FLR is the native token of Flare Network. Flare is a Layer 1 blockchain that is compatible with the Ethereum blockchain.
It was co-founded in 2019 by Hugo Philion, Dr. Nairi Usher, and Dr. Sean Rowan. They met at the University College London (UCL) while studying Machine Learning. Philion served as the CEO, Nairi was the Chief Scientist, and Rowan was the Chief Technology Officer (CTO). However, it launched its mainnet in January 2023.
The network uses the Proof-of-Stake (PoS) mechanism.
Flare Network is important to the ecosystem because it serves as the blockchain for data. It provides developers with decentralized, secure access to high-integrity information from other chains. The network utilizes two core native oracles to bring external data to the blockchain. They include Flare Time Series Oracle (FTSO) and State Connector.
Flare Network investors and backers raised over $56 million across three funding rounds as per Cryptorank. The institutions contributed $35 million, $11 million, and over $10 million, with the second contribution supporting initial seed capital through a public sale. These early investors were Kenetic Capital, CoinFund, Digital Currency Group (DCG), and Aves Lair. Other institutions include Xpring Capital, Borderless Capital, LD Capital, New Form Capital, and Wave Financial.
Regarding its tokenomics, Flare has a total supply of slightly above 105 billion FLR tokens.
Originally, there was a 36-month public distribution plan that concluded in January 2026. However, the current circulating supply stands at 85.49 billion FLR. Initial allocation of 59% of the supply was dedicated to the community, with the remainder split between early backers, the Flare Foundation, and ecosystem development.
To protect overall dilution, Flare permanently burned 2.1 billion FLR in October 2023, which was equivalent to 2% of the supply. Afterwards, more than 199 million were burned immediately, followed by 66.3 million monthly until January 2026. The Fully Diluted Value (FDV) of FLR stood at $738 million.
To reach where it is, the network has seen a couple of developments alongside upcoming ones as crypto continues to advance.
After it was founded in 2019, Flare launched its testing network in 2021, dubbed Songbird Canary. The Genesis Launch happened in July 2022, followed by the Token Distribution Event (TDE) in January 2023, airdropping FLR tokens to XRP holders. In April 2026, Flare opened voting for the FIP.16 governance proposal to cut annual FLR inflation, which was standing at 10%, and introduce stronger token burns. The FIP.16 would be implemented in late June of the same year.
In Q2 of 2026, the Firelight Phase 2 Launch will activate decentralized finance (DeFi) insurance and stXRP staking, deepening the utility of the XRPFi ecosystem. In Q3 2026, Flare 2.0 Confidential Compute will introduce privacy features using Trusted Execution Environments (TEEs). This upgrade was to prepare for institutional DeFi and real-world assets (RWAs). Then, Flare would bring native Bitcoin [BTC] in late 2026 through FBTC Integration.
Notably, Flare has not experienced any network vulnerability that is solely linked to it. There was a Fake Token Exit Scam in November 2022, a malicious smart contract acting as a fake “Flare token,” taking advantage of early token distribution. However, its cross-chain interoperability protocol, LayerZero, which powers Flare’s bridging structure, experienced issues in April 2026. Its social platforms have been compromised.
For instance, a Discord Takeover in June 2023 and an X/Twitter account for Flare Dev Hub in February 2026. Meanwhile, Airdrop Drainers have continued since 2025.
In the DeFi sector, the Total Value Locked (TVL) has been growing since 2025, reaching a peak of $451 million. However, the TVL has dipped to around $373 million alongside stablecoins’ market cap, which was at $54 million, as per DeFiLlama.
