Raises $35M in funding from Flare Blockchain, Kenetic Capital, Aves Lair and others
Posted: February 23, 2024 11:26 AM Updated: February 23, 2024 11:39 AM
Correction and fact check date: February 23, 2024, 11:26 AM
briefly
Flare secured $35 million in a private funding round, with significant investment from Kenetic Capital, Aves Lair, and other backers.
Layer 1 blockchain network Flare today announced that it has raised $35 million in a private funding round, with investments from Kenetic Capital, Aves Lair, and other leading companies.
Positioned as a layer 1 network specializing in data management, Flare facilitates the creation of smart contract protocols and prioritizes price oracles, which are essential for communicating asset prices in a variety of decentralized finance (DeFi) applications.
To increase investor confidence and manage market dynamics, initial project backers voluntarily agreed to extend the token distribution period from 2024 to the first quarter of 2026. Additionally, a selling limit of 0.5% of daily volume was instituted to ease market selling pressure. .
“We are pleased that Flare’s early backers have demonstrated their strong commitment to supporting Flare’s growing ecosystem. Additional investments in the Flare ecosystem will help the network grow and thrive by providing liquidity to DeFi and investing in projects powered by Flare. Consensus on liquidity is excellent for a growing ecosystem,” said Hugo Philion, co-founder of Flare.
“We are very grateful to our early backers for being Flare’s biggest supporters through this final prospective liquidity event and codifying a supportive and objective relationship that will help Flare grow,” added Philion.
In a move to strengthen its ecosystem development, Flare announced last October that it had decided to burn 66 million tokens per month until January 2026. This corresponds to 2% of the total token supply.
Kenetic founders support Flare’s vision.
The recent increase in funding coincided with the integration of Google Cloud as an in-network validator, causing the value of its native token (FLR) to surge by 5% last month.
“We truly believe in Flare’s vision for data security in the Web3 era and the potential FAsset has to power non-smart contract tokens. With this restructuring and our agreement to invest significantly in growing Flare’s economic and financial infrastructure, we are confident that our initial investment will grow exponentially beyond our initial expectations,” said Jehan Chu, founder of Kenetic.
Additionally, FLR saw its value increase by 13% following a blog post by BitMEX founder Arthur Hayes highlighting the growing importance of on-chain oracles in decentralized exchanges for price discovery.
Following the funding announcement, FLR’s value rose another 3.05%, supporting the market’s positive response to Flare’s initiatives and partnerships.
disclaimer
In accordance with the Trust Project Guidelines, the information provided on these pages is not intended and should not be construed as legal, tax, investment, financial or any other form of advice. It is important to invest only what you can afford to lose and, when in doubt, seek independent financial advice. Please refer to the Terms of Use as well as the help and support pages provided by the publisher or advertiser for more information. Although MetaversePost is committed to accurate and unbiased reporting, market conditions may change without notice.
About the author
Kumar is an experienced technology journalist specializing in the dynamic intersection of emerging fields including AI/ML, marketing technology, cryptocurrency, blockchain, and NFTs. With over three years of experience in the industry, Kumar has established a proven track record in crafting compelling narratives, conducting insightful interviews, and providing comprehensive insights. Kumar’s specialty is producing high-impact content including articles, reports and research publications for prominent industry platforms. With a unique skill at combining technical knowledge and storytelling, Kumar excels at communicating complex technical concepts in a clear and engaging way to diverse audiences.
more articles
Kumar is an experienced technology journalist specializing in the dynamic intersection of emerging fields including AI/ML, marketing technology, cryptocurrency, blockchain, and NFTs. With over three years of experience in the industry, Kumar has established a proven track record in crafting compelling narratives, conducting insightful interviews, and providing comprehensive insights. Kumar’s specialty is producing high-impact content including articles, reports and research publications for prominent industry platforms. With a unique skill at combining technical knowledge and storytelling, Kumar excels at communicating complex technical concepts in a clear and engaging way to diverse audiences.