Dubai, UAE, November 7th, 2023, Chainwire
Blockchain for data, Flare, has announced the next stage of its public staking program. Phase 2 has officially gone live, allowing FLR holders to participate in network consensus through staking their tokens with Flare validators.
The launch of Public Staking Phase 2 has captured the interest of the Flare community. Record numbers of FLR have been staked within hours of the program opening. 2 billion FLR are currently staked across a total of 71 network validators.
Flare’s largest staking initiative to date, Phase 2 makes use of the network’s new staking tool which simplifies the process of locking FLR into the staking smart contract. This enables FLR to be transferred from the C-Chain, where smart contracts run, to the P-Chain where staking occurs. The staking tool can initially only be accessed with a Ledger hardware wallet although other options will be added in the future.
Once funds are on the P-Chain, users can delegate stake to validators of their choice and start earning a share of the validation rewards. A range of Flare network explorer tools details the IDs of nodes that are available for staking, making it easy for FLR holders to select their preferred validator. FlareMetrics, Flarescan, Flare.Builders, and Solidifi can all be used for this purpose.
The minimum amount required to participate in staking is 50,000 FLR and the minimum staking duration is 14 days. While participating in staking, FLR holders remain eligible for FlareDrops. FLR holders who wish to participate in staking are required to keep a small amount of FLR on both the C- and P-chains to cover network fees.
Validator rewards are capped at 5% of the total per validator. To avoid missing out on rewards, FLR holders should select a validator that has less than 5% of the total stake delegated.
Flare is in the process of transitioning to a staking model in three phases. The launch of Phase 2 makes it possible for anyone to delegate stake to validators on the network. At the end of each reward epoch, participants are rewarded according to how well their chosen validator performed in that period. Every four reward epochs, rewards are accumulated in a dedicated smart contract and can then be claimed using the FlareStake tool.
Flare is the blockchain for data, an EVM smart contract platform that expands the utility of blockchain. With decentralized oracles built into the structure of the network, Flare is the only smart contract platform optimized for decentralized data acquisition – price & time series data, blockchain event & state data, and Web2 API data.
By giving developers trustless access to the broadest range of data at scale and for minimal cost, Flare acts as a utility layer for the blockchain industry and supports the development of new and improved use cases.
Head of Marketing