L1 blockchain Flare completed a $35 million private placement financing with participation from Kenetic, Aves Lair, and others, as reported by CoinDesk.

It is reported that Flare supports the creation of smart contract protocols and focuses on price oracles, transmitting asset prices to various decentralized financial (DeFi) applications.

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