Key Highlights:
- After a two-year wait, the first phase of the Flare token airdrop finally happened on Monday.
- The total number of Flare tokens given out as part of the airdrop was 4.28 billion.
After a two-year wait, the Flare token airdrop finally took place on Monday, when billions of tokens were handed to millions of recipients.
The airdrop took place on January 9 at 6:59 p.m. EST, having been initially planned for delivery in 2020. Instead, 4.28 billion flr tokens, Flare’s native currency, were distributed to eligible beneficiaries. Recipients were chosen based on a snapshot taken in December 2020 that showed wallets holding at least 1 XRP at the time.
How will the tokens be distributed?
According to a press release, 15% of the FLR token distribution is made up of the initial airdrop from Flare. The community’s decision on Flare Improvement Proposal 01 will determine how the remaining 85% of tokens are distributed over the following 36 months.
The plan would impose a strict 5 billion token annual cap on FLR inflation if approved.
About the Flare Network and the token
A sophisticated blockchain system called the Flare Network seeks to improve the operation of the Ethereum Virtual Machine (EVM). The project seeks to provide Ripple, Litecoin, and other protocols DeFi capabilities.
The Flare Token also provides value to the network and the currency by offering protocol governance, collateralization, and data functionality via an on-chain oracle.
CEO’s words
“For the blockchain industry to flourish, we need more useful decentralized applications. Flare is tackling this through data, not just prices but transaction details, Web2 events, etc, so that developers can build applications that provide more utility to a larger group of users,” said Hugo Philion, CEO & Co-founder of Flare.
