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He said that he raised $35 million in a private round in his post from his Flare Network
He stated that among these investors are companies such as Kenetic and Aves Lair, which were among the first investors of the project.
The official statement made the following statements:
“Today, we are announcing an agreement with a group of early backers of Flare that will reduce excess FLR liquidity, increase capital inflow into Flare DeFi protocols, and provide new investment in Flare ecosystem projects.
Some names, including Hong Kong and US-based Kenetic, which were among Flare's early investors, and New York-based Aves Lair, have become the leading Blockchain for Data by extending the vesting deadline, limiting token sales, and committing significant new capital to invest across the Flare ecosystem. “They've doubled their investment in Flare, their chain.”
It was also stated that investors voluntarily extended their FLR token vesting period from 2024 to the 1st quarter of 2026 and agreed to limit token sales to a maximum of 0.5% of the 30-day average daily volume.
At this point, it was stated that investors have committed to reinvesting at least 50% of the revenue from all token sales in Flare ecosystem projects in the next two years.
At this point, it was stated that according to the current market valuation, the potential reinvestment into the Flare ecosystem has reached $35 million.
FLR, which started to rise after this announcement, increased its gains to 12% in the last 24 hours.
Flare's earliest investors have reinvested in the long term future of the network in a groundbreaking new agreement.
In addition to extending token vesting and capping sales, they will reinvest 50% of any token sales back into Flare ecosystem projects. https://t.co/7fGTqmjju9 pic.twitter.com/nxhYr9ZnMT
— Flare ☀️ (@FlareNetworks) February 23, 2024
*This is not investment advice.