- Shortly before the launch of the Flare Networks mainnet, only 15% of all Spark tokens (FLR) will be distributed to XRP holders via airdrop.
- The remaining 85% of all FLR will be issued over a period of 25 to 34 months.
Even before the SEC filed its securities lawsuit against Ripple, Flare Networks Spark token (FLR) airdrop was a strong reason for a pumping XRP price. Ahead of the airdrop, 43,000 new XRPL accounts were created with a volume of 426 million XRP.
Even though the hype has died down a bit since the Dec. 12 snapshot, the project is still considered a game changer in the XRP community. Flare will add smart contract functionality to the XRP Ledger (XRPL), opening up the XRPL to the DeFi market.
In a post via Twitter, the Flare Community Twitter account shared the roadmap of the Flare Finance token (DFLR) airdrop. This shows how XRP holders can obtain the Spark token (FLR) and subsequently DFLR tokens. Although there is no concrete launch date for the mainnet yet, the developers are targeting Q1 to Q2.
However, the distribution of Spark tokens will not be as easy as originally thought. According to the roadmap, initially, shortly before the mainnet launch of Flare Networks, only 15% of all FLR will be distributed to the eligible accounts. These are those that held XRP on a wallet of their own or a participating exchange as of December 12, the snapshot date.
The remaining 85% will be issued over a period of 25 to 34 months, so eligible accounts will receive around 3% of their total FLR token entitlement each month. So, contrary to initial expectations, there will not be a 100% payout at the launch of the mainnet.
DeFi on the XRP Ledger & the Flare Finance airdrop
As CNF reported, Flare Finance is developing the first DeFi project on the Flare Network and will likewise conduct an airdrop. The snapshot for this will take place exactly 30 days after the Flare Networks mainnet launch. A distribution of the tokens from Flare Finance (DFLR) is then planned within the next 7 to 10 days.
Eligible for participation will be all self-managed wallets as well as accounts of all participating exchanges. The basis for calculating the entitlement to DFLR will be the 15% FLR, with holders receiving 100%. However, as the Flare Community account also notes, there is currently no known exchange that supports the DFLR airdrop:
No. I am unaware of any exchanges to announce support for $dFLR but this airdrop is still many months away, have patience and if news arrises of support I will certainly inform you.
Important to know for later is that the DFLR tokens will be worthless. Flare Finance has decided to issue its tokens only to active members of the community. Due to this, DFLR holders will have to exchange the token for YFLR. This will be the main token of the ecosystem, with the total supply being 110,000,000 tokens, according to an earlier announcement.
Flare Finance aims to provide the fastest and most cost-effective DeFi experience for XRP/FLR users by leveraging the superior architecture of the Flare Network and XRP Ledger. The protocol will implement 6 products with different use cases. These include a decentralized exchange called FlareX, and a governance platform, FlareFarm, designed to enable YieldFarming.
Furthermore, there will be a lending and borrowing platforms (FlareLoans), a stablecoin (FlareUSD), a diversified risk-based investment fund (FlareMutual), and liquidity mining (FlareMine).