What is the Flare Network?
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.
he initial 15% were distributed on January 10, 2023.
The remaining 85% are being distributed in a series of 36 monthly FlareDrops happening between March 17, 2023 and January 30, 2026 according to the FlareDrop guide:
To qualify for the initial 15% airdrop, 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.
To qualify for the remaining 85% FlareDrops, you just have to hold FLR in your Uphold account.
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 eligible Uphold accounts on a pro-rata basis.
The initial airdrop from the Flare Foundation, occurred in January consisted of 15% of the total amount to be distributed, based on a snapshot of XRP balances as of 00.00 UTC on 12th December, 2020.The remaining 85% will be distributed pro-rata in monthly increments over 36 months, between March 17, 2023 and January 30, 2026, conditional upon the FLR being wrapped.
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.
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.
Note: Customers who transfer FLR off the platform are responsible for wrapping those tokens in order to qualify for future airdrops.
The remaining 85% of the FLR Airdrop will be distributed to FLR holders who wrap their tokens. 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.
Not while held on the Uphold platform. Uphold will not be voting on behalf of FLR holders.
Yes, Uphold 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 still received the amount of FLR they would have received if their XRP was still with Uphold at the time of the snapshot.
Uphold used its records of XRP sent by Uphold users to Cred to determine eligibility.
All such distributions to Cred customers were made on a pro rata basis out of the amount Uphold actually received from the Flare Foundation based on the amount of XRP our records indicated were sent to Cred and became trapped there.