What is Flare is a question about an EVM-compatible Layer 1 blockchain built to bring verifiable data from other blockchains and the internet into smart contracts. Its native cryptocurrency is Flare (FLR), which is used for transaction fees, staking, delegation, governance, liquidity and collateral within the network.
Core technology and architecture
Flare combines Ethereum-compatible smart contracts with data protocols integrated into the blockchain itself. Developers can use Solidity and familiar Ethereum tools while accessing native systems for price feeds, cross-chain events and external data.
The Flare Time Series Oracle (FTSO) aggregates data from independent providers and supplies decentralized price and time-series feeds. These feeds support exchanges, lending markets, derivatives, collateral valuation and other applications that require current market information.
The Flare Data Connector (FDC) verifies events from external blockchains and selected Web2 data sources using attestations and Merkle proofs. The earlier State Connector provides a related system for proving external blockchain events, particularly on Songbird, Flare’s canary network. Flare also operates Coston and Coston2 as development testnets.
FAssets and cross-chain applications
FAssets are over-collateralized representations of assets from networks that do not natively support smart contracts. They are designed to bring assets such as XRP, Bitcoin and Dogecoin into Flare-based decentralized finance.
FXRP is the first live FAsset. It represents XRP from the XRP Ledger and can be used in lending, borrowing, liquidity pools, decentralized exchanges and other EVM applications. Flare reported that more than 90 million FXRP had been minted by early 2026, with applications including SparkDEX, Kinetic and Enosys supporting the ecosystem.
Who is behind Flare and where is it based?
Flare was founded in 2019 and is publicly associated with Hugo Philion, Sean Rowan and Dr. Naïri Usher. Philion is identified as co-founder and chief executive officer, Rowan as a founder and technical leader, and Usher as a founder and chief scientist. Other publicly reported technical personnel include Joshua Edwards and Alen Orbanic, although public databases may not represent a complete current team list.
Songbird launched in September 2021 as a live canary network. Flare’s mainnet genesis occurred on 14 July 2022, followed by the Token Distribution Event on 9 January 2023. The project’s website is operated by Flare Ecosystems Limited, a company incorporated in the British Virgin Islands. Dealroom lists London, United Kingdom, as Flare’s headquarters, while other public profiles list the British Virgin Islands. The confirmed legal entity is Flare Ecosystems Limited, while the separate legal jurisdiction of the Flare Foundation is not established by the cited sources.
Consensus and network security
The network uses a proof-of-stake security model. Validators participate in block production and validation, while token holders can stake FLR to validators or wrap it as WFLR and delegate voting power to FTSO data providers.
This structure gives infrastructure providers two roles: securing the blockchain and contributing data to the FTSO. Google Cloud joined as both a validator and FTSO data provider in January 2024. Transaction fees are paid in FLR and are burned, creating a usage-linked reduction in supply.
Tokenomics and market data
CoinStats recorded FLR at $0.007221 on 6 October 2026 at 11:42 UTC, with a -0.18% 24h change. Its market cap was $628.85M (rank #141) and 24h volume was $3.08M. Circulating supply stood at 87,093,601,813 FLR, against a total supply of 106,698,076,956 FLR. The all-time high was $0.1501, the current price is 95.19% below it.
The original distribution included a December 12, 2020 snapshot of XRP holders. The first 15% of the public distribution, equal to 4,278,738,206 FLR, was released on 9 January 2023. The remaining distribution was delivered through 36 monthly FlareDrops totaling approximately 24.2 billion FLR, ending on 30 January 2026. Unclaimed tokens were subject to burning after the relevant claim periods.
Under FIP.01, planned inflation was set at 10% in year one, 7% in year two and 5% from year three onward, with a maximum annual issuance cap of 5 billion FLR. FIP.16 proposed reducing annual inflation to 3% and directing network earnings toward supply reduction. The long-term design combines emissions for network incentives with fee burns and possible governance-led reductions.
Use cases, partnerships and development
Flare targets cross-chain DeFi, decentralized data feeds, verified payments, collateral management and applications that respond to events outside the network. SparkDEX provides decentralized exchange infrastructure, Kinetic focuses on lending and borrowing, Enosys operates DeFi products, and Sceptre supports liquid-staking-related activity.
Partnerships and integrations include Google Cloud, Hex Trust, BitGo, Kraken, LayerZero V2, Stargate, Goldsky, Elliptic and EasyA. These relationships cover validation, custody, institutional staking, cross-chain connectivity, liquidity and blockchain data services.
The current roadmap centers on expanding FAssets, improving FDC proofs and developing Flare 2.0. Flare 2.0 includes protocol-managed wallets, trusted execution environments, cross-chain transaction execution and confidential computation. Flare Confidential Compute is being developed for Songbird, with hardware-isolated environments intended to return signed results without exposing sensitive underlying data.
Flare’s main distinction is the combination of EVM execution with native oracle and attestation protocols. This design gives applications access to decentralized prices, verified cross-chain events and external data without requiring every project to build separate infrastructure. Its main dependencies are the decentralization of validators and data providers, the reliability of attestations, and sufficient collateral and liquidity for FAssets.