Flare Network and Lena Instruments Reinvent Crowdfunding

Together with the Swiss blockchain software and infrastructure company Lena Instruments, the Flare Network, the new blockchain that promises to link everything, has announced the introduction of a revolutionary crowdfunding launchpad.

Through its platform, contributors to CloudFunding’s carefully vetted crypto projects have exclusive access to those projects and unique advantages, all while maintaining custody of their initial investment. Contributors on existing cryptocurrency launchpads just allocate whatever number of tokens they feel comfortable with. Instead, participants’ wrapped FLR/SGB capital is used to fund CloudFunding projects, and this strategy guarantees that contributors will never lose access to their initial investment.

CloudFinancing’s novel approach to crowdfunding makes it one of the safest and least risky ways to invest in blockchain projects. Each investor keeps 100% of their initial investment and may choose to contribute anywhere from 1% to 100% of their principal’s earnings to the causes they support.

For their contributions, users will get an IOU of the project’s token, which will be listed by a number of Flare’s decentralised exchange partners after the token creation event. These IOUs may be traded freely before the native token of the project is released.

The main advantage of CloudFunding for starting projects is the consistent inflow of funds at the conclusion of each reward epoch, for as long as the community continues to contribute. CloudFunded projects will be able to keep their communities updated on their progress, deliverables, and milestones while also paying bills, funding development, marketing themselves, and establishing a long-term business strategy with the help of this funding. Investors have more confidence in them since they know they will never lose control of their money.

Lena Instruments’ specialists are available on CloudFunding to provide a wide range of services to projects, including community forums, networking, legal assistance, smart contract audits, and more. On top of that, once a project’s CloudFunding campaign ends, it is assured quick liquidity via participating DEXs.

Campaigns on CloudFunding have two distinct phases: the Raise Period and the Yield Period, making it stand out from other crowdfunding hubs. The community is encouraged to express their support during the Raise Period by locking their SGB/FLR tokens in a smart contract until the project’s team reaches the Target Amount. After the Raise Period, if the Target Amount was successfully raised, the Yield Period will begin, during which the rewards earned from the Target Amount will be contributed to the project at the end of each rewards period. If a project’s native token hasn’t been released yet, supporters will still be able to get their token IOUs and start trading them as soon as the project is funded. The project will determine the length of the Yield Period, which typically ranges from three to five months. Each contributor will be issued a proportionate number of project tokens in addition to their money at the conclusion of the Yield Period.

If the Raise Period is unsuccessful, however, the project will not be eligible to receive CloudFunding, and the initial investment and all earned benefits will be refunded to the backers.

According to Hugo Philion, Flare’s CEO and co-founder:

“CloudFunding is a perfect example of how developers can take advantage of the decentralized data infrastructure built natively into the Flare blockchain. By using the Flare Time Series Oracle as the mechanism for contributing to exciting new projects, CloudFunding creates a win-win-win situation. Flare obtains another FTSO provider that’s highly incentivized to provide accurate price data to the network; new projects get early access to community funding and support; and Flare token holders get the opportunity to join new exciting projects with zero risk to their principal.”

Hugo continued:

“Flare Network recognizes the value of CloudFunding technology in the blockchain space, and is grateful and excited that Lena Instruments has chosen Flare and Songbird to build its CloudFunding platform.”

Laura Moreby, Head of Communications and spokesperson for Lena Instruments, said: 

“Lena Instruments, being a major token holder in Flare, is of course committed to its long-term success. It is therefore only natural for Lena to utilise its know-how and engineering talent to design new products that we hope will contribute to the development of Flare and appeal to the public. CloudFunding is a modern, decentralised launchpad that will allow the community to support the best possible projects within the ecosystem, having been carefully curated by the platform. Contributors can, without ever having to sell their FLR or SGB, keep up to date with developments, deliverables, and milestones made possible by their contributions.”

Laura added:

“CloudFunding is one of the many products Lena will be releasing over the next few months on Flare and Songbird to improve the public’s, projects’, and institutions’ access to this exceptional Layer 1. We would like to thank our partner Flare Networks for the trust they have placed in our team, and promise to continue delivering smart, necessary, safe, fun and user-friendly products to accompany Flare on its way to success.”