Flare Network (FLR), a decentralized oracle service provider with a close association to Ripple Labs Inc., has announced to its community that it has gotten the needed approval for its recent proposal FIP.05. According to the update on the X app, the proposal will be implemented on the mainnet through a hardfork that is billed to go live later this month.
The Flare Network is currently making waves as one of the most versatile oracle and data service providers in the Web3.0 world, and despite its recent launch, it has undergone a series of updates to revamp its underlying blockchain infrastructure. Per the latest FIP.05 proposal, the protocol underscored the massive community backing, which featured a total of 92.02% of the total eligible votes.
Just like its ally Ripple, the Flare Network has always been very dependent on its community, which has helped it in its drive to get its products and innovations out into the mainstream.
The Flare protocol also rewards its community handsomely for their participation in its affairs. This FIP.05 proposal is a way to amplify the contribution of the community by raising the limit and rewards for staking.
FLR token response
The Flare token is currently not responding positively to the impending hardfork, a situation that might be attributed to the general market outlook. At the time of writing, FLR token is changing hands at a price of $0.01204, down by more than 3.7% in the past 24 hours.
Despite this bearish outlook, the token still maintains a bullish uptrend in its trading volume with a 33% surge. The downward pressure being faced by the FLR token can be judged as momentous as the protocol aligns a number of perks that drive demand and can change the outlook of the coin in the long term.