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The Flare Network team has continued to decrease the circulating supply of its native token FLR, recently sending a whopping 66 million FLR tokens to the burn address.
Implementing a deflationary model remains one of the primary ways Web3.0 projects attract immense value to their native currencies. With many projects recording successes with this move, Flare Networks is also determined to join the train.
The Flare Burn – Price Impact
As detailed by the team on X, they just sent 66,293,390 (66.29 million) FLR to dead wallets. This figure is worth a market value of $1,939,081 against prevailing rates. The protocol shared the transaction burn details to highlight the transparency of the process.
Another 66M $FLR gone, pushing the total burn to 397.76M 🔥
See the burn transaction here: https://t.co/LEfzrA28aD
ICYMI, this FLR burn plan is a community-first commitment, on top of the burning of fees & unclaimed FLR rewards.
Learn more: https://t.co/eW9U8uZfBr pic.twitter.com/y2ieMQ1Q5b
— Flare ☀️ (@FlareNetworks) February 8, 2024
Following this latest burn, Flare Networks confirmed that the total FLR burnt now comes in at 397.76 million tokens as of February 8.
Flare also highlighted how the FLR burn plan is an initiative that places primary focus on meeting the demands of its community. The burns include network fees and FLR rewards that were not claimed by users.
Flare conducted one of the most robust airdrop campaigns for XRP holders when it made its emergence into the market last January. The goal of the airdrop was to draw in a horde of users who might share similar aspirations on the prospects of the project.
Burn Campaign: a New Trend
As noted earlier, becoming a deflationary blockchain might contribute to the growth of a token over time. This is the second FLR burn from the Flare team this year.
The first burn involved 132.6 million FLR last month. Notably, the team plans to incinerate 2.1 billion tokens in the ongoing campaign.
FLR burn update: We just burned another 132.6M FLR.
See the burn address: https://t.co/LEfzrA28aD
So far, we've burned 331,4M FLR. In total, 2.1B FLR will be burned, accounting for ~40% of the original investor allocation, for the community’s benefit.https://t.co/eW9U8uZfBr
— Flare ☀️ (@FlareNetworks) January 12, 2024
Other protocols have also looked to bolster their respective burn campaigns. Members of the Shiba Inu developer team and community believe in this rhetoric a great deal.
This rhetoric is driving the sentiments being nursed by many on the likelihood of Shiba Inu soaring to bullish heights. Ethereum also has a subtle way to take off some Ether supply through consistent ETH burning.