2024-5-31 20:10

Sceptre, a new liquid staking protocol for the ‘blockchain of data’, Flare, has launched in private beta.

Designed to maximize FLR yield, Sceptre will enable users to use their tokens in DeFi protocols while also continuing to claim native Flare rewards and monthly FlareDrops.

The Sceptre protocol has been developed by Rome Blockchain Labs (RBL), who are simultaneously building the lending and borrowing platform Kinetic. The two protocols will function hand in hand to help maximize the functionality of the FLR token.

Flare, which is billed as the blockchain for data, has three native reward mechanisms:

Staking to infrastructure providers to support network consensus and security Delegating to the Flare Time Series Oracle to support the delivery of decentralized data to the network Receiving monthly FlareDrops for network participation.

Hugo Philion, co-founder of Flare, welcomed Sceptre to the ecosystem:

“The Flare tokenomics, and particularly the 36 monthly FlareDrops that will run until January 2026, are weighted heavily towards the community, with almost 60% of all tokens destined to them. With Sceptre and liquid staking, builders can take advantage of this attractive environment knowing that potential users of their dapps will still have access to these native rewards.”

With liquid staking, holders can continue to receive these rewards while also using the liquid staked variant, sFLR, to earn additional yield in other protocols. This increases the functional liquidity of the FLR token, creating a more attractive building environment for developers.

Users start by staking their FLR with Sceptre and receiving sFLR in return. The sFLR continues accumulating the Flare native rewards while providing full liquidity. When unstaked from the platform, the user receives their initial stake plus rewards and FlareDrops, minus a protocol fee.

Initially Sceptre will enable users to use sFLR to participate in lending protocols and dex liquidity pools, but RBL has indicated that further use cases are also in the pipeline.

Announcing the launch of Sceptre’s private beta, Alexander Elhorst, COO of Sceptre, said:

“Flare is a young and energetic network. Liquid staking will allow the growth of its DeFi ecosystem to accelerate even further. We see a bright future for the chain and want to help build it. We are happy to offer the first liquid staking protocol on the network and are looking forward to working with other ecosystem projects to integrate sFLR.”

The post New liquid staking protocol for the Flare blockchain launches in private beta appeared first on CoinJournal.

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