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Flare Network‘s native asset FLR has experienced a significant V-shaped recovery with its price increasing over 20% in the last 24 hours. The altcoin’s impressive price rise coincided with a surprising 270% increase in trading volume at the same time. The rise is seen to be driven by both spot and derivative investors. The price increase of FLR was also supported by the announcement of Flare Network’s latest protocol version, FTSOv2.
Developments That Mobilized Investors in FLR
The price increase of FLR follows the announcement made by Flare Network’s co-founder Hugo Philion in mid-February regarding the potential integration of Flare with XRP‘s FXRP asset. This announcement initially drove FLR’s price up by more than 75% in the following days, but these gains later diminished.
Moreover, the announcement of Flare Network’s FTSOv2 update signifies an important development for the platform. The upgraded oracle will allow decentralized application (dApp) developers to access a wider range of up to a thousand data feeds in every block within 1-2 seconds, laying the foundation for Flare’s vision for data on the Blockchain.
The FTSOv2 update includes three key improvements: an increase in the number of data streams, enhanced update frequency, and expanded data features including assets like stocks and commodities.
Current Status of FLR’s Price
The upward trend in FLR’s price reflects the market’s positive response to the latest developments in the Flare Network. At the time of writing, FLR is trading at $0.039, marking a significant rise from the 24-hour low of $0.033 to $0.043. The increase in trading volume, combined with a 45% rise in open interest for FLR futures, underscores the growing interest and activity surrounding FLR following the announcement of the FTSOv2 update.
Despite the recent price increase, the open interest in FLR futures has slightly decreased in the last few hours, contributing to a minor decline in FLR’s price. However, Flare Network remains optimistic about the future, especially regarding the integration with XRP’s FXRP asset. Philion highlighted the potential benefits for FXRP brokers in XRPL AMM developments, expressing confidence in overcoming any challenges related to the integration.
