Flare Network Announces Burning of 2.1 Billion FLR Tokens to Support Ecosystem Health - COINTURK NEWS
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Flare Network Announces Burning of 2.1 Billion FLR Tokens to Support Ecosystem Health

1:23 pm (55 days ago)
October 13, 2023

Flare Network developers have announced that a total of 2.1 billion FLR tokens will be burned to support the development and overall health of the ecosystem. With these token burns, more than 2% of the total supply of FLR will be permanently removed from circulation, preventing the impact on the value of community token assets and increasing incentives for new users to join the network.

The planned token burn amount was originally allocated to early supporters of Flare Network. However, these tokens will no longer be distributed after reaching an agreement on how the allocation of tokens to equity shareholders will be affected by the Flare Improvement Proposal (FIP.01) with the network’s establishments.

A Total of $20 Million Worth of Tokens Will Be Burned

Approximately 198 million FLR tokens will be burned immediately, and the remaining amount will be burned by January 2026, with 66 million FLR tokens burned each month. The total value of the burned tokens amounts to approximately $20 million at current prices.

Hugo Philion, CEO and co-founder of Flare Network, expressed his happiness and gratitude to the shareholders for their support, stating, “We are delighted to have reached an agreement with our shareholders and thank them for their support.”

If this burning process had not taken place, investors could have claimed approximately three times the original allocation through FlareDrops and unfairly affected community assets.

At the time of writing this article, the price of FLR token was trading at $0.0094. The all-time high (ATH) for FLR token was recorded at $0.0797. Currently, FLR is priced 88.54% below its ATH. Furthermore, following the burning announcement, the token’s trading volume in the last 24 hours increased by 103.67%.

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