FLR · the mint is only half the tap.
FLR is the coin of Flare, an uncapped layer-1 built to bring outside data on-chain. There is no hard cap — 87.18B FLR is counted as circulating out of 106.40B that exists, and the 19.22B gap sits in twelve protocol reserve pools that pay out on their own schedule.
Sell pressure. 1,058.3M FLR reached the market in the last 90 days — and only 676.9M of it is newly minted. The other 381.4M is coins created back in 2022 that had never been counted, draining out of a genesis reserve.
Buy pressure. 168.5M FLR was burned. Almost none of it is the gas burn Flare is known for — that removes about 1.1M. The rest is reward entitlements nobody claimed in time.
Net. About +1.02% to market over the last 90 days, and +1.02% projected — supply is growing, and the half nobody counts is what keeps it above 1%.
Flare mints new FLR to pay FTSO delegation, FLR staking and data-connector rewards. The rate was cut from 5% to 3% a year in May 2026, and the chain's own counter shows what that cut is actually worth: 676.9M new FLR over the last 90 days, against 12.4M a day before the cut and 7.5M a day after it. Measured at both ends of the window, not taken from the published rate.
The 36-month FlareDrop distribution made its final payment on Jan 30 2026, 115 days before this window opened. Its contract now holds nothing — the amount locked and the amount claimed are the same number to the last decimal, and neither moved by a single FLR across the 90 days. The early-backer escrow released nothing either: it held 204.5M FLR at both ends of the window.
This is the second tap, and it is not new supply at all — it is FLR minted at genesis in 2022 that had never been counted, quietly becoming counted. Reading all twelve protocol reserve pools at both ends of the window, their undistributed balances fell 381.4M. Almost all of it comes from a 20B genesis incentive reserve, which paid out steadily in every 15-day interior sample and still holds 17,490.6M with no published release date. Tracked alongside it: 204.5M of untouched early-backer escrow, and 1,229.1M sitting undistributed in the retail reward pool.
No estate, trustee or court-administered pool holds FLR. Enumerating every reserve the protocol tracks returns twelve pools, all of them reward or distribution contracts — none is a bankruptcy claim.
No public evidence of release in window — monitored. Flare created a revenue-reinvestment entity in Apr 2026 whose stated job is to buy FLR on the open market and burn it, funded by data-connector fees, FAssets fees and captured MEV. It has published no wallet, no destination and no bought quantum, and no buyback-shaped inflow reached the burn address inside the window.
168.5M FLR reached the burn address over the 90 days. Almost none of it is the famous gas burn: sampling the fee paid in blocks spread across the window puts the base-fee burn at about 1.1M FLR, even after the fee floor was raised 20x in Jul 2026. The rest is expired reward entitlements swept out of the reward pools — real destruction, but it removes tokens that had not reached anyone's hands.
No public evidence of release in window — monitored. No Flare Foundation open-market purchase of FLR was announced, disclosed or visible on-chain across the 90 days.
Nothing was taken off the tradable float. 45,017.2M FLR is wrapped as WFLR, but WFLR is a freely transferable receipt that unwraps on demand — holding it is not a lock. 21,525.1M is bonded to validators, which is a genuine term commitment, but those positions sit inside the counted float: the gap between total and counted supply is 19,224.0M, and the twelve reserve pools account for 19,164.2M of it, leaving no room for staked FLR. Locking it changes nothing in this ledger.
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