FLR Price Prediction 2023: Is $1 Possible?
Flare Token (1FLR) is the native cryptocurrency of Flare Network, a robust EVM-based Layer 1 (L1) blockchain that has two protocols: Flare Time Series Oracle (FTSO) and State Connector. These protocols enable developers to create an ecosystem of powerful, decentralised interoperability applications. Read on to unearth our FLR price prediction for 2023.
The Flare motto is "#ConnectEverything", and with an ever-increasing stance towards interoperability and composability in the crypto sphere, Flare is a blockchain of great potential. Naturally, the FLR price will be affected by all the attention the ecosystem is receiving.
1FLR price prediction: basics of the crypto token
According to Coingecko data, the FLR price is nearly $0.03634 at the time of writing. The crypto asset has a circulating, total, and maximum supply of 4B (4,000,000,000) tokens.
With a market cap of just over $2.25M, it is safe to say that Flare is currently in the nascent stage of adoption - the best is yet to come (please DYOR before investing).
The FLR price achieved an all-time high of around $0.0026 on 23 October, 2021. The most popular decentralised crypto exchanges to purchase and trade 1FLR are Quickswap and SushiSwap. With a 24-hour trading volume of just $1,091, we can assume that trading of the crypto token is not ‘hot’ at the moment.
That said, the cryptocurrency is a fascinating long-term investment option. There are factors to consider when making a 'significant' purchase decision. Here is what makes 1FLR stand out.
What makes Flare special?
1FLR powers the Flare ecosystem of decentralised applications (DApps). As mentioned before, the core protocols of the blockchain, FTSO and State Connector, play a pivotal role in enabling developers to create DApps.
FTSO is an oracle network that delivers trusty, decentralised data to DApps on Flare. State Connector allows for reliable, decentralised data procurement from external blockchain ecosystems and the internet.
By using Flare’s pricing and interoperability protocols coupled with scalable EVM-based smart contracts, developers can build with more data to serve numerous ecosystems, thereby expanding the reach and value of their products.
Developers can build their own bridges, securely relay data, utilise state from any connected blockchain ecosystem, and take advantage of decentralised price and data and scalable EVM smart contracts.
These smart contracts make use of a low-carbon consensus algorithm. Furthermore, Flare offers an enterprising grants system for promising teams.
The Flare Ecosystem Support Program gives financial and resource support to projects and entities within the blockchain ecosystem. Grants are awarded in 1FLR and Songbird (SGB) quarterly in the quest to accelerate the growth of the network.
These grants are awarded after a stringent internal application and evaluation procedure. Additionally, developers are free to attend Developer Q&A sessions every week on Wednesday at 15:00 UTC. These sessions are a must for project advice and feedback and Flare-focused engineering questions.
In our humble opinion, Flare is an ecosystem of much promise, and the 1FLR price could skyrocket soon. Please visit the website, join the community on Telegram and Discord, and explore all socials and documents before making an investment decision.
On a final note, do study the project's Twitter. Several fascinating developments are under way and all signs point towards an investment gem.
Author: Surajdeep Singh
Surajdeep Singh has been working in the tech sphere as a marketing guru and journalist for over 6 years, with his speciality laying in blockchain and Web3. He has donned several hats in marketing and journalism over the years and worked with many reputable brands. Feel free to reach out to him on LinkedIn!