The Flare Network is a new network presenting developers a simple and coherent stack for decentralized interoperability. For more information on the Flare Network please visit the official website here.
The native token of the Flare Network is FLR.
To qualify, you must have had a confirmed positive balance* of XRP in your Uphold account at the time of the snapshot - 00:00 UTC on 12th December 2020.
*Uphold users must be eligible for 1 FLR or more in order to benefit.
The Flare Foundation has allocated 28,524,921,372 FLR for public distribution.
Uphold will distribute FLR it receives from the Flare Foundation to all its XRP holders on a pro-rata basis, based on a snapshot of their XRP balances as of 00.00 UTC on 12th December, 2020.
The initial airdrop from the Flare Foundation will consist of 15% of the total amount to be distributed.
The remaining 85% will be distributed pro-rata in monthly increments over the next 36 months, conditional upon the FLR being wrapped.
The allocation of those future airdrops will also be affected by the outcome of a vote on proposal FIP.01 - more on which can be found here.
This FAQ assumes the vote will pass.
Please allow a few hours for the tokens to be credited to your wallet on the 10th January.
Please note: All future airdrops/distributions of FLR to users will be made on a pro-rata basis based on the FLR they hold in their Uphold account and limited to the amount Uphold actually receives. Users must be eligible for at least 1 FLR or more at the time of each airdrop/distribution in order to qualify.
The distribution mechanism for FLR is highly complex and will span a 36 month period. It involves, amongst other things, the option to wrap tokens (to wFLR) in order to qualify for future airdrops and staking returns.
The allocation of those future airdrops will also be affected by the outcome of a vote on proposal FIP.01 - more on which can be found here.
The following assumes the vote will pass:
Uphold will significantly simplify the process for our customers by automatically wrapping the majority of FLR held behind the scenes. This will ensure the majority of those future benefits are passed on pro-rata to those who decide to hold on to them.
In order to ensure liquidity for customers who may wish to sell FLR in the short to medium term, we’ll maintain a certain percentage of customer FLR tokens unwrapped in our reserve. Those tokens will not accrue benefits.
Our highly sophisticated liquidity management tools will minimize the amount of FLR we keep unwrapped at any given time to ensure we maximize the rewards for customers who hold onto their tokens.
As we will handle everything behind the scenes, all tokens, whether wrapped or not, will be represented as FLR in customer wallets / our Reserve.
NB: Customers who transfer FLR off the platform are responsible for wrapping those tokens in order to qualify for future airdrops.
This will depend on the outcome of a vote on proposal FIP.01.
Assuming that the vote will pass, the remaining 85% will be distributed to FLR holders who wrapped their token. If you keep them at Uphold, you’ll still qualify for upcoming airdrops as we will automatically wrap them for you.
If you withdraw your FLR, it is your sole responsibility to ensure that any FLR moved off the platform is wrapped at its destination to qualify.
Uphold will credit your account with your FLR tokens on the 10th January. Trading will be supported once sufficient liquidity conditions have been met.
If required for future airdrops, Uphold will automatically wrap them for you to ensure you qualify.
The ability to Stake Flare will be available via the Earn section of the app.
Yes, Flare will be listed with full blockchain integration, supporting the ability to: buy, sell, hold, deposit and withdraw via crypto networks.
Please note: Trading will be supported once sufficient liquidity conditions have been met. Customers may initially experience short delays in trading.
Yes, Uphold has worked with the Flare Foundation to ensure that users who sent their XRP to Cred and had it trapped there at the time of Cred’s bankruptcy will still receive the amount of FLR they would have received if their XRP was still with Uphold at the time of the snapshot.
Uphold will use its records of XRP sent by Uphold users to Cred to determine eligibility.
Distributions to Cred customers may be delayed beyond the general airdrop dates. All such distributions to Cred customers will be made on a pro rata basis out of the amount Uphold actually receives from the Flare Foundation based on the amount of XRP our records indicate were sent to Cred and became trapped there.