Flare, the Ripple-backed network, has announced a new airdrop. The network is transitioning to a staking model to decentralize validators and enhance data provision protocols. This transition is expected to open new opportunities for users to delegate stakes to validators and earn rewards.
FlareDrop.10 Release 🪂
If you’ve held Wrapped FLR (WFLR) for the past 23 days, you’re eligible to claim.
Stakers of FLR also qualify 🌟
— Flare ☀️ (@FlareNetworks) December 12, 2023
The airdrop is structured as a sequence of 36 FlareDrops, each occurring monthly, with a total distribution of 24.2 billion FLR tokens. Active members of the Flare community who have converted their Flare tokens into a wrapped format are eligible to claim these tokens.
To qualify, a wallet must have maintained a balance of Wrapped FLR (WFLR) for 23 days before each claim day. During these 23 days, three arbitrary blocks are selected to compute the average holdings across all wallets. This average is then used to determine the distribution of the airdrop.
Flare Designed an Interesting Way to Distribute the New Airdrop
The number of FlareDrop tokens claimable by a wallet each month is determined by its proportional ownership of the total circulating WFLR. Notably, any FLR tokens that have been staked to validators on the P-Chain are also considered eligible for FlareDrops. The monthly allocation of FlareDrops is now calculated based on the aggregate of WFLR held and FLR staked on the P-Chain during the three randomly selected blocks. This ensures a fair distribution based on active participation in the blockchain.
To participate, users need to wrap their FLR tokens. If the tokens are held on a centralized exchange, they will likely need to be moved into a different wallet before they can be wrapped. Once the FLR is in the wallet, users can connect to the Flare Portal to wrap their tokens into WFLR.
FlareDrops can be accessed through the Flare Portal by linking a wallet that retained WFLR during the period of Holdings computation. An alternative is to enable auto-claiming, which guarantees the immediate and automatic claiming of FlareDrop tokens for a certain fee. This approach enhances compounding, conserves time, and prevents needless interaction with a cold wallet.
This new airdrop by Flare is a significant development in the crypto space, offering users an innovative way to earn rewards and participate in the network’s growth. Flare (FLR) currently trades at $0.01598, down 5% in the last 24 hours, according to data from CoinMarketCap.