Flare Network extends token unlock for early investors FLR price rises over 20%

Bullish remarks from Arthur too

Flare Network, a data-focused Layer 1 blockchain, announced that it has raised $35 million (5.2 billion yen) in a new private funding round.

Flare's earliest investors have reinvested in the long term future of the network in a groundbreaking new agreement.

In addition to extending token vesting and capping sales, they will reinvest 50% of any token sales back into Flare ecosystem projects. https://t.co/7fGTqmjju9 pic.twitter.com/nxhYr9ZnMT

— Flare (@FlareNetworks) February 23, 2024

Participating in the raise were venture capital firms with existing investors including Kenetic and Aves Lair.

Investing companies agreed to extend the lock-up period for FLR tokens until the first quarter of 2026 and sell tokens not exceeding 0.5% of average daily trading volume over a 30-day period. This is said to be a measure to strengthen the liquidity management of FLR tokens.

Additionally, “To support sustained ecosystem growth and provide further incentives for builders looking to develop on the network, investors will receive at least 50% of all token sale proceeds over the next two years.” “At current market valuations, the amount of reinvestment would be $35 million.”

Flare also announced in October last year that it would burn 66 million FLR tokens every month until January 2026 in another liquidity improvement measure.

BitMEX founder Arthur Hayes also noted in a blog post on the 22nd that the importance of on-chain oracles will skyrocket as decentralized exchanges (DEXs) become the primary venue for price discovery. . Investors seemed to like the fact that they took up Flare as an example.

In January, Google Cloud announced that it would join the network as a Flare validator.

connection: Flare Network (FLR) soars, market capitalization exceeds $1 billion due to partnership with Google Cloud

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