New Details Shared for Altcoin to Airdrop to Ripple (XRP) Holders!

Flare altcoin, released the altcoin’s tokenomics as it moves through its initial beta phase, which the network predicts will take an estimated 6 to 9 months.

However, users were disappointed when they heard that the developers changed the distribution date of this altcoin again.

Flare Changed Deployment Date

Flare Networks had moved the distribution date of FLR tokens to around January 9, 2023, due to the lack of availability of cryptocurrency exchanges.

It is worth noting that XRP holders have been waiting for the Flare Networks airdrop for over two years, after receiving a wallet snapshot to reward token holders as of December 2020.

On October 28, Flare announced that the network is now decentralized as 80% of its validator power is independent of the Flare Foundation, stating that token distribution will begin at an agreed date with exchange partners.

The final delay will allow for the necessary security and compliance reviews according to the network, while giving exchanges several weeks to prove the decentralization of the network.

Remarkably, Flare expects exchanges to be ready at the end of the month, but foresees January next year as the preferred date due to year-end celebrations.

Altcoin Announces Tokenomics

While users continue to wait for the distribution of their tokens, Flare explained their tokenomics in a tweet.

The network has released two versions awaiting vote on the initial Flare Improvement Proposal (FIP.01). The main difference between the two versions will be how the network will distribute user altcoin rewards.

In the original version, XRP holders directly receive 28.5 billion of the total supply of 100 billion FLRs within three years, as of the date of the screenshot.

However, in the new version, if FIP.01 passes the management vote, these XRP holders will receive only 15% of the 28.5 billion, or approximately 4,278,738,206 FLR, via token distribution. The remaining 85%, i.e. 24,246,183,166 FLR, will be distributed to users who stake their tokens for three years.

📊FLR Tokenomics:

Total FLR tokens at Token Distribution Event: 100B
– Community allocation: 58.3B
– Team, advisors & backers: 19.2B
– Flare entities responsible for ecosystem and project investment: 22.5B

For more details: https://t.co/WCHdNAyoSS pic.twitter.com/tyfrIhqZjE

— Flare ☀️ (@FlareNetworks) November 4, 2022

While users have expressed concerns about dwindling altcoin airdrop rewards, Flare developers highlighted some of the benefits of the offer:

• The distribution will be independent of the availability of exchanges.
• Inflation will decrease as the network plans to calculate based on circulating supply rather than the top 10% of total supply annually.
• New users will have a chance to get a share of the distribution.

The developers of the altcoin also published tokenomics without exchanges:

• Community distribution (58.3 billion FLR or 58.3%)
• Flare team, supporters and advisors (19.2 billion FLR or 19.2%)
• Product development and investment organizations (22.5 billion FLR or 22.5%)

If the proposal passes, the new tokenomics will be:

• Airdrop 35.7%
• Flare Foundation 16.2% non-voting
• Flare VC Fund 12.5% ​​non-voting
• Flare Networks Limited 18.8%
• Consultants 2.5%
• Future team 3.5%
• Rest of the team, 1.9%
• Founding team 8.8%

The network states that there will be a one-week notice period immediately after reaching the set threshold, followed by a week’s voting. As highlighted, the Flare Foundation and Flare VC Fund will not be allowed to vote using altcoins. Consequently, a simple majority is required for the vote to pass.

Flare Networks believes that the proposed changes in FIP.01 are essential to the now expanding vision of the altcoin.

*Not investment advice.