The Flare data blockchain team will burn 2.1 billion FLR tokens to support the development of the ecosystem.
The assets scheduled to be burned were allocated to early adopters of Flare. They will no longer be distributed after the company reached an agreement with these organizations regarding how the blockchain improvement proposal (FIP.01) should affect the distribution of tokens to shareholders.
198,880,170 FLR will be burned immediately, another 66,293,390 will be burned monthly until January 2026.
Flare CEO Hugo Filion said:
According to Filion, the number of tokens burned represents almost 40% of the original volume allocated to investors.
At the time of writing, the FLR token is trading at $0.009329, according to Coinmarketcap.
Source: Cryptocurrency
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