Popular cryptocurrency trading platform Crypto.com has reiterated will be distributing Flare Network ($FLR) tokens to $XRP holders, nearly two years after the airdrop’s snapshot was taken.
According to an announcement Crypto.com shared with its users, the company is supporting the airdrop for XRP holders from “supported jurisdictions” and the distributed tokens will be based on the snapshot taken of users’ XRP balance on December 12, 2020 at 00:00 UTC.
The cryptocurrency exchange noted that the first time it announced it was supporting the FLR token distribution was in November 2020, and that the actual airdrop is now expected to take place between October 24 and November 6 of this year.
The announcement adds that there is no minimum XRP holding requirement to receive the FLR airdrop, and that each user holding XRP is eligible to receive their FLR airdrop at a 1:1 ratio. Crypto.com adds that for this airdrop users will “receive 15% of the total FLR tokens they are eligible to receive.” The 15% figure comes from Flare Improvement Proposal 1, which updated the token’s distribution, inflation rate, and incentive pool structure.
As CryptoGlobe reported, back in August Japanese cryptocurrency trading platform Huobi Japan, the Japanese subsidiary of popular trading platform Huobi, announced support for the airdrop.
Flare network is a blockchain bringing smart contract functionalities to XRP and other cryptoassets that do not yet have them, although it’s bringing these in through a separate blockchain than the XRP Ledger.
Spark tokens are to be used for governance on the Flare network through voting mechanisms, and token holders will be able to earn a return on their holdings by committing Spark tokens as collateral to secure the trustless issuance and redemption of FXRP, a protocol built to “safely enable the trustless issuance, usage, and redemption, of XRP on Flare.”
Earlier this year, Flare Networks entered a new partnership with Ola finance, a platform offering customized lending networks, in a bid to further expand the decentralized finance (DeFi) offering it brings to assets like $XRP and Dogecoin ($DOGE).
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