The second phase of Flare Staking has gone live on Flare Network, a platform that serves as an oracle service provider and is a major ally of Ripple.
Users can now move their FLR token from the C-network, where smart contracts operate, to the P-Chain, which is Flare’s dedicated staking network, according to a recent announcement from the company.
Since FLR holders can now actively contribute to network security and receive incentives for their efforts, this creative step offers up a plethora of opportunities.
Flare stated that users must first unwrap their FLR tokens to begin. This procedure guarantees that their tokens and the staking mechanism are compatible.
Additionally, a Ledger hardware wallet is the sole way to access the staking tool. But Flare Network intends to roll out more choices later on, opening up staking to a wider range of users.
It is noteworthy that there is a minimum staking length of 14 days and a minimum staking amount of 50,000 FLR tokens. By doing this, users are guaranteed to actively engage in staking and bolster the security of the network.
It is also suggested that users maintain a minimal quantity of FLR on the P-Chain and C-Chain in order to pay for transaction costs and guarantee continuous staking.
Users can assign stakes to validators of their choosing. In addition, Flare Network gives users access to a list of Node IDs on FlareMetrics so they can choose the validator of their choice.
The fact that users’ staked tokens are still eligible for FlareDrops is one of the most intriguing features of Flare Staking. They are, therefore still eligible to take advantage of any airdrops or incentives provided to FLR holders.
In the meantime, Flare Network just made public its choice to burn an astounding 2.1 billion FLR tokens. Flare has committed to burning 198 million FLR tokens as part of this program, to burn 66 million tokens every month until January 2026.
In addition to lowering the total token supply, this methodical approach to token burning improves the ecosystem’s predictability and transparency.
Apart from the token burn project, Flare Networks also revealed an intriguing new development: the onboarding of Atriv, a Web3.0 digital platform driven by artificial intelligence technology, to expand the capabilities of its ecosystem.
