The Flare (FLR) protocol is in the limelight at the moment as it recently announced that its first improvement proposal, dubbed FIP.01, has been approved by the community. The FLR token is currently trading at $0.04062, up 10.24% at the time of writing, according to data from CoinMarketCap.
The growth is likely precipitated by the new Flare Improvement Proposal (FIP.01), which it said was passed with a 93% majority. As the first of its kind, the FIP.01 is proof of the decentralized nature and community strength of the Flare network. The proposal recorded participation from more than 15,190 wallets out of a total of 89,568 wallets that were active as of Jan. 21.
15,194 wallets participated in the FIP.01 vote out of the total 89,568 wallets that were active on 21 January for the vote lock block.— Flare ☀️ (@FlareNetworks) February 14, 2023
Flare network is an EVM-based Layer 1 blockchain designed to allow developers to build applications that are interoperable with blockchains and the internet. Fifteen percent of the protocol's native tokens were airdropped to early network participants based on a screenshot of XRP holders back in 2020.
The airdrop process caused a lot of friction on exchanges. This FIP.01 aims to change the mode of distribution of the remaining 85% of tokens to drive more active participation.
Decentralization and trust in action
As far as this governance vote was concerned, the Flare network boasted that none of the participants had more than a 3.5% allocation of the existing FLR tokens in circulation. The network said the approval was secured from all holders irrespective of their wallet sizes.
The Flare network has maintained a very robust price uptrend since it was launched. While still largely a small-cap altcoin, the outlook of the token has been boosted immensely by the quality of its partnerships and further ecosystem and protocol improvements underway.
The Flare (FLR) token is down by 49% from its all-time high (ATH) price of $0.0797.