ELLIPAL Supports FLR Flare Tokens. What is Flare and What Does This Mean? - ELLIPAL

ELLIPAL Supports FLR Flare Tokens. What is Flare and What Does This Mean?

What is Flare token? 

The Flare Network is a layer-1 blockchain that is compatible with the Ethereum Virtual Machine (EVM). It allows users to bridge crypto assets across various networks. The native FLR token is used to interact with smart contracts, pay transaction fees, and provide security to the network.

Unlike other smart contract platforms that rely on Proof-of-Stake (PoS), Flare Network's consensus model allows for the native FLR token to be available for non-staking activities. This ensures that the network's security isn't solely reliant on the number of tokens staked.

What is the relationship between FLR, SGB, and XRP?

To put it simply, Flare Network (FLR) provides smart contract capabilities for XRP and other non-programmable tokens, while Songbird (SGB) is the test network (canary network) for Flare. Both networks are part of the Flare ecosystem, and they interconnect to support the development and testing of smart contract applications.

What are wrapped and unwrapped Flare tokens?

The Flare token has two versions that serve different purposes. Owners of Flare tokens can freely transfer between one version and the other.

Unwrapped FLR is used for smart contracts, transactions, and trading. WFLR is used for oracle delegation, DeFi, and voting. To wrap FLR, users lock their FLR in a smart contract and receive WFLR in return. To unwrap WFLR, users send it back to the smart contract and receive their FLR.

How was the Flare token airdrop in January?

Flare announced in 2020 that they would airdrop FLR tokens to XRP holders. 4.28 billion FLR tokens were distributed, representing 15% of the total supply. The remaining 85% will be distributed over the next 3 years. FLR holders can vote on future airdrops and other changes to the project on Flare's governance forums.

What's the meaning of the ELLIPAL supporting Flare token, both wrapped and unwrapped?

Flare is the token that will allow blockchains like XRP to work with smart contracts and DeFi, it is a token that has so much promise in itself. By ELLIPAL supporting the Flare token, it gives holders a secure place to store FLR without worries. 

Also, with ELLIPAL supports wrapped and unwrapped versions of FLR (Flare token), it means that ELLIPAL is capable of handling and managing both the native Flare token (unwrapped) and its cross-chain representation on other blockchains (wrapped).

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