 3.5% of the currently circulating FLR token allocation. Approval is guaranteed for all holders, regardless of wallet size, the network said.
- Low Flare airdrop rewards cause confusion, FLR price plummets 72% in a week
- Flare layer 1 oracle network successfully launched the largest token airdrop in history
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According to USA Today
