New Announcement for the Expected Altcoin Airdrop!

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A total of 36 different airdrops will be made to WFLR token holders. Flare Networks announced that users will be able to request the first of 36 Flare drops on March 17 at 15:00 TSI.

The team announced this in a tweet yesterday, offering more details in an attached guide. This development followed the adoption of the first Flare Improvement Proposal (FIP.01).

The proposal seeks to adjust the FLR tokenomics specifically regarding the 28,524,921,372 tokens airdropped to XRP holders in December 2020. Instead of distributing tokens directly for 36 months after the first 15% Token Distribution Event with no further action required, the project now aims to distribute them to all wrapped FLR (WFLR) token holders, thus making them more similar to staking rewards.

FIP.01 was adopted with 93% of the 17% voting power.

As a result, according to the guide published yesterday, the team will release the first distribution of the airdrop to all WFLR holders every 30 days for the next 36 months. All drops will occur in 35 stages, with 676,040,637 FLR and the final 584,760,888 FLR. Flare Networks reveals that buyers must manually claim drop-delivered tokens within 90 days or risk losing them forever through a burn.

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

Flare Networks has received criticism in recent weeks from Ripple Chief Technology Officer David Schwartz and other members of the XRP community for its new FLR retention rules. Some users also accused the team of influencing the FIP.01 voting.

Source : The Crypto Basic


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