This post was written by Neil on May 3, 2022

Flare Network Launch Date | July 4th 2022

How many days until Flare Network launch?

Flare Network is due to launch on the 4th of July 2022, pending the result of the audit scheduled for May 16th by Trail Of Bits.

It’s anticipated the audit will pass with no major issues found. The results of the audit, expected to take 3 weeks, will be shared mid June.

If any issues are identified in the audit, these will be publicly reported immediately, provided they do not pose a risk to Songbird. In the case issues are deemed to jeopardize network security on Songbird they will be reported as soon as a fix has been deployed on Songbird.

The following roadmap outlines the anticipated order of events on Flare.

FL.01 Flare Launch: Main network launch and distribution of the initial 15% of tokens.

FL.02 Governance Update On Token Distribution: The team has been working on a governance proposal regarding the token distribution. The proposal intends to achieve three things:

1) Remove the risk of an exchange failing to pass on future token distributions.

2) Substantially increase the incentive to engage with the network.

3) Provide positive tax implications such that a majority of recipients can avoid generating a taxable event until they claim their token allocations and withdraw them from the system. This would give the recipient autonomy for when they wish to trigger a tax event.

The governance vote for this proposal will only take place once 75% of the initial 15% distribution is freely available to take part in the governance vote. In the case of exchanges, this means that the token will have been distributed and can be withdrawn from the exchange. The proposal details will be published with ample advance warning before Flare launches.

FL.03 FAsset A Launch: This version of the FAsset system enforces the Agent to hold 100% of the underlying token on the underlying chain. This allows for a lower collateral ratio on Flare than 2.5X. This is the version of the FAsset system that will most likely be used for “Self Minting”.

FL.04 Songbird Bridge Launch: This will allow all Songbird tokens to be bridged to Flare and vice versa.

FL.05 LayerCake Bridges Batch 1 Launch: The first batch of LayerCake bridges, likely with Terra & either Ethereum or Solana.

FL.06 FTSO Performance Upgrade: The FTSO system will undergo optimizations with the aim of increasing both the number of possible price series and the number of possible data providers into the 1000’s.

FL.07 FAsset B Launch: This version of the FAsset system uses a 2.5X collateral ratio on Flare, but allows the agent to hold less than 100% of the tokens on the underlying chain

FL.08 LayerCake Bridges Batch 2 Launch: The second batch of LayerCake bridges. These will focus on connecting Flare to all major smart contract chains and connecting key smart contract chains to each other.

The team at Flare recently held their first “Community Call” where they presented a complete overview of the network and what they aim to achieve with it’s launch.

It’s a really informative call, you can watch the full replay here.