FlareBank is building a decentralized finance (DeFi) application on the Flare Network, offering liquid delegation and yield generation services through an innovative tokenized vault system.
The protocol allows users to deposit wrapped native tokens (WNAT – which represents wrapped FLR on Flare Network) into the Bank contract and receive BANK tokens in return. These BANK tokens represent a share of the vault and enable users to maintain liquidity while their underlying assets generate yields.
The deposited WNAT is aggregated and delegated to Flare Time Series Oracle (FTSO) providers to earn delegation rewards. These rewards, along with any additional protocol revenues, are distributed proportionally to BANK token holders based on their share of the total supply. This model enables users to benefit from FTSO delegation rewards while maintaining the flexibility to trade or use their BANK tokens in other DeFi protocols – effectively allowing them to participate in both delegation and additional yield-generating activities simultaneously.
To ensure the integrity of its smart contracts, FLR Bank engaged Hashlock, a leading Web3 security firm, to conduct an in-depth audit of its Solidity-based codebase.
Hashlock’s audit confirms that FLR Bank’s contracts are secure, robust, and launch-ready, marking a critical milestone as the platform scales its operations in the regulated crypto finance space.
The team at Hashlock audited the solidity code in July 2025, within the FlareBank project, the scope of work included a comprehensive review of smart contracts. These tests were undertaken primarily through manual line-by-line analysis and were supported by software-assisted testing.
Following Hashlock’s audit and subsequent fixes, we found the smart contracts to be “Secure”. The contracts all follow simple logic, with correct and detailed ordering.
All issues uncovered during automated and manual analysis were meticulously reviewed, and applicable vulnerabilities are presented in the Audit Findings section.
You can find the report here:https://hashlock.com/audits/flarebank
About Hashlock:
Hashlock is a leading Web3 security firm specializing in smart contract auditing and blockchain cybersecurity. Our mission is to ensure the safe adoption of blockchain technology through rigorous audits and comprehensive security services.
Website: https://hashlock.com/
About FlareBank:
FlareBank is a decentralized finance (DeFi) application designed to provide users with liquid delegation and yield generation on the Flare Network. The core of the protocol is the Bank contract, a tokenized vault that allows users to deposit the network’s native asset (in its wrapped form, WNAT) and receive BANK tokens in return.
Website: https://www.flrbank.com/
X: https://x.com/FlareBank
I have been writing about Bitcoin, Ethereum and other digital currencies for over 5 years. My work has been published in major publications such as The Wall Street Journal, Business Insider and Forbes. It is also featured on CNBC, Bloomberg and other financial news outlets. I’m a sought-after speaker on the topic of digital currency investing and I have presented at numerous conferences around the world.