Flare was founded in 2019 by Hugo Philion (CEO), Sean Rowan (CTO), and Dr. Nairi Usher (Chief Scientist), all with backgrounds spanning finance, machine learning, and quantum computing. The project gained early traction with investment from Ripples Xpring fund.

Flare launched its mainnet in 2023. Key milestones include the FAssets system launch, a partnership with Top Wallet/Telegram in October 2025, and the passing of FIP.16 in April 2026 which reduced inflation by 40 percent from 5 percent to 3 percent and established the FIRE treasury.

Flare is an EVM-compatible Layer 1 built around data protocols including the Flare Time Series Oracle (FTSO) for decentralized price feeds and the State Connector for cross-chain event verification. The Flare Systems Protocol (FSP) underpins its data provider infrastructure with 100 plus independent data providers.

FLR has a total supply of 106 billion with 85.5 billion in circulation. Under FIP.01 inflation started at 10 percent in Year 1, reduced to 7 percent in Year 2, and 5 percent thereafter. FIP.16 (April 2026) cut inflation to 3 percent annually and introduced the FIRE treasury for protocol revenue redistribution.

Flare employs a governance model based on Flare Improvement Proposals (FIP) with on-chain voting for progressive decentralization. The Flare Foundation and VC Fund do not participate in governance to preserve decentralization. Songbird serves as the canary network for testing governance proposals before Flare mainnet.

Flare supports multiple use cases including decentralized oracle services through FTSO, cross-chain DeFi via FAssets bridging XRP, BTC, and LTC to EVM, FLR staking for network security and data provision, and data-driven smart contract applications through its FDC (Flare Data Connector) protocol.