The price of FLR, the native token of the EVM-based layer-1 blockchain Flare, has shot up by more than 20% in the past 24 hours.
On CoinMarketCap, FLR is trading at $0.04056, a 20.46% difference over the previous 24 hours.
Some have tried to explain the uptick because Coinbase, one of the leading crypto exchanges in the United States, has put FLR on its listing roadmap.
Coinbase has announced the crypto assets it plans to list to enhance asset transparency and added them to its roadmap. The practice ensures that the exchange’s users have a clearer idea of what to expect.
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FLR is now the latest addition to the roadmap, meaning it will soon be available for trading on Coinbase. The crypto exchange relayed the information about FLR’s new status in a March 28 tweet, only hours before the token’s price rise began.
Per CoinMarketCap, FLR had a one-day trading volume of $65,866,162 and is currently ranked #84 on the website’s market cap list with a live value of $486,719,558.
Blockchain poised to tackle utility problem
Flare is intended to help developers create web and blockchain-compatible applications. It also provides new use cases and monetization strategies by enabling decentralized access to high-integrity data.
Speaking to City.AM, Flare’s founder, Hugo Phillion, said that the project’s central tenet was to tackle the “utility problem” of blockchain. He described it as “the blockchain for data.”
Phillion suggested that the ability of its native protocols to take in information from external systems can provide developers with the platform to create “interesting applications.”
Flare was initially intended to function as a layer 2 for the XRP blockchain. However, it has since developed into a layer 1 data blockchain that offers interoperability with other blockchains and the internet.
In early January, XRP holders received FLR tokens in an airdrop that generated huge interest on social media. The exercise resulted in more than 4.2 billion FLR tokens getting into the hands of XRP holders who owned at least one token during a December 2020 snapshot.
One FLR was distributed for every XRP held in the airdrop, which was done on a 1:1 basis. The airdropped tokens currently account for 15% of FLR’s total supply, with the project intending to disburse the remaining tokens over the next three years.