It raised $11.3M in backing from funds that included: Kenetic Capital, Digital Currency Group and CoinFund. He described Flare as having the potential to be “like a general” that can control actions on other connected networks.įlare has been in the works since 2017. More than that, though, Philion said that one day Flare could even conduct transactions across multiple chains that are all interrelated and organized on Flare. Flare will make it easy to port those tokens in and let them access smart contract functions. The team wanted to start with big communities with coins that needed more functionality, Philion said. And capital is important to the Flare team. So, a network purpose-built to wire into blockchains incapable of smart contracts on their own might unlock a lot of potential in all that capital. After all, decentralized finance (DeFi) completely turned Ethereum’s fortunes around following the initial coin offering bust that knocked 90% of the value off ETH. Adding smart contract capabilities to chains that are already worth billions of dollars could be quite impactful for all of them. The four blockchains Flare will connect have a collective market cap of over $150B if they somehow merged it would instantly become the No. Another 22% will be distributed via liquidity mining over the next seven to eight years to those who move assets from compatible chains onto Songbird. XRP holders are getting 30% of the total initial supply of 100B tokens. 12, 2020, will be airdropped SGB, the coin of this new blockchain, Songbird. Flare is Ethereum for all the layer1s that were left behind.” “ really is the people’s coin,” Hugo Philion, a co-founder of the Flare Network, told The Defiant. To watch for exact timing, interested users should watch the Flare Network Twitter and website. It will also bring it to XRP, Stellar (XLM) and Litecoin (LTC), with more to come. Not only is DOGE a very good boy, its coin is about to be very smart, too - as in, smart contract-ready.įlare is a startup launching its canary network in the coming days, and it’s going to bring smart contract functionality to DOGE.
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