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Flare at Three: Powering a Connected & Data-Rich DeFi Ecosystem

Flare Updates

Three years ago, a vision for a more connected, decentralized, and data-rich Web3 began with Flare mainnet launch. Today, we celebrate Flare’s third anniversary! It’s hard to believe how far the network and community have come, with that original vision now coming to life in the form of a rapidly growing, interoperable ecosystem. We are truly grateful to our vibrant community, developers, and infrastructure providers who have been with us each step of the way.

This article summarizes where Flare stands today and looks back at Flare’s major milestones — moments that remind us how much we've grown, while also serving as a reminder of all that’s to come in 2025 and beyond.

Where is Flare today? A journey to decentralized data and finance

Flare network is more active than ever before, with record on-chain numbers and serving as home to a bustling DeFi ecosystem. The numbers speak for themselves:

  • 40 million blocks produced
  • 240 million total transactions
  • 3.9 million wallet addresses created
  • 445,000+ daily transactions
  • Average block time of 1.8 seconds
  • Over 73% of the FLR circulating supply is staked or delegated to support the network

Each of these stats represents real usage and real value being created. They also reflect the cumulative efforts of the community and Flare team, in conjunction with the major milestone moments that led up to the present day. Let’s take a closer look at the milestones along the journey, from its ambitious origins to its current thriving state.

Flare flashback: The defining moments

Flare's journey began with a clear vision: to bring smart contract capabilities and decentralized data access to a wider range of blockchains, especially those like XRP that lacked native smart contract functionality.

  • Original Concept & Whitepaper (Pre-2021): The initial groundwork for Flare was laid, focusing on decentralized data acquisition and robust smart contract execution to enable trustless access to off-chain data for on-chain applications.
  • Canary Network - Songbird Launch (September 2021): The launch of Songbird, Flare's canary network, provided a crucial live testing ground for new features, upgrades, and protocols in a real-world environment.
  • Flare Mainnet Genesis (July 14, 2022): The foundational launch of the Flare blockchain itself, initially in "observation mode" to ensure stability and decentralization.
  • Public Token Distribution Event (January 9, 2023): The highly anticipated airdrop of FLR tokens to millions, notably XRP holders from a December 2020 snapshot, marked Flare's public debut and initiated widespread community participation.

At the heart of Flare’s progress are the two enshrined oracles powering data and interoperability - the Flare Time Series Oracle (FTSO) and the Flare Data Connector (FDC).

1. Core protocol growth: FTSO & FDC

A major highlight from the past year has been the launch of FTSOv2 (Flare Time Series Oracle v2), Flare’s upgraded, fully enshrined oracle system. It provides decentralized, reliable, and frequently updated data feeds directly onto the Flare blockchain to power a broad range of data-intensive applications.

FTSOv2 Key Metrics

ftsov2 key metrics

Alongside the FTSO, the Flare Data Connector (FDC) has enabled developers to access secure, verified data from both other blockchains and Web2 APIs directly on-chain, further strengthening Flare’s cross-chain applications like FAssets. Specifically, it has unlocked new possibilities for Flare DeFi protocols, setting the stage for rapid ecosystem growth.

FDC by the numbers: Current (as of writing at Epoch 310)

  • Data providers: 86
  • Data types available: 18, including Bitcoin, DOGE, XRPL, and on 3 EVM chains
  • Number of queries: > 234k

The consistently growing query volumes for both the FTSO and FDC underscore the strong demand for Flare's secure data infrastructure. This foundational infrastructure is pivotal to the FAssets system, which we anticipate will grow significantly alongside XRPFi demand.

2. DeFi ecosystem growth

The past year has been an inflection point for Flare DeFi, with new protocols, deeper liquidity, and booming activity pushing DeFi to new heights.

Current ecosystem metrics: 

  • TVL (Total Value Locked): ~$170 million
  • Stablecoin liquidity: ~$150 million 
  • USD₮0 minted on Flare: Over 77.5 million, ready for use in swapping, borrowing, trading perpetuals, and providing liquidity.
  • DEX transaction volume: ~$19 million weekly
  • Volume bridged via Stargate: +26 million USDC.e and 2687 WETH

Explosive TVL & Stablecoin Liquidity

Flare’s integration of USD₮0 (omnichain composable version of Tether) in April 2025 led to a massive jump in TVL, more than tripling from $37 million to over $120 million in just 13 days. This dramatic growth is supported by incentives such as rFLR rewards, and will be further propelled by the FAssets Incentive Program (launched July 1, 2025). This strategic initiative is allocating over 2.2 billion FLR over the next year to accelerate institutional-grade DeFi activity on the network, beginning with XRP.

FAssets & XRPFi

The past year has also seen the rise of XRPFi, unlocking DeFi for XRP holders through FXRP and the FAssets system, users can mint fully collateralized FXRP to access lending, borrowing, and yield farming, all without giving up ownership of their original XRP. With the FAssets v1.1 upgrade and the introduction of the Core Vault in March 2025, enabling more scalable FXRP minting and direct redemptions, allowing users to seamlessly access XRP-based DeFi with greater liquidity and efficiency.

FXRP is currently live on Flare’s canary network, Songbird, and set for the main stage when FAssets go live on Flare mainnet.

In addition, the upcoming launch of stXRP at Firelight will introduce staking for XRP, allowing users to stake FXRP and receive stXRP: an ERC-20 token that remains liquid and usable on Flare DeFi while still earning rewards.

Be among the first to try XRP staking by signing up for the waitlist!

This combination of FAssets and XRP staking solution creates an XRPFi flywheel on Flare, where users can unlock new yield opportunities, move seamlessly between lending, staking, and liquidity pools, and keep value circulating throughout the ecosystem.

3. Ecosystem and partnerships

150 builders banner


Flare’s vision of a more open, interoperable and data-driven Web3 has attracted a growing number of high-profile partners and integrations. 

Each partnership added another key component to Flare’s foundation, helping to secure, expand, and diversify the ecosystem for the years ahead.

4. Community activations

Community has always been crucial to Flare’s growth and development. In Flare’s three-year history, we have built new initiatives and campaigns designed to motivate and engage the vibrant community.

Flare Content Bounty: January 2025

Flare Fair: February 2025

  • Flare launched a gamified, onchain event designed to make DeFi exploration more engaging and easy-to-use for everyone. By rewarding users for direct participation, Flare Fair encouraged newcomers and veterans to experience what’s possible on Flare, which led to a surge in network activity.

Flare Community Growth Grant: Ongoing

  • Flare just launched the Community Growth Grant, a $100,000 grassroots fund designed to empower local leaders and organizers to grow the Flare ecosystem from the ground up. The grant supports hands-on initiatives like IRL events and educational content to help onboard new users.

2025 and beyond

In three years, Flare has evolved from an ambitious vision to a thriving network that is powering millions of transactions and enabling real-world DeFi for assets like XRP. Flare’s infrastructure is stronger than it was three years ago. Every partnership, every upgrade, every initiative; each has laid the groundwork for what’s followed, and will continue to do so for what’s next.

This is just the beginning for Flare, with major launches and partnerships on the horizon. 2025 is shaping up to be Flare’s most transformative year yet, and we’re more committed than ever to building a truly open and decentralized future built on data and interoperability.

Thank you to our community, developers, and partners for being a central part of Flare’s journey thus far. Here’s to an even brighter future!


Disclaimer

This communication is not intended for, and should not be acted upon by, any person in the United Kingdom. The information contained herein does not constitute a financial promotion under the Financial Services and Markets Act 2000 (FSMA) and is not directed at or intended for distribution to any person in the UK. If you are located in the UK, please disregard this message.