How good investment in Flare Network (FLR) can be?
Flare Network is a virtual machine blockchain system with a proof-of-stake consensus algorithm based on Ethereum, plus the ability to incorporate its own made features like Flare Time Series Oracle and State Connector.
With its successful association with Ripple Protocol (XRP), the network has proven it has potential for future FLR price growth. Moreover, the project has a variety of advantages, such as compatibility with almost all popular wallets, direct access to the Ripple (XRP) Network, and a vast range of use cases, all overseen by a reliable project leader. So it looks like the current market outlook suggests that investing some funds in Flare Network for the long term could be a beneficial decision.
Before throwing your money in and waiting for the FLR price to grow, it is essential to create a smart exit plan in case of loss. It is recommended to talk to a financial consultant and research thoroughly before investing (DYOR), as this is not a financial suggestion.
Check FLR Token Price (Flare Network)
To better understand the growing trend of flare Network, you should keep an eye on Flare Network’s price. Right now the average price is $0.03 – $0.04 per token. It has a market cap of more than $470M and a 24-hour trading volume of more than $35M. One of the best ways to track FLR token price can be on a centralized exchange like MEXC, you also will be able to find an FLR purchase guide there.
More about Flare Network Project itself
Flare Network Use Scenarios
If you want the FLR project to be explained in a simple way, Flare Network is a connecting protocol for blockchains, that allows developers to create without any limitations. For example, Ripple (XRP) is a great money-transferring tool, but it cannot expand its usage easily. To provide a solution for this scenario, Flare Network creates smart contracts that can be used to boost other DeFi projects and applications by enabling an interconnected ecosystem of services.
Three different networks with some similarities in their names, but different tokenomics behind them are making the Flare Network Ecosystem. The Flare Network is the main one with protocols for DeFi and applications. Flare Finance is a Web 3 software provider that offers solutions for commercial use and retail shops. Songbird Finance system is a testing environment for the network, which will give developers the ability to test their apps and products before introducing them on the main net.
Why is Flare Network Special?
Flare Network places itself apart from other networks due to using two separted protocols, the State Connector (SC) and the Flare Time Series Oracle (FTOS). The State Connector allows for agreement on data from extrenal blockchains to be established directly on the FLR chain. FTSO is an oracle that provides non-blockchain-based data, such as cryptocurrency values, with only a three-minute delay.
The FLR’s core features for DeFi apps open access to up-to-date information from different systems, proving to be particularly useful for Ripple-based DeFi platforms which lack this ability.