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What Is Flare?

Flare is an EVM-compatible layer-1 blockchain focused on providing decentralized data to smart contracts. Launched in January 2023, Flare was founded by Hugo Philion and Sean Rowan. The network's unique value proposition is its native integration of two decentralized data acquisition protocols — the Flare Time Series Oracle (FTSO) and the State Connector — which provide smart contracts with reliable, decentralized access to external data and cross-chain state information.

The Flare Time Series Oracle (FTSO) is a native price oracle that provides decentralized price feeds to smart contracts on Flare. Unlike third-party oracle solutions, the FTSO is built directly into the Flare protocol. Independent data providers submit price estimates, and the network uses a weighted median algorithm to determine the final price, with providers rewarded for accurate submissions and penalized for inaccurate ones.

The State Connector is Flare's protocol for proving the state of other blockchains. It allows smart contracts on Flare to securely verify that a transaction or event occurred on another blockchain (such as Bitcoin, XRP Ledger, Dogecoin, or Ethereum) without relying on centralized bridges. This enables trustless cross-chain applications and brings non-smart-contract chains like Bitcoin and XRP into the DeFi ecosystem.

Being EVM-compatible, Flare supports Solidity smart contracts and is compatible with standard Ethereum development tools like MetaMask, Hardhat, and Remix. This makes it easy for Ethereum developers to build on Flare and leverage its unique data infrastructure.

FLR is the native token of the Flare network, used for transaction fees, staking with validators, participating in the FTSO as a data provider or delegator, and governance. FLR holders can delegate their tokens to FTSO data providers and earn rewards from accurate price submissions, creating a novel staking-like yield mechanism tied to oracle accuracy.

Flare distributed its initial FLR tokens through an airdrop to XRP holders, creating a strong initial community overlap with the XRP ecosystem. The network has since expanded its focus to support a broad range of cross-chain use cases.

Getting Started With Flare

Getting started with Flare:

  1. Step 1: Add the Flare network to MetaMask or use the Bifrost Wallet.
  2. Step 2: Acquire FLR from a cryptocurrency exchange.
  3. Step 3: Transfer FLR to your wallet on the Flare network.
  4. Step 4: Delegate FLR to an FTSO data provider to earn rewards, or explore Flare DeFi applications.

How to Get a Flare Wallet?

MetaMask

MetaMask works with Flare since it is an EVM-compatible network. Add the Flare network to MetaMask through the Flare website or Chainlist to start managing FLR and interacting with Flare dApps.

Bifrost Wallet

Bifrost is a mobile wallet with native Flare support. It provides built-in FTSO delegation, staking, and dApp browser functionality. Available on iOS and Android.

Ledger Hardware Wallet

Flare is supported by Ledger hardware wallets through MetaMask, allowing you to securely store FLR and interact with the network using offline key storage.

Flare Resources

How to Buy FLR?

FLR is available on several cryptocurrency exchanges:

Centralized Exchanges

FLR can be purchased on Kraken, Gate.io, KuCoin, Bybit, and other exchanges. Trading pairs include FLR/USDT and FLR/USD on select platforms.

Decentralized Exchanges

On the Flare network, SparkDEX and BlazeSwap are available for swapping FLR and other Flare-based tokens.

Latest Flare News

Flare continues to develop its cross-chain data infrastructure with improvements to the FTSO and State Connector protocols. Key developments include growing adoption of Flare's oracle services, expansion of cross-chain use cases, and new DeFi protocols launching on the network.