Blockchain Project Flare Raises $35 Million

Blockchain Project Flare Raises $35 Million

By Staff Writer, 23 February 2024

Blockchain project Flare has successfully secured $35 million in a recent private funding round, as unveiled in a press release. Notable contributors to this round include Kenetic, Aves Lair, and several others.

Flare, recognized as a layer-1 network specialized in data handling, particularly focuses on facilitating smart contract protocols and pricing oracles. These oracles play a pivotal role in transmitting asset prices between various decentralized finance (DeFi) applications.

In a strategic move to fortify its ecosystem, early supporters of Flare have unanimously consented to prolong token distribution from its initial schedule in 2024 to the first quarter of 2026. Furthermore, to mitigate market sell pressure, a strict selling limit of 0.5% of the daily trade volume has been instituted.

Expressing gratitude towards the backers, Flare co-founder Hugo Philion highlighted the significance of ensuring liquidity for a burgeoning ecosystem. Philion remarked, "At this final anticipated liquidity event, I am very grateful to our early backers for continuing to be Flare’s biggest proponents and codifying a supportive, objective relationship aligned and beneficial to Flare’s growth.”

Flare previously unveiled plans to burn 66 million tokens monthly until January 2026, equating to 2% of the token's total supply. This initiative aimed to enhance ecosystem development and bolster overall health.

The recent funding round coincides with the announcement of Google Cloud's participation in the network as a validator, a move that led to a 5% surge in Flare's native token {{FLR}} last month.

Market sentiments towards FLR were further buoyed by a blog post from BitMEX founder Arthur Hayes, advocating for the pivotal role of on-chain oracles in decentralized exchanges. Hayes singled out Flare as a significant player in this regard, resulting in a notable 13% increase in FLR's value on Friday.

Following the funding announcement, FLR experienced an additional upswing of 3.05%, indicating positive market reception towards Flare's growth trajectory.

Source: Oliver Knight / Yahoo Finance

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