What is flare coin used for?

FLR, the native token of the Flare Network, serves a multitude of functions within its ecosystem. It is utilized for voting, empowering users to participate in decision-making processes that shape the future of the network.

Staking FLR is another crucial aspect, allowing holders to contribute to the security and stability of the network by locking up their tokens. This process rewards participants with additional tokens, fostering a sense of community and long-term commitment.

The versatility of FLR extends to wrapping other tokens, a process that enables the interoperability of digital assets across different blockchains. This feature enhances the usability and accessibility of FLR and its partnered assets.

Furthermore, FLR incentivizes network participation through the Flare Time Series Oracle (FTSO). This innovative system rewards data providers for their contributions, ensuring the accuracy and reliability of real-world data integrated into the blockchain.

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