HomeCrypto NewsFlare Networks Reveals Date for Next FLR Drop Following the Passing of...

Flare Networks Reveals Date for Next FLR Drop Following the Passing of FIP.01 – Crypto News

There will be 36 drops in total to holders of WFLR tokens.

Flare Networks has disclosed that users can claim the first of the 36 Flare drops on March 17 at 12:00 UTC.

The team made this known in a tweet yesterday, offering more details in an attached guide. It comes following the passing of the first Flare Improvement Proposal (FIP.01).

Notably, the proposal sought to adjust the FLR tokenomics, particularly regarding the 28,524,921,372 tokens earmarked as airdrops to XRP holders at the time of a screenshot in December 2020. Instead of distributing the tokens directly over 36 months with no further action required after the initial 15% Token Distribution Event, the project now intends to distribute them to all holders of wrapped FLR (WFLR) tokens, making them more akin to staking rewards.

FIP.01 passed with 93% of voters in favor out of a 17% voting power turnout.

Consequently, per the guide released yesterday, the team will release an installment of the drop every 30 days for the next 36 months to all WFLR holders. It will include 35 installments of 676,040,637 FLR and a final 584,760,888 FLR. Flare Networks reveals that recipients must claim the airdropped tokens manually in 90 days or risk losing them forever through a coin-burning process.

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Flare will calculate user rewards from a record of their WFLR balance from 3 random blocks 23 days before the distribution as a percentage of the WFLR in circulation. So a user holding 5% of the WFLR in circulation will receive 5% of the drop, as explained in the guide.

Flare Networks, in recent weeks, has received criticism from Ripple Chief Technology Officer David Schwartz and other members of the XRP community over the new FLR holding rules. Some users have also accused the team of influencing the vote on FIP.01.

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