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Flare (FLR) network, a layer one blockchain that builds decentralized data infrastructure, announced its monthly token burn on Thursday to ensure value addition to the community token holdings. According to the announcement, the Flare network burnt 66,293,390 FLR tokens as part of the 2.1 billion burn program to be distributed until January 2026.
The Flare team intends to achieve over 2 percent token burn at the end of the program, which will be a huge boost to the long-term holders. According to Hugo Philion, the CEO and co-founder of Flare network, the 2.1 billion FLR token burn, which represents around 40 percent of the original allocation to early investors, will prevent unfair dilution of community holdings.
66,293,390 $FLR burnt.
— Flare ☀️ (@FlareNetworks) August 8, 2024
This directly benefits you:
"Without this burn, the investors would be able to claim approximately 3x their original allocation through the #FlareDrops, unfairly diluting community holdings."
More about the 2.1 billion $FLR burn: https://t.co/eW9U8uZfBr pic.twitter.com/FqUfJ5E6or
FLR Price Lacks Bullish Sentiments
Amid the ongoing crypto recovery, led by Bitcoin (BTC), Flare (FLR) price has not registered tangible results. Since the beginning of June 2024, FLR price against the US dollar has dropped over 45 percent to trade around $0.01615 on Thursday.
The small-cap altcoin, with a fully diluted valuation of about $1.66 billion and a daily average traded volume of around $10 million, has suffered major blows in the last few weeks. Furthermore, FLR price closed last week below the support/resistance level of around $0.0183, which coincides with the 0.786 weekly Fibonacci Retracement.
However, the weekly Relative Strength Index (RSI) has recently approached the 30 percent level, which suggests the digital asset is largely oversold.
From a technical standpoint, the FLR price could register a V-shaped rebound in the near term, especially following the historical ruling in the Ripple vs. SEC case.
Growing Ecosystem
Flare Rich List Reload: 987K+ Total Accounts. 366K new accounts in ONE month = biggest MoM growth to date. #FlareNetwork #FAssets #FLRRichList2024 👀 pic.twitter.com/rmGEtjz5uO
— DeFi Divvy ☀️ (@defidivvy) August 7, 2024
The Flare network has grown to a vibrant Web3 ecosystem, with about $9.36 million in total value locked (TVL) from a handful of DeFi projects. Some of the notable DeFi platforms on the Flare network include Kinetic Lending, SparkDEX, and Steer Protocol.
As a result, the Flare network currently boasts nearly 1 million wallet addresses, with more than 93 million transactions since inception.