The Flare network, a layer-1 Ethereum Virtual Machine-compatible blockchain, has announced the release of a new FlareDrop, part of an ongoing series of FLR token distributions. This latest batch is now available for users who have maintained a holding of Wrapped FLR (WFLR) for a minimum of 23 days.
In a notable development, holders who are staking FLR tokens also qualify for the airdrop. Flare initiated public staking in October, enabling users to transfer their FLR from the C-Chain, the layer for executing smart contracts, to the P-Chain, where staking activities occur.
This distribution follows the initial airdrop in January, where 4.28 billion FLR tokens were allocated to XRP holders, based on a snapshot taken in December 2020. This initial dispersal accounted for 15% of the total allocated supply, although those who held on some exchanges have only recently started receiving that airdrop.
Flare has committed to distributing the remainder of the tokens over a 36-month period.
The overall plan involves 36 monthly FlareDrops, cumulatively totaling 24.2 billion FLR, designated for active community members who have wrapped their Flare tokens. The total of 24,246,183,166 FLR will be distributed across these airdrops, with the process involving monthly token claims. Each of the first 35 distributions will consist of 676,040,637 FLR, culminating in a final distribution of 584,760,871 FLR in the 36th month.
Users must access the Flare Portal and connect a wallet that held WFLR during the relevant holding period to claim these FlareDrops.
Earlier, Flare announced it was set to burn 2.1 billion of its own FLR tokens in a bid to support the ecosystem’s health and development. The tokens set to be burned were set aside for Flare’s early backers but the firm agreed to burn those tokens instead. It came to this agreement after consulting with its backers about the first Flare Improvement Proposal, FIP.01, and how it impacts token distributions to equity shareholders.
Featured image via Pixabay.
