Launched in Q3 2020, Flare Network is built on a Federated Byzantine Agreement (FBA) consensus and is designed to serve as a high-performance, Turing-complete layer for decentralized applications. Its core value proposition is enabling first-generation blockchains that lack native smart-contract functionality—including XRP, Dogecoin, Stellar Lumens and Litecoin—to run trustless, programmable applications. The network achieves this through interoperability features and its native Spark (FLR) token, which is scheduled for a large-scale airdrop to eligible XRP holders. Management positions the platform as a way to ‘unlock’ dormant value across these legacy ecosystems by bringing DeFi and other Web3 utilities to their communities. Although operating metrics such as users or revenue have not been disclosed, the project has attracted high-profile strategic investors, suggesting significant market interest. CEO Hugo Philion emphasizes that the fresh capital will accelerate ecosystem development and broaden chain integrations.

Total raised

$46M

Funding rounds

2

Latest round

Equity

Latest activity

Feb 2024