The dates and tokenomics have been published for the Flare airdrop that XRP holders have been waiting for. Here are the new dates and the distribution process…
Flare updates airdrop schedule for XRP holders
The Flare airdrop distribution date for XRP holders has been delayed several times throughout the year. The Flare team has now released a new calendar and tokenomics. According to the announcement, the distribution date will be January 9, 2023 due to the preparation of the change. In the middle, XRP holders have been waiting for this activity for more than two years since December 2020.
The Flare group confirmed on October 28 that the network has become decentralized as 80% of the validators are no longer controlled by the Flare Foundation. The team also noted that the distribution will begin at a time determined by the partners. The latest delay will give the network time to do the necessary security and compliance reviews and provide exchanges with several weeks of proof of the network’s decentralization.
Users are still waiting for the airdrop event. However, the Flare team was able to reveal the tokenomics on Friday. In anticipation of a vote on the First Flare Smoothing Proposal (FIP.01), the network released two versions. In particular, the key distinction between the two is the way the network distributes user rewards. When the screenshot is taken, the original version will distribute 28.5 billion of the 100 billion FLR supply directly to XRP holders within three years.
These XRP holders will receive 15% of the 28.5 billion or approximately 4,278,738,206 FLR via TDE in the new release if FIP.01 passes the administration vote. Staking investors will receive the remaining 85%, or 24,246,183,166 FLR, over a three-year period. The Flare team highlights some of the advantages of the offer, with:
- Deployment will not depend on whether the change is ready or not.
- Inflation will fall as the network plans to calculate inflation based on circulating supply rather than the top 10% of total supply.
- New users have the opportunity to take part of the distribution.
As of the original version, tokenomics was as follows:
- Community allocation (58.3 billion FLR or 58.3%)
- The Flare group, its sponsors and advisors (19.2 billion FLR or 19.2%)
- Organizations that invest in and develop new works (22.5 billion FLR or 22.5%)
If FIP.01 passes after TDE, tokenomics breaks down in Genesis month:
- Airdrop 35.7%
- Flare Foundation non-voting 16.2%
- Flare VC Fund 12.5% non-voting
- Flare Networks Limited 18.8%
- Consultants 2.5%
- Group of the future 3.5%
- The rest of the team, 1.9%
- Founding team 8.8%
The network claims that after reaching the predetermined threshold, there will be a one-week notice period followed by a one-week voting. According to the announcement, neither the Flare Foundation nor the Flare VC Fund will be allowed to vote. In particular, the vote needs to be approved by an easy majority. According to Flare Networks, the changes outlined in FIP.01 are necessary for the expanded vision of the network. Koindeks.comWe have discussed the notes from previous announcements in this article.