Flare News: Weekly Roundup June 11 2023

If you’re reading this, it's a good sign that you've managed to weather the storm of tumultuous waves in the crypto world this week. It's been quite a rollercoaster ride for the entire crypto community, but fear not, we're keeping calm and chiving on into this week's exciting Flare roundup!

Get ready, FlareDrop is right around the corner, set to grace our wallets on June 15th, and according to Flare.Space, we're looking at a juicy 9.6% yield on held tokens, which is supported by a whopping 72.49% of FLR circulating supply being wrapped - not too shabby at all.

Interesting, 72.49% of the available circulating supply is wrapped. Our calculations show, Community drop #4 (that will happen on June, 15th), might yield around 9.6%.

Flare.Space

Now hold onto your seats, because an exciting update for Flare nodes has just dropped. Version v1.7.1805 is making its way to the scene, preparing us for a hard fork scheduled for June 20th, 2023 at 15:00 UTC. Now, here's the interesting part: this hard fork introduces "inflation-based staking," and since the node is based on Avalanche, which has a capped supply asset, adjustments have been made to align the staking mechanisms with Flare's inflation-based model. Brace yourself, because staking might be making its way to Flare sooner than we think!

Governance

Last week, the community's support for STP.04, which aims to bring new FTSO price pairs, proved resolute, with an overwhelming 99.2% in favor. This exciting update has already undergone testing on the Coston test network, allowing data providers to fine-tune their systems in preparation for the rollout on Songbird, with the specific date yet to be announced.

Once implemented on Songbird, the newly introduced pairs will not have a secondary reward band, which has previously been found to even out reward distribution between all providers. It will take approximately 2 weeks for enough data to be available for the reward secondary reward band width to be determined and then implemented.

Ecosystem

Mo Taysir, Flare's esteemed Business Development & Project Relations Lead, made a notable appearance at the 11th Africa Bank 4.0 Summit, sharing insightful perspectives on the future of Central Bank Digital Currencies (CBDCs), the impact of cryptocurrencies on financial inclusion, and the regulatory landscape in North Africa. Mo's expertise and thought leadership were duly recognized as he received the prestigious North Africa Rising Star award in Blockchain Thought Leadership. A well-deserved accolade for his contributions to the industry!

Congratulations to @MohamedTaysir1 , Flare's Business Development & Project Relations Lead, on receiving the "North Africa Rising Star in Blockchain Thought Leadership" award at the 11th Africa Bank 4.0 Summit: North Africa.

Flare

WebX-Asia will be welcoming Hugo Philion, CEO of Flare, to Tokyo, Japan in July. This marks Hugo's second visit to Japan this year, and the anticipation is palpable as he expresses his eagerness to return. According to a Twitter post by crypto personality Crypto Eri¹, Hugo Philion's presence is expected to be a highlight at the event, as Japan has shown immense love for Flare Networks.

Turning our attention to an exciting project within our ecosystem, SPARK, a tipping platform aiming to enable token tipping from the Songbird and Flare networks on Twitter, has recently announced² their progress towards experimental beta testing for the Songbird community. Exciting times lie ahead as SPARK continues to pave the way for enhanced interaction and engagement in the Flare ecosystem.

Despite the tumultuous waves in the crypto world this week, the Flare community remains resilient and optimistic. With the 4th FlareDrop approaching and the potential for staking on the horizon, there is much to look forward to. The strong support for governance proposals and the recognition of Flare's industry leadership further solidify its position in the ecosystem. As we continue to navigate this exciting journey, let's stay tuned for more developments and innovations from Flare.