It’s been a long time coming but the wait was well worth it for CoolWallet users and FLR and XRP holders. That’s right, CoolWallet now offers support for the Flare Network on our CoolWallet App and CoolWallet Pro and S hardware models! This integration will provide all Flare users with a secure and convenient way to self-custody their recently airdropped FLR assets in elite cold and hot storage. CoolWallet users can simply enable FLR in CoolWallet to send and receive FLR.
With Valentine’s Day around the corner, what better way to show our love for Flare and our community with another airdrop? To celebrate this, we will be hosting a Flare airdrop campaign on Twitter on 22 February 2022 with Flare Networks and give away 10,000 FLR tokens worth $400! Check @CoolWallet and @FlareNetworks on Twitter next week for more details.
Let’s take a look at what Flare is, why it is important and what you need to know store your FLR tokens in the most convenient non-custodial Web3 wallet out there.
What is Flare Network (FLR)?
Flare Network is an exciting new layer-1 blockchain network with a proof-of-stake consensus mechanism. It gives developers decentralized access to high-integrity data from other chains and the internet, which enables new use cases and monetization models, while allowing apps to serve multiple chains through a single deployment., Flare is EVM-compatible and interoperable, with a design that establishes a scalable, secure, and efficient platform for the deployment of smart contracts.
The native token of the Flare Network is called Flare (FLR). Holders can wrap their FLR into WFLR and delegate it to Flare Time Series Oracle data providers, supporting the provision of decentralized data to the network. Delegated WFLR tokens remain in the user’s wallet, which enables them to earn rewards in the FTSO system while using their tokens for other purposes.
All holders of WFLR will also receive a share of the 36 FlareDrop Distributions which will happen over 3 years. Distributions are every 30 days, commencing Friday 17th March.
The Flare Airdrop
Flare first came to mainstream attention in late 2020 thanks to its Spark airdrop, which was supported by CoolWallet and later delayed. The Flare team later decided to drop Spark as a name for their token in favor of Flare..
Of the 100B genesis FLR tokens, 58.3B are destined for community hands, with 28.5B of these allocated to the direct public token distribution, also known as the FlareDrop Distribution. The first 15% of these public tokens, or 4.3B FLR, was successfully distributed in a hugely popular livestream on 9 January 2023 to wallets that held XRP during a snapshot completed in December 2020. They received their allotment in proportion to their XRP holdings.
The remaining 24.2B FLR will be made available on-chain in 36 monthly FlareDrop Distributions to all wallets that hold Wrapped FLR (WFLR). Almost 700M FLR will be proportionally shared by WFLR holders each month.
Why is Flare Network important?
- Making blockchain more useful: Flare gives developers decentralized access to high integrity data from blockchains and the internet, enabling new use cases and monetisation models.
- Decentralized prices: The Flare Time Series Oracle delivers highly decentralized, time series data feeds to dapps on Flare. Currently, this includes digital asset price pairs.
- Secure access to data from other chains and the internet: The State Connector is able to come to decentralized consensus on external event data, enabling it to be used securely, scalably, and trustlessly with smart contracts on Flare.
- Scalability: Flare Network is designed to be a scalable platform, which means that it can handle a large number of transactions per second (TPS) with very low fees.This makes Flare a great platform for dApps and DeFi platforms that require high transaction speeds.
How CoolWallet benefits Flare (FLR) users
- The integration of Flare into the CoolWallet app makes it easier for users to manage their Flare assets and utilize them for smart contracts.
- With the integration of Flare into the CoolWallet app, our users now have the ability to participate in DApps on the Flare mainnet, providing them with access to a wider range of decentralized applications and services.
- CoolWallet App’s support of FLR also allows our users to now participate in protocol governance via Flare’s DAO. This means that CoolWallet users can have a say in the direction and development of the Flare Network, allowing them to have a more active role in the future of the Flare ecosystem.
Benefits of Cold Storage for Flare Users
- Security: The proven safety of CoolWallet’s cold storage provides a highly secure layer of safety for users. By storing their Flare assets offline, users can ensure that their crypto assets are safe from online threats such as hacking and theft.
- Convenience: With an exceptionally portable hardware wallet like CoolWallet that looks like a credit card to keep in your wallet, users can easily manage their Flare assets on-the-go. This means that users can access their Flare assets from anywhere, at any time, without having to worry about the security of their assets.
The integration of support for the Flare Network by CoolWallet provides users with a secure and convenient way to store and manage their Flare assets. The Flare Network offers a scalable, secure, and interoperable platform for the deployment of smart contracts, while cold storage provides an extra layer of security for Flare users. We believe that this integration will provide a great opportunity for Flare users to not only get involved with the Flare Network and its ecosystem, but finally also enjoy all the benefits that come with being a CoolWallet user.