Tech

Recent Rumor’s Set Flare Distribution For XRP Holders Between Oct And Nov This Year

09/27/2022
Bitcoin Ethereum News
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An unconfirmed report sets the distribution date for Flare tokens to XRP holders between October 24 and November 12.

For some time, holders of XRP – Ripple’s native token – have been in anticipation of the Spark Network token (FLR) distribution. Following the promise to distribute the tokens over a year ago, several proponents have waited for the due date. In a recent highlight of events, an unofficial report suggests it might happen soon.

A Twitter media handle dedicated to XRP and cryptocurrency news revealed the speculative date on Monday through the aves-themed social platform. 

“BREAKING! FLARE DISTRIBUTION TO TAKE PLACE BETWEEN OCT24TH 2022 AND NOV14TH 2022,” the mickle noted.

 

The disclosure has sparked mixed reactions from several XRP proponents as the majority bewail the extensive delay the distribution has taken. Some, however, expressed delight as they hope their wait will finally see an end. Notwithstanding, others are still skeptical, noting that the delay will persist.

Furthermore, the handle sought the opinion of the proponents on Ripple’s legal battle with the SEC in a separate tweet within the thread. 

“Will the Ripple Vs SEC case be over before the distribution?” the handle asked. As of press time, over 3.3k respondents have shared their opinion, with the majority of them – about 57% – saying NO. However, 43% believe it would have ended.

Recall that Ripple Labs and the SEC recently filed motions for Summary Judgment on the case, as previously reported.

FLR Distribution Phases 

Another Twitter handle, XRP_Cro, also focused on crypto and XRP data and recently shared an interesting infographic regarding the Flare Token. While the infographics do not state a tentative date for the distribution, it reminds the community of some important data regarding it.

 

According to the representation, the distribution of FLR will occur in two phases which would be determined by whether the Flare Improvement Proposal (FIP 01) will be voted for or against. 

The first phase of distribution will occur before the FIP 01 governance vote takes place. XRP holders will see a distribution of about 28.5B FLR at this stage. The distribution rate will occur at a rate of 0.1511 FLR for 1 XRP held by a wallet address as of the time of the snapshot.

Afterwards, if the FIP 01 is voted against, XRP holders will not see further airdrops. However, the team will distribute the remaining 24.2B FLR to initial holders of FLR who converted their FLR tokens to wrappedFLR (wFLR) or delegate the tokens to the Flare Time Series Oracle (FTSO) protocol. This distribution will occur equally in 36 months.

Notwithstanding, if the FIP 01 is voted for, XRP holders will receive 36 additional airdrops spread across 36 months. For 35 months, the ratio of the airdrop distribution will stand at 0.0239 FLR for every XRP held.

Nonetheless, for one month, the ratio will be 0.0206 FLR for every XRP. The airdrop will consider XRP wallet balances at the time of the snapshot in December 2020.

Meanwhile, the Flare team has made provisions for the public to ask relevant questions regarding the network. The official Flare Network Twitter handle invited all proponents to an open space on Wednesday at 3 PM (UTC), where the public will get to converse with the development team.

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Source: https://thecryptobasic.com/2022/09/27/recent-rumors-set-flare-distribution-for-xrp-holders-at-a-speculative-date-between-oct-and-nov-this-year/?utm_source=rss&utm_medium=rss&utm_campaign=recent-rumors-set-flare-distribution-for-xrp-holders-at-a-speculative-date-between-oct-and-nov-this-year