Dubai, 22 Aug 2022 — With Flare mainnet genesis completed on 14 July 2022 and the network currently in Observation Mode, we want to provide an important update to all our exchange partners:
> Observation Mode is progressing well and the public Token Distribution Event (TDE) is planned for September 2022.
> The native token of Flare Network is to be called Flare, with the ticker FLR. It will not be called Spark.
We look forward to working with you all to implement the Flare token distribution. If there are any questions, please reach out through our existing Telegram conversations.
It will be confusing for your customers if you have out of date Flare information on your websites. Please use the below detail to update your content.
About Flare
Flare Network is a powerful new blockchain with the first consensus protocol purpose built for external blockchain data. Decentralized applications on Flare can safely and trustlessly use information from other blockchains, opening the door to a new era of utility: decentralized and insured multilateral bridging, secured relay for cross-chain composability with assets and information, decentralized integration of real-world data in Web3 dapps, and a secure fully-interoperable multichain solution.
The Flare Token
The native token that will be distributed is called Flare, with the ticker FLR. We are no longer using the name Spark. This is to avoid confusion with an existing project, and therefore protect the community from interaction with the wrong token.
Flare is a crypto asset used on Flare Network for (1) governance; (2) collateral for cross-chain bridging; (3) to earn delegation rewards from the Flare Time Series Oracle; and (4) transaction fees for spam protection.
Launch Status
Flare mainnet genesis was completed on 14 July 2022 and the network is now in Observation Mode. When the Flare Foundation controls less than 33% of network validation power, the network will be sufficiently decentralized, Observation Mode will conclude, and the public Token Distribution Event (TDE) can occur. This is expected to happen in September 2022. Further updates will be provided as we approach TDE.
Once token distribution is complete, Flare’s two key native interoperability protocols, State Connector and the Flare Time Series Oracle will be available to decentralized application builders:
> State Connector is the first consensus protocol purpose built for external blockchain data, which means it can use decentralized consensus to prove the state of other blockchains back to decentralized applications on Flare.
> The Flare Time Series Oracle is a highly decentralized oracle that uses the network to secure reliable decentralized price data provision to applications on Flare.
