Flare Secures $35 Million Investment for Ecosystem Growth

Flare, a layer-1 network utilizing EVMs, raised $35 million in private capital from investors like Kinetic, to increase ecosystem investment.

Flare has successfully raised $35 million in private capital from a number of investors, including Kinetic and Aves Lair. According to the layer-1 network that uses EVMs, they were able to raise enough money to increase ecosystem investment while simultaneously decreasing the $FLR token’s liquidity.

As stated in the announcement, the token sales will be limited to 0.5% of the daily supply, as agreed upon by the early investors in Flare Network. In addition to extending the token distribution from 2024 to the first quarter of 2026, they pledged to reinvest 50% of all token purchases into their ecosystem.

Hugo Philion, co-founder of Flare, commented on the news and praised the investors’ liquidity move, saying it was great for the expanding ecosystem.

“I want to express my sincere appreciation to our early backers at this last anticipated liquidity event for being their biggest advocates and for formalizing a supportive, objective relationship that is aligned and beneficial to Flare’s growth,” Philion stated.

Following last liquidity decision in October 2023, wherein the firm pledged to burn 66 million tokens monthly until January 2026, this news follows suit.

Flare is a data network that connects other chains and the web2 to provide blockchain developers with high-integrity data, according to its description.

To increase their project’s exposure in more ecosystems, developers can utilize decentralized data collecting protocols. Applications such as decentralized finance (DeFi), blockchain gaming, and non-fungible tokens (NFTs) have been drawn to the company’s scalability, which is achieved through the use of EVM-based smart contracts.

Flare announced a $11.3 million venture round headed by Kinetic in June 2021, and this investment takes the total raised by the company to $46.3 million.