Flare
$0.005921
0.0%(24h)30d
Today
0.0%
30 Days
-9.2%
Price Change (24h)
$0.00000224
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0.0%
30 Days
-9.2%
Price Change (24h)
$0.00000224
Price: $0.005921 · Virtual USD only
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FLR
0.06
Flare operates as an EVM-compatible layer 1 blockchain designed to enhance blockchain utility by providing developers with decentralized, high-integrity data access from external chains and web sources. This design enables novel use cases and revenue models while allowing dapps to deploy across multiple chains via single implementation.
Flare developed two proprietary interoperability protocols enabling decentralized, on-chain acquisition of blockchain data, time series information, and Web2 API data. Network security backs these protocols through decentralized, independent data providers incentivized for accuracy, minimizing user and developer risks. The State Connector securely gathers event information from external blockchains and the internet for Flare smart contracts. Data acquisition happens securely and scalably in a decentralized manner, requiring independent attestation providers to achieve consensus on event validity before dapp availability. The Flare Time Series Oracle (FTSO) delivers highly decentralized data series and pricing to Flare dapps without reliance on centralized providers. By enabling reliable cryptocurrency pricing, detailed cross-chain transaction information, and Web2 event access, Flare empowers developers to construct applications serving larger user bases with increased utility.
FLR serves as the native token for payments, spam-prevention transaction fees, and validator node staking. FLR converts to WFLR, an ERC-20 variant. WFLR performs multiple functions: delegation to FTSO data providers and governance participation. These applications coexist without mutual exclusion and permit additional uses in EVM-compatible dapps and Flare smart contracts. Native FIL deposits into smart contracts generate newly minted WFLR through withdrawal.
Flare mainnet genesis occurred July 14, 2022, with public token distribution (TDE) following January 9, 2023. Initial genesis supply totaled 100 billion FLR, with 12 billion in immediate post-TDE circulation. Public distribution extends across 36 monthly installments delivering 28,524,921,372 FLR to the community. Flare operates as an inflationary network minting 10% of circulating supply yearly. Freshly minted FLR allocations: 70% to FTSO data providers and delegating token holders securing decentralized price data delivery, 20% to validators, 10% to State Connector attestation providers.
Hugo Philion, Sean Rowan, and Dr Nairi Usher established Flare, serving respectively as CEO, CTO, and Chief Scientist. The three met while studying machine learning at University College London, bonding over distributed systems interests and potential applications.
Flare (FLR) currently trades on numerous exchanges with cryptocurrency and stablecoin pairs available.
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