Flare Network, a high-performance blockchain protocol focused on maximum cross-blockchain interoperability and empowering non-programmatic blockchains with smart contracts, inches closer to a full-stack mainnet release.
Flare Network (FLR) now live in observation mode
According to the official statement shared by Flare Network (FLR) team, its hotly-anticipated genesis event took place earlier today, on June 14, 2022.
Flare is now launched and in observation mode. Can you decode the following? https://t.co/gLvyYBVv26— Flare ☀️ (@FlareNetworks) July 13, 2022
As such, all developers and reseachers can start experiments with the mainnet version of Flare (FLR) blockchain. In its inaugural phase, Flare Network (FLR) will have its block validation process 100% controlled by Flare Foundation.
This status quo will eventually change in so-called observation mode that will last for at least eight weeks. Thanks to the addition of new third-party validators from the community, Flare Foundation's control rate will drop below 33%.
Hugo Philion, Flare CEO and co-founder, highlights that Flare Network (FLR) goes live to address the major issues of the modern blockchain segment:
The last year has been characterized by a stream of CeFi and bridge failures. At the same time DeFi and decentralized approaches have shown continued robustness. The key conclusion to draw here is that the industry needs decentralized and secure solutions instead of centralized quick fixes...Protecting the user to the greatest extent possible is what will drive the next wave of adoption in the digital asset ecosystem. I'm excited to welcome projects to the network and see the creative ways builders will harness Flare’s cross-chain composability and Web2 data in their dapps.
Developer adoption program kicks off in August
Once observation mode is over, the Flare Network team will schedule a token distribution event: all participants of the December 2020 snapshot will finally receive their FLR tokens.
To boost the progress of Flare Network's ecosystem, its team is going to roll out a massive adoption program in August 2022. It is set to introduce Flare Network's groundbreaking technologies—The State Connector and Flare Time Series Oracle—to a global Web3 audience.
Flare's IOUs on Bitrue jumped almost 100% in the last two days, affected by the mainnet release announcement. Amid a bearish recession, the FLR/USDT rate spiked to levels unseen since 2021.