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Flare Token is a cryptocurrency that is optimised for Smart Contracts on the Flare Network. It was developed by a consortium of companies and organisations led by Ripple Labs, the creator of XRP. The Flare Network is a new distributed ledger technology (DLT) platform powered by the Flare Consensus Protocol, a unique combination of the Avalanche consensus algorithm and the Federated Byzantine Agreement (FBA) protocol. The Flare Network is designed to enable the execution of Ethereum-like smart contracts on a separate network that is interoperable with XRP, allowing XRP holders to gain access to decentralized finance (DeFi) applications.
The Flare Token (FLR) is designed to be the native cryptocurrency of the Flare Network. It is a utility token that is used for staking, paying fees, and participating in consensus on the Flare Network. It is intended to be used as the primary utility token for the Flare Network, allowing users to access and interact with smart contracts, decentralized applications (dApps), and digital assets on the network. The Flare Token is designed to be an inflationary asset, with a maximum supply of 1 billion tokens and a fixed annual inflation rate of 5%. The token is currently listed on several major cryptocurrency exchanges, including Binance, KuCoin, and OKEx.