Layer-1 Network Flare Raises $35M From Kenetic, Aves Lair
Layer-1 blockchain Flare has raised $35 million in a private funding round with participation from Kenetic and Aves Lair. Flare, a network for data, supports the development of smart contract protocols and focuses on pricing oracles for various decentralized finance (DeFi) applications. Early investors have agreed to extend token distribution until the first quarter of 2026 and a selling limit of 0.5% of daily trade volume has been set to reduce market sell pressure. In October, Flare announced it would burn 66 million tokens per month until January 2026, which is 2% of the token’s total supply, to improve ecosystem development. Google Cloud recently joined the network as a validator, causing Flare's native token (FLR) to increase by 5%. The token also rose by over 13% following a blog post by BitMEX founder Arthur Hayes and increased by an additional 3.05% after the funding announcement.
