Flare Burns $1.4 Million Worth of FLR Tokens, Aims to Burn $44 Million More by 2026

Flare Burns $1.4 Million Worth of FLR Tokens, Aims to Burn $44 Million More by 2026

Blockchain network Flare (FLR) burned 66 million FLR tokens (worth approximately $1.4 million) on Tuesday, April 11th, as part of its ongoing token burn program. According to an announcement made by the Flare team, the burn was executed through the Flare Improvement Proposal X (FIP-X). The proposal aims to reduce the total supply of FLR tokens in circulation, thereby increasing their scarcity and potentially boosting their value. The Flare team has stated its intention to burn a total of 2.1 billion FLR tokens by the end of 2026. This represents approximately 21% of the current circulating supply of FLR and could have a significant impact on the token's price. At the time of writing, FLR is trading at $0.02021, up 0.27% in the past 24 hours. The token has experienced significant volatility since its launch in early 2023, reaching an all-time high of $0.29 in February before correcting to its current price. The Flare network is a layer-1 blockchain that enables the execution of smart contracts on the XRP Ledger. It was developed by Ripple, the company behind the XRP cryptocurrency. FLR is the native token of the Flare network and is used to pay for transaction fees and to participate in network governance. The token burn program is one of several initiatives that the Flare team is undertaking to increase the value of FLR. Other initiatives include the development of new features and applications for the Flare network and the formation of partnerships with other blockchain projects.