Wrapped FlarePrice

(WFLR)

FLR is the native token of the Flare Network, primarily used for transactions and network fees. WFLR is an ERC-20 compatible wrapped version of FLR. The key difference is that WFLR enables "smart" functionality, allowing holders to participate in crucial network activities like the Flare Time Series Oracle (FTSO) system and governance proposals. Users can freely convert between FLR and WFLR, paying only standard network fees for the wrapping or unwrapping process. WFLR unlocks the full utility of the Flare ecosystem beyond basic transactions.

Wrapping your FLR into WFLR is essential to access and participate in the Flare Network's core functionalities, which are unavailable with plain FLR. While FLR covers transaction fees and can be traded, WFLR empowers you to engage in critical activities such as delegating to Flare Time Series Oracle (FTSO) signal providers to earn rewards. Furthermore, WFLR is required for active involvement in network governance, enabling you to vote on proposals that shape the future of the Flare ecosystem. This transformation unlocks the token's full utility and community participation benefits.

To wrap your FLR into WFLR, first ensure your FLR tokens are in a non-custodial wallet, such as MetaMask or Bifrost Wallet, rather than on a centralized exchange. Once your FLR is in a compatible wallet, you can then connect that wallet to the official Flare Network Portal. Alternatively, some supporting wallets like Bifrost Wallet or Ledger (via MetaMask) offer native functionality for wrapping. Within these interfaces, you will find clear steps to specify the amount of FLR you wish to convert into WFLR, thereby enabling its advanced functionalities.

After successfully wrapping your FLR into WFLR, you can delegate it to Flare Time Series Oracle (FTSO) signal providers to earn rewards. This process is generally performed through the official Flare Portal or a compatible wallet's built-in delegation interface. You have the flexibility to allocate percentages of your WFLR to up to two different signal providers. It's important to regularly claim your earned rewards, which are often available twice a week, as unclaimed rewards may be forfeited if not collected within a specified period, such as three months.

FlareDrops are monthly distributions of FLR tokens designed to reward active community members on the Flare Network. To qualify for these distributions, your wallet must hold Wrapped FLR (WFLR) for a specified duration, typically a set number of days (e.g., 23 days) preceding each claim day. Eligibility is determined by holding WFLR or FLR staked on the P-Chain. The amount of FLR you receive from FlareDrops is directly proportional to your percentage share of the total eligible WFLR and P-Chain staked FLR in circulation within the network, promoting broad community participation.

To ensure a smooth experience with WFLR, avoid several common mistakes. Firstly, always keep a small amount of unwrapped FLR in your wallet to cover transaction (gas) fees for operations like wrapping, unwrapping, or delegating. Secondly, be extremely cautious of phishing scams; always verify you are interacting with official websites and dApps. Avoid sending tokens directly to contract addresses; instead, use the designated interfaces provided by the dApp. Lastly, thoroughly understand any token lock-up periods or specific conditions associated with staking, yield farming, or other DeFi activities to prevent unexpected access restrictions.