Arthur Hayes, co-founder of BitMEX and creator of perpetual futures contracts, has taken the lead at Flop Labs and introduced Flop Network — a protocol where FLOP will serve as the unit of account for AI agents.
FLOP is designed for transactions between AI agents. They can use the token to pay for computing power, transactions, and memory storage.
Flop Network is built around a proof-of-useful-inference mechanism and uses verifiable computing. Miners provide computing power to process requests, while validators verify the accuracy of computations and maintain decentralized storage for agents’ memory.
Users will be able to participate in Flop Network as miners, validators, or AI agent operators. FLOP rewards will depend on network activity. Miners will receive FLOP through block rewards and inference fees. Validators will earn rewards from fees paid for verifying computations, storing and retrieving agents’ memory, as well as from block rewards.
Flop Labs said the project will launch without a presale or external venture funding, giving network participants a level playing field at launch. The network’s genesis block is scheduled for Q1 2027, while a large-scale airdrop is planned for Q4 2026.