Coinbase to Add Support for Flare (FLR) on Flare Network: All You Need to Know

According to reports, Coinbase will add support for Flare (FLR) on the Flare network and will support Flare (FLR) airdrops for eligible users. Users holding XRP, Coinbase from approved jurisdictions, and Coinbase Exch on December 12, 2020 at 00:00 UTC will be eligible for FLR airdrops.

Coinbase launched Flare (FLR)

As the world of cryptocurrencies continues to evolve, Coinbase has announced its plans to add support for Flare (FLR) on the Flare network. The exchange will also support Flare airdrops for eligible users, adding another layer of potential value to the already popular cryptocurrency market.

What is Flare Network?

Flare Network is a new smart contract platform that aims to enhance the Ethereum Virtual Machine (EVM) with new security features and functionality. It utilizes a new consensus algorithm named FBA (Federated Byzentine Agreement), which decentralizes the network while ensuring that transactions are executed quickly and securely. The platform is also designed to support multiple cryptocurrency networks, creating a seamless decentralized ecosystem.

What is Flare (FLR)?

Flare (FLR) is the native cryptocurrency of the Flare Network. It plays a crucial role in supporting the network’s ecosystem, including providing collateral for smart contract execution, incentivizing node operators, and facilitating cross-chain interoperability. FLR will be distributed to eligible XRP holders in a 1:1 ratio to support the development of the network.

How to Be Eligible for Flare (FLR) Airdrops on Coinbase

Users holding XRP on Coinbase, Coinbase Pro, or Coinbase Custody from approved jurisdictions on December 12, 2020, at 00:00 UTC, will be eligible for the Flare airdrops. Users holding more than 10 XRP will receive FLR in their wallets based on the XRP available in their accounts at the time of the snapshot.

What is Coinbase?

Coinbase is a leading cryptocurrency exchange, established in 2012, headquartered in San Francisco, California, United States. It provides a platform for buying, selling, and storing cryptocurrencies. Coinbase has over 35 million registered users worldwide, making it one of the largest cryptocurrency exchanges in the world.

Why is the Addition of FLR on Coinbase Significant?

Flare Network and its native cryptocurrency FLR have attracted significant attention recently, thanks to their potential to disrupt the DeFi ecosystem. The addition of FLR to Coinbase can provide greater liquidity and accessibility for users, which are crucial elements for the success of any cryptocurrency project.

What Are the Benefits of FLR?

FLR has several advantages that make it an attractive investment, including:
1. Cross-chain Interoperability: FLR will support interoperability with other cryptocurrency networks, significantly improving the efficiency of cross-chain swaps and reducing transaction costs.
2. Secure Decentralized Network: The Flare Network’s FBA consensus algorithm ensures that transactions are executed securely and decentralized, making it resistant to hacking attempts and other cybersecurity threats.
3. Collateral for Smart Contracts: FLR will be used as collateral for smart contract execution on the Flare Network. This provides node operators with a financial incentive to ensure the smooth running of the network, leading to faster and more accurate transactions.

Conclusion

The addition of Flare (FLR) to Coinbase is a significant milestone for both the Flare Network and the cryptocurrency market as a whole. The airdrops for eligible XRP holders on Coinbase will enable more users to participate in the development of the Flare Network and potentially benefit from its future growth. Users who wish to participate should ensure they hold XRP on Coinbase, Coinbase Pro, or Coinbase Custody from an approved jurisdiction on December 12, 2020, at 00:00 UTC.

FAQs

1. What is the Flare Network’s FBA consensus algorithm?
Answer: The Flare Network’s FBA consensus algorithm is a decentralized mechanism that ensures secure and fast transactions on the network while promoting decentralization.
2. Can users hold XRP on any exchange to be eligible for the Flare airdrops?
Answer: No. Users must hold XRP on Coinbase, Coinbase Pro, or Coinbase Custody from an approved jurisdiction to be eligible for the FLR airdrops.
3. How will Flare (FLR) be distributed to eligible XRP holders?
Answer: Eligible XRP holders will receive FLR in a 1:1 ratio to the XRP available in their accounts at the time of the snapshot.