On May 30, 2024, Flare (FLR) announced the launch of the private beta for Sceptre, its first liquidity staking protocol developed by Rome Blockchain Labs.
This innovative protocol allows users to manage tokens within DeFi while earning Flare's native and monthly rewards.
Learn how Sceptre enhances FLR token functionality and offers additional yields through its staking mechanisms.
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Private Beta Version of Sceptre is Live
On May 30, 2024, Flare (FLR) announced the launch of the private beta version of "Sceptre," Flare's first liquidity staking protocol.
Developed by Rome Blockchain Labs (RBL), Sceptre allows users to manage tokens within DeFi (decentralized finance) protocols while also receiving "Flare's native rewards" and "monthly FlareDrop rewards."
Given RBL's development of the lending platform "Kinetic," the integration of these two protocols is expected to maximize the functionality of FLR tokens.
Earning Additional Yields with Flare's Rewards Mechanisms
Flare implements three types of reward mechanisms. By utilizing Sceptre's liquidity staking, users can continue to receive these rewards while using "sFLR" to gain additional yields in other protocols:
- Staking for infrastructure providers supporting the network
- Delegation to FTSO for supporting decentralized data delivery
- Monthly FlareDrops granted to network participants
As the user base of Sceptre grows, it is expected to enhance the functional liquidity of the tokens, creating a more attractive development environment for developers.
Overview of Sceptre and sFLR Mechanism
With Sceptre, users can stake FLR tokens to receive "sFLR." While providing liquidity, sFLR continues to accumulate Flare's native rewards.
Upon unstaking from the platform, users receive the "initial staked amount, rewards, and FlareDrop rewards minus the protocol fees."
Initially, sFLR will be usable in "lending protocols" and "liquidity pools on decentralized exchanges (DEXs)," with plans to expand its uses further.
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