Layer-1 Network Flare Secures $35M Funding from Kenetic and Aves Lair

Flare, a pioneering layer-1 blockchain, has confidently secured a remarkable $35 million in a private funding round, with notable contributions from Kenetic, Aves Lair, and other key investors, as per an official press release.

Positioned as a pivotal layer-1 network for data, Flare stands as a formidable supporter of smart contract protocols, with a distinct emphasis on pricing oracles. These oracles play a crucial role in relaying asset prices across various decentralized finance (DeFi) applications.

In a display of unwavering confidence in the project’s trajectory, early investors have unanimously agreed to extend the token distribution timeline from 2024 to the first quarter of 2026. Furthermore, a prudent selling limit of 0.5% of the daily trade volume has been enforced, aimed at mitigating market sell pressure effectively.

Expressing his appreciation for this pivotal moment, Flare co-founder Hugo Philion remarked, “Agreements fostering liquidity are instrumental for an evolving ecosystem. At this significant juncture, I extend my heartfelt gratitude to our early supporters for their steadfast advocacy of Flare, solidifying a supportive and mutually beneficial relationship integral to Flare’s continued growth.”

Building upon its commitment to fostering a robust ecosystem, Flare previously announced a strategic liquidity measure in October, involving the burning of 66 million tokens per month until January 2026, equivalent to 2% of the token’s total supply. This proactive step underscores Flare’s dedication to enhancing ecosystem development and overall vitality.

This impressive fundraising feat follows closely on the heels of the landmark announcement that Google Cloud has joined Flare’s network as a validator, a development that catalyzed a notable 5% surge in its native token (FLR) last month.

Fueling further optimism, FLR experienced a substantial 13% surge in value on Friday, buoyed by a compelling blog post authored by BitMEX founder Arthur Hayes. Hayes underscored the burgeoning significance of decentralized exchanges in price discovery, emphasizing the pivotal role of on-chain oracles. In this context, he highlighted Flare as a standout project poised for exponential growth.

Bolstered by a wave of positive developments, FLR soared by an additional 3.05% following the announcement of this monumental fundraising achievement, signaling robust investor confidence in Flare’s future prospects.


© 2023 CryptoFunding. All Rights Reserved.