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Flare (FLR) Maintains 17% WTD, Here Are 3 Reasons Boosting Price

Mon, 01/30/2023 - 14:34
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Godfrey Benjamin
Flare (FLR) is trading at $0.0472 after number of ecosystem updates were published
Flare (FLR) Maintains 17% WTD, Here Are 3 Reasons Boosting Price
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FLR, the airdropped native digital currency of the Flare Network, is seeing mild bullish momentum at a time when the broader ecosystem is experiencing a price reversal. According to data from CoinMarketCap, Flare (FLR) is changing hands at a price of $0.0472, up 6.49% over the past 24 hours, and by 17.93% in the Week-to-Date Period (WTD).

Such price actions are not unusual in the crypto ecosystem as many emerging blockchain protocols unveil some impressive ecosystem announcements that can fuel intense buying activities within their communities. This is the case with Flare as it announced its Songbird Test Proposal 02 is live in the proposals repository.

The Songbird Test Proposal 02 aims to encourage increased decentralization of the Flare Time Series Oracle through the introduction of a secondary reward band. Ideally, users are meant to participate in voting for the proposal with their Songbird (SGB) tokens; however, as a canary network for Flare, the increasing buying momentum is notably contributing to the growth of FLR at this time.

Besides this, a multichain crypto wallet, MathWallet, with over three million users, has integrated Flare (FLR) token, expanding accessibility to the digital currency.

Flare's First Rewards Epoch Approaching, FIP 01 Specs Published

Flare championing decentralization

The third reason is that the current growth of Flare hinges on its positive disposition toward network decentralization. Last week, the protocol announced it passed its long-awaited FIP 01 proposal, which seeks to alter inflation and the distribution of the FLR token.

Despite Ripple CTO David Schwartz's expressing displeasure over the proposal, the protocol confirmed that it did not participate in the voting. Thus, it did not influence the outcome. In its show of commitment to decentralization, it also confirmed that network users with over 3.5% allocation of the token were not allowed to participate.

Flare is just building out its reputation, and these fundamentals are notably driving positive sentiment that is, in turn, stirring the accumulation of FLR token.

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About the author

Godfrey Benjamin is an experienced crypto journalist whose main goal is to educate everyone around him about the prospects of Web 3.0. His love for crypto was birthed when, as a former banker, he discovered the obvious advantages of decentralized money over traditional payments. With his vast experience covering various aspects of Web3, Godfrey's articles has been featured on, Cryptonews and Coingape, among others.