New Flare Network Airdrop Rewards Dedicated Token Holders

The Flare network, a blockchain compatible with Ethereum's Virtual Machine, has launched a fresh FlareDrop, part of its ongoing FLR token distribution series. Dedicated users with a minimum 23-day holding of Wrapped FLR (WFLR) are eligible for this latest distribution.

Staking FLR Tokens Opens Airdrop Opportunities

Notably, users staking FLR tokens also qualify for the airdrop. Flare introduced public staking in October, allowing FLR transfers from the C-Chain (for smart contract execution) to the P-Chain, where staking activities take place.

Continuation of Token Distribution Strategy

This distribution follows the initial airdrop in January, where 4.28 billion FLR tokens were distributed to XRP holders based on a December 2020 snapshot. The initial dispersal constituted 15% of the total allocated supply. However, holders on certain exchanges have only recently begun receiving this airdrop.

Long-Term Token Distribution Plan

Flare commits to distributing the remaining tokens over 36 months. The plan involves 36 monthly FlareDrops, totaling 24.2 billion FLR for active community members who have wrapped their Flare tokens. Monthly claims are part of the process, with the final distribution in the 36th month amounting to 584,760,871 FLR.

Claiming Process Through Flare Portal

To claim these FlareDrops, users need to access the Flare Portal and connect a wallet that held WFLR during the relevant holding period.

Token Burn for Ecosystem Health

In a proactive move, Flare announced the burning of 2.1 billion FLR tokens, originally allocated for early backers. This decision, reached after consulting with backers about Flare Improvement Proposal FIP.01, aims to support the ecosystem's health and development.