Bitbank Reopens FLR Deposits and Withdrawals After Network Update
Date: 2025-08-07 Author: Oliver Abernathy Categories: BUSINESS
Bitbank announced the restoration of all operations with the FLR (Spark) cryptocurrency, including deposits and withdrawals. The service was temporarily unavailable since August 4, 2025 — the reason was the need for a technical update of the Flare network. After completing the procedures to improve the security and stability of the network, all functions related to FLR became available to users again.
Flare Network is a decentralized platform that combines the capabilities of the Ethereum Virtual Machine (EVM) and a unique consensus mechanism. EVM provides compatibility with Ethereum smart contracts and allows you to run programs that are fully Turing complete — that is, capable of solving almost any computational problem given the appropriate resources. Thanks to this, developers can build functional decentralized applications (dApps) on the basis of Flare with a high level of flexibility.
The Flare network protocol uses a modified version of the Avalanche consensus, compatible with the so-called Federated Byzantine Agreement (FBA). This approach distinguishes Flare from blockchains like Ethereum, where security directly depends on the Proof of Stake (PoS) mechanism. In the case of Flare, economic incentives for validators are not required, which simplifies the architecture and lowers the threshold for participation in network support.
The main network token, FLR (also known as Spark), plays several key roles at once. Firstly, it performs a protective function, blocking spam attacks and helping to avoid overloading the blockchain with useless transactions. Secondly, the token is used to ensure the operability of applications in the ecosystem, receiving external data through built-in on-chain oracles, as well as participating in protocol governance and decision-making.
The resumption of FLR operations on Bitbank is important for both ordinary users and developers working with this ecosystem. This confirms the readiness of the Flare infrastructure for further development and integration into the sphere of decentralized finance and Web3.
From a technical point of view, stability and independence from economic mechanisms makes Flare an attractive platform for long-term projects. At the same time, support from exchanges such as Bitbank helps to strengthen trust in the FLR token in the crypto market.
