Flare Network Approves Major Upgrade and Prepares for Hardfork

Flare Network gets approval for FIP.05 proposal and prepares for a hardfork later this month. Learn more about the upgrade and its impact on Flare token.

Posted 8 months ago in Technology

A graphic representation of a hardfork symbolizing the Flare Network upgrade

Flare Network (FLR), a decentralized oracle service provider with a close association to Ripple Labs Inc., has announced that it has received approval for its recent proposal FIP.05. This proposal will be implemented on the mainnet through a hardfork scheduled to go live later this month.

The Flare Network is known as one of the most versatile oracle and data service providers in the Web3.0 world. Despite its recent launch, it has undergone multiple updates to improve its underlying blockchain infrastructure. The FIP.05 proposal received overwhelming support from the community with 92.02% of the eligible votes in favor.

Similar to Ripple, Flare Network heavily relies on its community for support and innovation. As a result, it rewards its community members for participating in its affairs. The FIP.05 proposal is aimed at enhancing community participation by increasing staking limits and rewards.

While the Flare token (FLR) initially responded negatively to the upcoming hardfork, this may be attributed to the overall market conditions. At present, FLR is trading at a price of $0.01204, representing a decrease of more than 3.7% in the past 24 hours. However, the token continues to exhibit a bullish uptrend in its trading volume, which has surged by 33%. The downward pressure on the FLR token amidst the imminent hardfork is significant considering the potential impact of the protocol's perks on demand and long-term outlook.

Last updated 9/11/2023, 3:37:56 PM


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