FLR Burn, Highlights from Eth London Hackathon, Latest Ecosystem and Community Insights

To commence the week, Flare Networks announced a significant update on the official FLR burn. A total of 198,880,170.19 FLR has been successfully removed from circulation, and an additional 1.9 billion is set to undergo burning by January 2026, as per Flare Networks. CEO Hugo Philion disclosed that three sources contribute to this burn: transaction fees, unclaimed FTSO earnings and FlareDrops, and the negotiated burn of tokens from backers.

There are 3 sources of burn:

1. Transaction fees.
2. Unclaimed FTSO earnings and Flare drops.
3. Negotiated burn of tokens from backers to account for changes relating to FIP01.

Hugo Philion

This results in an impressive monthly burn of 66 million FLR, aiming to prevent the dilution of community token holdings while concurrently enhancing incentives for new users to join the network.

Flare Network’s first hackathon, the ETH London Hackathon highlights were released. With a prize pool exceeding $90,000, participants directed their efforts toward harnessing blockchain technology, tackling challenges spanning decentralized finance to quantum oracles.

The event drew over a thousand Web3 developers from across the globe, encompassing university newcomers to seasoned builders, collectively showcasing the vast potential of blockchain technology.

Winning projects on Flare's track, centered around the use of the Flare Time Series Oracle (FTSO), include:

• SwapGuard (by Valerio Fichera and Markeljan Sokoli): A gas-efficient, price-protected DEX on Flare, employing circuit breaker-guarded swaps facilitated by the FTSO.
• Flare Stable Coin (by Palm Civet): FSC, a stablecoin, utilizes an exogenous collateralization mechanism, relying on FTSO for precise price feeds. It enables users to mint an appropriate amount based on FTSO prices and offers a liquidation mechanism if collateral prices drop too low.
• SocialDefi (by Indi Sofyar): A platform enhancing transparency in the crypto space, allowing users to track market changes and follow other investors. It utilizes Flare for fetching price feeds through FTSO and accessing user data via the Coston API.
• Hayek Index Token (by Ching-Hwa Eu): The project enables the swapping of tUSD to Hayek, an index token representing a blend of ETH and BTC. It leverages Flare's FTSO for accurate pricing feeds in the process.
• Quantum Oracles (by Jessica Pointing, Yash Goyal, and Jan Ole Ernst): This project involves smart contracts executing quantum programs on the Flare network, showcasing the significance and value of external data in a decentralized ecosystem for quantum computing. Users can pay for their quantum jobs using cryptocurrency.

Hackathons embody network growth. It also promotes innovation and collaboration by uniting diverse individuals to creatively tackle problems, leading to rapid prototype development and fresh insights. It's a great opportunity for participants to showcase their skills, learn new technologies, and build innovative solutions. For more information, visit: https://flare.network/eth-london-hackathon-highlights/.

Ecosystem Updates

Staking without Ledger: Initially, Staking on Flare was limited to users with Ledgers, but resourceful developers have devised a solution. Excitingly, within the Flare community, prominent infrastructure providers, FTSO AU and SolidiFi, have unveiled groundbreaking developments.

Now, staking on Flare no longer necessitates a Ledger nano device. Tim Rowley from FTSO AU teased a major breakthrough with a cryptic tweet: "Just staked 50,000 FLR to FTSO AU... using only MetaMask! How did I do that!? You'll find out soon…". Fortunately, they have announced that app.ftso.au/stake, which supports MetaMask, is now live.

In discussing staking on Flare, Tim also addresses technical challenges arising from the network's three chains, emphasizing the security complexities during transaction signing via popular wallets on the P chain where validator staking takes place. While Ledger devices are exclusively supported on Flare for staking, alternative wallets can be used cautiously.

Tim highlights the secure approach of the FTSO AU App, utilizing 'eth_sign' to safeguard private keys. Despite the security risks associated with blind signing, trust in the app requesting the signature is deemed crucial. Tim outlines the risks of compromised apps and phishing sites, recommending thorough verification and only temporary 'eth_sign' enablement.

Overall, Tims message centers on user awareness, trust in app security, and proactive measures to ensure a safe staking experience.

SolidiFi, on the other hand, introduced a Flare staking module integrated into their SolidiFi Wallet. Initially available to Android users on v2.3.1, they eagerly await Apple's approval. How did they do it you might ask? SolidiFi shared that they used FlareJS, a development package provided by Flare Network. With this swift change, staking has become considerably more user-friendly and accessible, and we're here for the ride!

Ripple Swell Event

Hugo posted a snapshot featuring his attendance badge at the two-day Ripple Swell Event. The event promises insights from Ripple customers, team members, and industry thought leaders, unveiling how both financial institutions and businesses are harnessing crypto and blockchain technology. This sets the stage for exciting revelations during the event.

Ellipal Wallet

Flare's official wallet partner has recently introduced the Titan2.0 cold wallet, with seamless compatibility with the Flare Network. Capable of supporting over 10,000 coins and tokens, this cutting-edge wallet marks a significant milestone. To commemorate the occasion, they are offering three Titan2.0 wallets to the Flare community. Hurry over to Ellipal Wallet on X for an opportunity to claim your new wallet and join the celebration.

Ēnosys

Ēnosys has thrilling news about the upcoming HLN listing on Gate.io. Additionally, Nik Christodoulakis, CEO of Ēnosys, provides insights into deploying their products on other networks alongside their bridge, enabling $HLN and $APS integration with these networks. He outlines upcoming initiatives, with Ēnosys actively planning launches on networks like Arbitrum, BuildOnBase, and Hedera. Exciting to witness the growth of projects on Flare—stay tuned with the Ēnosys for more updates.

Uppercent

Uppercent, a platform built on Flare that powers e-learning from Web2 to Web3, has announced a new strategic partnership with leading NFT marketplace SparklesNFT. Keep your eyes peeled, this collaboration facilitates Uppercent users in purchasing and selling access to the inaugural Uppercent course through the Sparkles marketplace.

Community

This week, Cryptoinsightuk generated excitement in the Flare community by sharing insights from his conversation with CEO Hugo Philion. During the exchange, Cryptoinsightuk inquired about the future of Flare, prompting Hugo to reveal the team's plans to release multiple protocols within the next 12 months.

This led Hugo to state, "It's pretty hard to choose." The imminent FAssets beta launch marks the conclusion of a long-term project, introducing a variety of assets to the Flare ecosystem. FTSO Version 2 is set to establish a high-performing price oracle in the EVM space, offering up to 1000 prices with on-block updates.

Additionally, Hugo expressed the team's intention to facilitate the trustless relay of Flare data to other chains, positioning Flare as a service provider for them. The rapid progress of LayerCake smart contract bridging further contributes to the array of choices. This exciting development bodes well for the Flare community, fostering anticipation for upcoming advancements and a close observation of the network's evolution.

Danrocky also shared some great insights this week on his personal perspective regarding the recent collaborations with ArkhamIntel, Flarescan, and Elliptic. He emphasized how these partnerships underscore Flare Network's unwavering commitment to transparency and its proactive stance against illicit activities.

According to Danrocky, the emphasis on high security and genuine decentralization further solidifies this commitment. In addition, Danrocky uncovered a recent discovery involving a DeFi company named NorthStake. He expressed that NorthStake, specializing in providing business-to-business (B2B) exposure to staking, is tailored for companies interested in delving into blockchain staking.

Besides being very fast, low cost and a highly secure blockchain for data, if you look careful at how #flare is building #flarenetwork, focus on use cases such as AI data sourcing and chosen partnerships, it is clear that Flare is preparing for regulatory compliance to reach out to B2B and mainstream adoption as a whole. It's about doing everything the right way to ensure long-term solutions to real-world use cases that can bring significant value to a large part of the population ☀️

Danrocky

Danrocky specifically noted that NorthStake, now serving as a validator on FlareNetwork, deliberately chose Flare because their customers require transparency and compliance. In his view, this choice indicates that Flare is approaching its operations in a commendable manner.

Truly valuable insights have been shared among the Flare community, highlighting the community's growth alongside the expanding Flare Network. We are enthusiastic about featuring the thought-provoking discussions taking place among community members.

To wrap things up as activities persist, it's essential to be aware of the opportunity to claim FlareDrops for your staked FLR. To do this, connect your Ledger used for staking into the MetaMask Chrome extension. Once this step is completed, go to portal.flare.network, connect with MetaMask, and proceed with the claiming process as usual. We look forward to having you join us again next week for additional highlights from the Flare ecosystem!