The layer-1 Flare network is currently recording massive increases. Its native cryptocurrency, FLR, has jumped by more than 84% over the past month. The commencement of the surge coincided with the same period when Google Cloud was onboarded as a network validator for the Flare network.
What is Flare Network?
Flare network is an L1 blockchain network based on the Ethereum Virtual Machine (EVM). Describing itself as “the blockchain for data,” the network offers programmers decentralized access to on-chain data from other blockchains and the internet.
Developed by Hugo Philion, Sean Rowan, and Dr Naïri Usher in 2019, the smart contract-enabled network was designed to facilitate interoperability between several blockchain networks.
The network’s mainnet was launched in July 2022. It became publicly accessible in September 2022. In late 2020, the Flare team took a snapshot of XRP token holders ahead of an airdrop of 15% of its total supply to their wallets.
In January 2023, the network’s native cryptocurrency, FLR, was finally airdropped to eligible users. Impressively, the token soon saw an exponential price surge, hitting its all-time high of $0.15 that month. However, it was soon accompanied by a 76% price decrease amid a sell-off.
FLR Sees More Increase
On January 15th, Google’s cloud-computing subsidiary, Google Cloud, was announced as a network validator on the Flare blockchain. It also became a contributor to the Flare Time Series Oracle (FTSO), a Flare-based smart contract that facilitates access to time-based data like crypto prices.
Becoming one among 100 organizations to take on validator and contributor roles within the Flare ecosystem, Google Cloud demonstrated its confidence in the blockchain’s mission. The move has contributed to a significant price increase for FLR as investors troop into the network. Since Google Cloud joined its ecosystem, the number of unique addresses has soared by approximately 6,000.
Over the past six months, FLR saw its lowest in October, trading at $0.0084. The asset currently trades at $0.032, representing an 8.8% increase in the past 24 hours.
Flare’s DeFi business also reveals a total value locked (TVL) of over $7.31 million, an increase of over 19% in the past seven days.
