Flare Network Mainnet Launch

July 13 update – mainnet launched at 11:56pm UTC today, with no announcement beforehand.

July 10 update- they launch is now “the week of” July 11, not July 11.

New blockchain launch.

There is no exact launch time announced, only that it launches on July 11. This time is a placeholder.

DETAILS

• This is the mainnet launch, in observation mode
• The goal is to distribute sufficient validation power to external validators, such that Flare Foundation is no longer in control of the network i.e. not more than 33% of validation power
  • Flare Time Series Oracle (FTSO) data providers will validate the network and will earn validation rewards
• Token transactions during this period is made for operational purposes
• Initial token distribution will take place after observation period is concluded
  • 15% will be released at the token genesis event and the remaining token distributions will be decided by governance vote
  • 75% of the initial distribution is capable of voting
• Observation mode will last for a minimum of 8 weeks

• Overview
  • Flare is a new Turing complete Federated Byzantine Agreement (FBA), EVM-compatible Layer-1 blockchain
  • There are 3 core interoperability products:
    • FAssets: Providing non-smart contract chain tokens (e.g. $BTC, $XRP, $LTC, $ALGO, $DOGE and others) with smart contract functionality on Flare
    • LayerCake: Safe, decentralized bridges between smart contract platforms, both to and from Flare (e.g. Flare and Solana) and also between 3rd party chains (e.g. Ethereum and Solana) secured by Flare
    • Relay: Relay any information, including off-chain data, between any set of chains secured by the State Connector
  • Spark ($FLR) is the network’s native token
    • Initial supply: 100,000,000,000