[Crypto projects](https://revain.org/projects/) › Flare Network # Flare Network (FLR): how it works, supply and reviews ## In short - **Type**: EVM-compatible layer-1 with enshrined data protocols (FTSO, FDC, FAssets) - **Initial distribution**: 100 billion FLR created at genesis; the majority is intended for community ownership - **Risks and caveats**: About 40% of genesis FLR went to Flare Labs, a VC fund, the team, advisors and backers. - **Checked**: 31 October 2026 ## Key facts - **Ticker**: FLR - **Official site**: [flare.network](https://flare.network/) Key facts checked on 31 October 2026 against official sources. ## What is Flare Network Flare is an EVM-compatible layer-1 blockchain with data protocols built into the chain: the Flare Time Series Oracle (FTSO) for price feeds, the Flare Data Connector (FDC) for external events, and FAssets, which bring assets such as XRP into DeFi. FLR is its native token, used for staking, oracle delegation, governance and fees. ## Network and consensus | Parameter | Details | |---|---| | Type | EVM-compatible layer-1 with enshrined data protocols (FTSO, FDC, FAssets) | | Consensus | Snowman++ (from Avalanche), a BFT proof-of-stake protocol with stake-weighted block proposers | | Networks | Flare Mainnet (FLR), Songbird canary network (SGB) for testing protocol upgrades, and testnets Coston2 and Coston | | Launched | Mainnet genesis on 14 July 2022; token distribution event on 9 January 2023 | | Data protocols | FDC publishes validated external events on-chain every 90 seconds; FTSOv2 offers block-latency price feeds | ## Supply and issuance | Parameter | Details | |---|---| | Initial distribution | 100 billion FLR created at genesis; the majority is intended for community ownership | | Allocation | Community 58.3 billion (Foundation 9.8B, airdrop 4.3B, FlareDrop 24.2B, incentive pool 20B); Flare Labs and VC fund 22.97B; team, advisors and backers 16.6B | | Airdrop | 4.28 billion FLR airdropped on 9 January 2023 to wallets that held XRP on 12 December 2020; 24.2 billion paid out monthly as the FlareDrop until 30 January 2026 | | Inflation | FIP.16 (approved 24 April 2026) targets annual inflation of 3% with a 3 billion FLR cap, down from 5% and 5 billion; rollout is phased | | Fee burn | All FLR paid as transaction fees is burned | ## What FLR is used for - Staking to validators for proof-of-stake security - Delegation to FTSO data providers for rewards - Governance votes on Flare Improvement Proposals (with WFLR or staked FLR) - Transaction fees, which are burned ## Who develops and governs Flare Network - **Foundation**: The Flare Foundation announces governance proposals and holds 9.8 billion FLR for ecosystem programs - **Developer**: Flare Labs holds 12.97 billion FLR; the founding team holds 7 billion - **Governance**: Flare Improvement Proposals (FIPs) pass with a simple majority of votes cast; votes are cast in the Flare Portal - **Proposals**: Official proposals are published on the Flare Governance Proposals website; code is on GitHub (flare-foundation) ## History | Date | Event | |---|---| | 14 July 2022 | Flare Mainnet genesis: 100 billion FLR created. | | 9 January 2023 | Token Distribution Event: the initial FLR airdrop to XRP holders. | | October 2024 | Monthly burns of 66.3 million backer FLR begin, running until January 2026. | | 30 January 2026 | FlareDrops end, completing the 36-month distribution under FIP.01. | | 24 April 2026 | Governance approves FIP.16, restructuring FLR tokenomics and lowering target inflation. | ## Security and audits - Flare lists completed third-party audits with reports, including FYEO (validator code and smart contracts, 2022-2025), Coinspect (FAssets, FTSO, FDC, 2022-2025), Halborn (FTSO fast updates, May 2024), OpenZeppelin (FAssets, January 2026) and Zellic (2025-2026). - FAssets were also reviewed in an Immunefi audit competition (June 2025). ## Security incidents | Date | What happened | Source | |---|---|---| | 1 June 2023 | Key compromise: A Flare team member's Discord account was compromised and posted phishing messages about a fake airdrop; Flare deleted the user and messages and restored control of the Discord channel. No protocol exploit and no stated loss. Funds returned: not stated | [x.com](https://x.com/FlareNetworks/status/1664143933083996161) | ## Risks and caveats - About 40% of genesis FLR went to Flare Labs, a VC fund, the team, advisors and backers. - FLR is inflationary; FIP.16 lowers the target from 5% to 3% a year, but its rollout is phased and some parts need a hard fork. - FlareDrops ended on 30 January 2026, so wrapped and staked FLR no longer earn that reward component. ## Official links - Website: [flare.network](https://flare.network/) - Docs: [dev.flare.network](https://dev.flare.network/) - Whitepapers: [dev.flare.network/support/whitepapers](https://dev.flare.network/support/whitepapers) - Audits: [dev.flare.network/support/audits](https://dev.flare.network/support/audits) - Source code: [github.com/flare-foundation](https://github.com/flare-foundation) - Block explorer: [flare-explorer.flare.network](https://flare-explorer.flare.network/) - Portal (staking and voting): [portal.flare.network](https://portal.flare.network/) - Governance forum: [forum.flare.network](https://forum.flare.network) ## Questions and answers **What is Flare Network?** Flare is an EVM-compatible layer-1 blockchain with built-in data protocols: FTSO price feeds, the Flare Data Connector and FAssets for bringing assets like XRP into DeFi. **What is FLR used for?** FLR is used for staking to validators, delegation to FTSO data providers, governance votes and transaction fees, which are burned. **What is the supply of FLR?** 100 billion FLR were created at genesis on 14 July 2022; supply grows through inflation, targeted at 3% a year under FIP.16. **Who received the FLR airdrop?** Wallets that held XRP on 12 December 2020 received 4.28 billion FLR on 9 January 2023; a further 24.2 billion were distributed monthly as FlareDrops until 30 January 2026. **How does Flare consensus work?** Flare runs Snowman++, a Byzantine fault tolerant proof-of-stake protocol from Avalanche with stake-weighted block proposers. ## Sources - [Flare — Home](https://flare.network/) - [Flare Developer Hub — FLR](https://dev.flare.network/support/flr) - [Flare Developer Hub — Network overview](https://dev.flare.network/network/overview) - [Flare Developer Hub — Consensus](https://dev.flare.network/network/consensus) - [Flare Developer Hub — Governance](https://dev.flare.network/network/governance) - [Flare Developer Hub — Audits](https://dev.flare.network/support/audits) - [Flare Developer Hub — Whitepapers](https://dev.flare.network/support/whitepapers) - [Flare Networks on X - Discord compromise announcement (2023-06-01)](https://x.com/FlareNetworks/status/1664143933083996161) ## More in this section - [Osmosis (OSMO)](https://revain.org/projects/osmosis/) - [MultiversX (EGLD)](https://revain.org/projects/multiversx/) - [Sonic (S)](https://revain.org/projects/sonic/) - [Ronin (RON)](https://revain.org/projects/ronin/) - [Fetch.ai (FET)](https://revain.org/projects/fetch-ai/) - [Vaulta (A)](https://revain.org/projects/vaulta/) - [All Crypto projects →](https://revain.org/projects/) ## How voting works Votes are anonymous and carry no text. Each device has one vote per item; press the same button again to remove it. Cloudflare Turnstile checks that a person is voting. We keep a random device ID in a cookie and a salted hash of the IP address to limit abuse — no names, no accounts. Votes are visitors’ opinions, not investment advice. Page updated: 2026-10-31 --- Source: https://revain.org/projects/flare/