2.1 Billion FLR to be Burned for Ecosystem Health and Flare Network's Commitment to 'Data As A Public Good'

The Flare Network remains a hub of excitement with news continuing to surge, and this week is no exception. So, it's only right that we share with you the most important updates. From the FLR token burn to new partnerships, active collaborations, Flare’s dedication for “Data As A Public Good”, and much more – get comfortable, let's dive right in to uncovering the latest takes.

Ecosystem

Kicking things off with the hottest topic of the week, Flare revealed their strategic step to strengthen its ecosystem. This involves a significant burning of 2.1 billion FLR tokens, which amounts to over 2% of the total FLR supply. Why, you may wonder? The primary goal is to safeguard the dilution of community token holdings and make the network more enticing for new users to join.

According to Flare Official Documentation, the tokens allocated for burning were initially earmarked for Flare's early backers. However, a recent agreement was reached between Flare and these early backers regarding the impact of the first Flare Improvement Proposal (FIP.01) on token allocations to equity shareholders. As a result, these tokens will no longer be distributed.

The burning process will occur in two phases:

• 198,880,170.19 FLR will be burned immediately.
• An additional 66,293,390.06 FLR will be burned each month until January 2026, which marks the conclusion of the FlareDrop process.

The absence of this burn would allow investors to potentially claim around three times their initial allocation via FlareDrops, leading to an unwarranted dilution of community holdings. Essentially, this burn benefits the community by reducing competition for FlareDrops and reduces the dilution of holdings of all network participants. Don’t stress, your tokens will remain unaffected.

The tokenomics post put out to give information on the FIP01 vote included the distribution of the tokens that are now being burned. With these tokens being burned the community now has greater leverage into FIP01. A revised tokenomics will be released.

@HugoPhilion

Ecosystem Calls

Save the date for the upcoming Flare Ecosystem Call, scheduled for October 18th, 3:00pm UTC. Join CEO Hugo Philion, John from Flare Community, and esteemed guest speakers, CEO Miguel Morel from Arkham Intel and Giacomo Barbieri from the Avascan team, engage in a comprehensive discussion. They will delve into project updates, on-chain analytics, and address your questions during the Q&A session, a call not to be missed.

Partnerships

At the core of Flare Network's mission lies on a foundational principle: "Data As A Public Good”. When we step back and contemplate the significance of their dynamic partnerships, it becomes evident that their overarching objective is to empower developers with the essential resources for seamless network integration.

In a recent interview with CEO Hugo Philion on DefiantNews at this year’s Token2049 event in Singapore, Flare's commitment to a data-first approach was prominently featured.

Their strategic vision revolves around providing developers with comprehensive access to the data needed for crafting new blockchain utilities, all while keeping costs to a minimum and scalability to the maximum.

Notably, Flare has articulated its commitment to optimising the accessibility of the State Connector and accelerating the FTSO's speed, thus ensuring a frictionless experience for data utilisation across the ecosystem. By synergising these two pivotal protocols, a realm of abundant opportunities unfolds before us.

Subsquid, a renowned global network offering free, fast, and decentralised data access to developers and their applications, has seamlessly integrated with Flare. Subsquid serves as a vital resource for developers engaged in the creation of decentralised applications, granting them access to an extensive reservoir of historical on-chain data from the Flare blockchain, facilitated through Subsquid's distributed data lake.

At the heart of this integration is the open-source Subsquid SDK, known for its impressive adaptability and a highly customisable “extract transform load query” (ETLQ) stack. This versatility proves invaluable for indexing events, transactions, and traces. With the SDK, developers can:

• Create tailored data pipelines and design application programming interfaces (APIs) to meet their specific data retrieval needs within the ecosystem.
• Seamlessly access external APIs, allowing developers to efficiently aggregate data from Flare APIs.
• This integration marks a pivotal moment, as it opens up historical data from the Flare blockchain to developers using the Subsquid network.

Honing into the collaboration which only went live in September between Flare and Ankr, the leading node provider on Binance and Polygon. Hugo Philion highlights that Flare's partnership with Ankr offers developers top-tier RPC tools from a leading node provider, alongside the API Portal and Google Cloud infrastructure.

This collaboration emphasises Flare's commitment to delivering a resilient, secure, and flexible environment for developers to create and manage dApps and services.

This collaboration empowers developers on the Flare platform by granting them access to high-performance, distributed RPC services that streamline node operations and simplify the development process for decentralised applications (dApps).

Moreover, developers can harness Ankr's Advanced APIs, featuring custom indexing capabilities, to enhance the onboarding experience for newcomers and enable efficient queries for on-chain data, including metadata for non-fungible tokens (NFTs). Remember, Flare prides itself in being “the blockchain for data'', and therefore is equipping new developers with the right tools to build via these strategic partnerships.

Lastly for those who weren't aware, Flare Network entered into a strategic partnership with aiPX perpetual DEX back in June. Now, fast forward to October, and we have exciting news: the update indicates that it's on the verge of launching on the Flare mainnet. AiPX places a strong emphasis on risk management and pioneering liquidity provider solutions.

It will employ Flare Time Series Oracle (FTSO) price feeds to calculate collateral and liquidation thresholds. In addition to these features, the innovative trading protocol will provide users with the ability to engage in leveraged trading, execute token swaps, participate in staking for protocol revenue-sharing, and contribute to user governance.

For its initial liquidity pools, aiPX will include assets such as WUSDC, WFLR, and WUSDT. Expect further additions to these pools once new bridging models are introduced on the Flare Network and more tokens become accessible. Keep your eyes peeled! The aiPX presale goes live on Tuesday October 10th and it will have 62,500 AIPX available at $0.80, or ~80 FLR per AIPX.

Key Highlights

• SpendTheBits Inc.: They've just completed a successful proof-of-concept on Flare Network, accessible on Coston TestNet. Now, they're actively working on bringing F-BTC functionality into play by harnessing FTSO and State Connector features. Notably, Hugo's recent suggestion about becoming an agent in the FAsset system hints Flare Lab’s quest for agents, indicating that the arrival of FAssets may be closer than anticipated
• NowNodes: This esteemed node provider is making waves in the DeFi industry. They've recently integrated Flare Networks into the Exodus wallet, enabling support for swaps, trading, and deposits. It's definitely worth exploring.
• Latest FTSO Data Providers: Say hello to Luganodes, a Swiss-operated institutional-grade non-custodial staking provider. Their arrival on the scene has generated quite a buzz, and we're eager to see how they'll perform alongside the established data providers.
• Flare Dev Meetup: Fancy a meetup in Istanbul? Flare Network has an event planned for November 16th. The location is still under wraps, but with limited spots available, be sure to secure your spot by registering at https://lu.ma/vjuh197f.
• Future Blockchain Summit: Ensure your seat for #FBS2023 on October 17th to participate in an insightful panel discussion with Flare's CEO and co-founder, HugoPhilion, as he delves into the prospects of blockchain scalability and adoption.

It’s apparent that Flare continues to be bustling with developments and activities. As this week comes to a close, it's worth taking a moment to reflect and remember that this remarkable journey began in January 2023. Today, Flare stands with over 400,000 FLR wallets and more than 480,000 wallets holding SGB, and the numbers continue to grow.

What's even more exciting is the arrival of the 8th FlareDrop, now accessible for claiming in eligible wallets. For newcomers to the network, you can also join the action by wrapping your $FLR. The opportunity is ripe, but remember, these airdrops are in limited supply, so don't let them slip through your fingers.

Exciting times are ahead in the Flare Network ecosystem!