L1 blockchain Flare completes $35 million private placement financing, with participation from Kenetic and others

ChainCatcher news, according to CoinDesk, L1 blockchain Flare has completed a $35 million private placement financing, with participation from Kenetic, Aves Lair, and others.

It is reported that Flare supports the creation of smart contract protocols and focuses on pricing oracles, transferring asset prices between various decentralized finance (DeFi) applications.

Early investors in the project have voluntarily agreed to extend the token distribution period from 2024 to the first quarter of 2026. Additionally, a selling limit of 0.5% of daily trading volume has been implemented to reduce selling pressure in the market.