Introduction

It’s been a long time coming but the wait was well worth it for CoolWallet users and FLR and XRP holders. That’s right, CoolWallet now offers support for the Flare Network on our CoolWallet App and CoolWallet Pro and S hardware models! This integration will provide all Flare users with a secure and convenient way to self-custody their recently airdropped FLR assets in elite cold and hot storage. CoolWallet users can simply enable FLR in CoolWallet to send and receive FLR. 

With Valentine’s Day around the corner, what better way to show our love for Flare and our community with another airdrop? To celebrate this, we will be hosting a Flare airdrop campaign on Twitter on 22 February 2022 with Flare Networks and give away 10,000 FLR tokens worth $400! Check @CoolWallet and @FlareNetworks on Twitter next week for more details.

Let’s take a look at what Flare is, why it is important and what you need to know store your FLR tokens in the most convenient non-custodial Web3 wallet out there.

What is Flare Network (FLR)?

Flare Network is an exciting new layer-1 blockchain network with a proof-of-stake consensus mechanism aims to bring smart contracts to the XRP ledger, Flare is EVM-compatible and interoperable, with a design that establishes a scalable, secure, and efficient platform for the deployment of smart contracts.

The native token of the Flare Network, FLR, allows its holders to use XRP tokens with smart contracts. This means that XRP users can now utilize their assets in a more versatile manner through the creation and execution of smart contracts to interact with decentralized applications (dApps) and decentralized finance (DeFi) platforms.

The Flare Airdrop

Flare first came to mainstream attention in late 2020 thanks to its Spark airdrop, which was supported by CoolWallet and later delayed. The Flare team later decided to drop Spark as a name for their token in favor of FLR. After a long process, Flare (now rebranded from Spark) stated in October 2022 that it would airdrop 15% of its supply to XRP holders nearly 2 years after it took a snapshot in November 2020. 

The Flare airdrop finally took place on 10 January 2023 in a hugely popular livestream when the team distributed roughly 4.3 billion of its native token (FLR) to XRP holders, who received their allotment in proportion to their XRP holdings. 

The airdrop released 15% of Flare’s total token supply, with the rest to be distributed over the next 36 months. It provides the perfect opportunity for the passionate XRP community to get closely involved with the Flare Network and its ecosystem, which in turn will help Flare thrive in terms of network effect and user adoption. 

Why is Flare Network important?

Scalability: Flare Network is designed to be a scalable platform, which means that it can handle a large number of transactions per second (TPS), which is also a hallmark of XRP. This makes Flare a great platform for dApps and DeFi platforms that require high transaction speeds.
Security: Flare Network uses the XRP ledger as its underlying layer, which is known for its security and decentralization, making Flare super-secure for the deployment of smart contracts.
Interoperability: Flare Network allows for interoperability between different blockchain networks. This means that Flare Network can communicate with other blockchain networks, making it possible to create decentralized applications that can interact with other blockchains.

How CoolWallet benefits Flare (FLR) users

The integration of Flare into the CoolWallet app makes it easier for users to manage their Flare assets and utilize them for smart contracts.

With the integration of Flare into the CoolWallet app, our users now have the ability to participate in DApps on the Flare mainnet, providing them with access to a wider range of decentralized applications and services.

CoolWallet App’s support of FLR also allows our users to now participate in protocol governance via Flare’s DAO. This means that CoolWallet users can have a say in the direction and development of the Flare Network, allowing them to have a more active role in the future of the Flare ecosystem.

Benefits of Cold Storage for Flare Users

Security: The proven safety of CoolWallet’s cold storage provides a highly secure layer of safety for users. By storing their Flare assets offline, users can ensure that their crypto assets are safe from online threats such as hacking and theft.

Convenience: With an exceptionally portable hardware wallet like CoolWallet that looks like a credit card to keep in your wallet,  users can easily manage their Flare assets on-the-go. This means that users can access their Flare assets from anywhere, at any time, without having to worry about the security of their assets.

Conclusion

The integration of support for the Flare Network by CoolWallet provides users with a secure and convenient way to store and manage their Flare assets. The Flare Network offers a scalable, secure, and interoperable platform for the deployment of smart contracts, while cold storage provides an extra layer of security for Flare users. We believe that this integration will provide a great opportunity for Flare users to not only get involved with the Flare Network and its ecosystem, but finally also enjoy all the benefits that come with being a CoolWallet user.

The post CoolWallet Supports Flare Network and the FLR Airdrop! appeared first on CoolWallet.

---

Filed under: Bitcoin - @ February 11, 2023 1:33 pm