Flare (FLR)
History, technology and key data — no opinions, no advice
Price of Flare today in real time
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Historical price evolution of Flare
Daily historical data. Updated automatically.
Flare Network was founded in 2019 by Hugo Philion, former commodities derivatives portfolio manager, Sean Rowan and Dr. Nairi Usher, who holds a doctorate in quantum computing from University College London (UCL). The three co-founders met whilst studying machine learning at UCL and the project received early seed investment from Xpring, Ripple's investment arm.
In August 2020, Flare published its first technical paper, introducing the "Spark" token and the vision of bringing smart contracts to blockchains that do not support them natively, starting with XRP. On 12th December 2020, a snapshot of XRP wallets was taken on the XRP Ledger, registering all XRP holders at that time as eligible to receive Spark tokens at a ratio of approximately 1.0073 tokens per XRP. The snapshot included users on major exchanges such as Binance, OKX, Kraken and Coinbase.
The Flare genesis mainnet launched on 14th July 2022, initially in private observation mode. In September 2022, the network became publicly accessible, the Spark token was definitively rebranded as FLR and a Proof-of-Stake consensus mechanism was adopted. On 9th January 2023, the Token Distribution Event (TDE) took place, distributing 15% of the total supply equivalent to 4,278 million FLR to XRP holders from the December 2020 snapshot. The token opened trading at 0.05 USD on MEXC, rose to 0.15 USD with the addition of OKX and Kraken, but collapsed 70% within hours as it was massively sold off by recipients.
On 17th March 2023, the FlareDrop programme began to distribute the remaining 85% of the supply, equivalent to 24,246 million FLR, in 36 monthly instalments to holders of WFLR (Wrapped Flare), with unclaimed tokens being burned after 67 days. During 2024, Flare completed a private funding round of 35 million USD with investors such as Kenetic and Aves Lair, and launched FTSO V2, an update to the price oracle that went from 15 price series updated every 3 minutes to 1,000 sequences updated every block of approximately 1.8 seconds. The FlareDrop programme will conclude on 30th January 2026, at which point 93,900 million FLR will be in circulation, representing 85% of the total supply after the 36 months of distribution.
Flare operates as a Layer 1 blockchain compatible with the Ethereum Virtual Machine (EVM) and utilises a Proof-of-Stake consensus mechanism to validate transactions. Its architecture is distinguished by integrating two native interoperability protocols that expand the traditional capabilities of a blockchain. The first is the Flare Time Series Oracle (FTSO), a decentralised oracle system that supplies price data and real-time market information to smart contracts deployed on the network. This oracle is updated with each block, approximately every 1.8 seconds, and maintains over 1,000 different data sequences available.
The second protocol, called State Connector, enables decentralised verification of the state of other blockchains and web2 data sources without requiring trusted intermediaries. This functionality enables Flare to process external information autonomously and integrate it into its internal operations. Additionally, the platform supports the creation of smart contracts for assets from blockchains that lack native smart contract capabilities, such as XRP, Dogecoin and Litecoin, through the implementation of wrapped versions of these assets.
The FLR token performs multiple functions within the ecosystem: it serves as a means of payment for transaction fees, acts as a staking mechanism to secure the network, enables delegation to FTSO data providers and facilitates protocol governance. In the FTSO delegation system, users who delegate their tokens to data providers receive rewards proportional to the accuracy of the data supplied by the selected provider, creating economic incentives to maintain the quality and accuracy of oracle information.
Data verified against external sources. Some values may have changed since the last update.