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Flare raises USD 35 million in new funding
Decentralized Finance (DeFi)
Feb 23, 2024
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Decentralized Finance (DeFi)

Decentralized Finance (DeFi)

Feb 23, 2024

Flare raises USD 35 million in new funding

Funding

  • Flare, a layer-1 blockchain middleware infrastructure provider, has raised USD 35 million in funding from Kenetic, Aves Lair, and others.

  • The company plans to reduce excess liquidity and increase investment in ecosystem projects through various liquidity measures, including the extension of token distribution until the first quarter of 2026 and imposing a selling cap of 0.5% of daily trade volume.

  • Moreover, Flare stated that a minimum of 50% of the proceeds of all token sales over the next two years will be invested back into Flare ecosystem projects.

  • Flare is a layer-1 blockchain network that enables users to create smart contract protocols that provide data from other blockchains to decentralized applications. Specifically, users can build pricing oracles that act as asset price feeds for a number of decentralized finance (DeFi) applications.

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