-
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3.05%
When was Flare coin issued?
Flare Network's native token, FLR, underwent its initial distribution through an XRP airdrop on March 17, 2023, with subsequent phased releases over 36 months to incentivize participation and align with the network's long-term goals.
Nov 19, 2024 at 09:42 pm
When Was Flare Coin Issued?
Flare Network, a decentralized blockchain platform designed to connect blockchains and empower smart contracts through its Flare Time Series Oracle (FTSO), has a native token known as FLR. The issuance of FLR took place through a series of processes outlined below:
1. Initial Distribution
- FLR tokens underwent their initial distribution on March 17, 2023, through a spark airdrop to XRP holders, which was intended to incentivize wider participation.
2. Distribution Timeline
- The distribution of FLR tokens followed a phased approach over 36 months, with approximately 42.5% of the total supply being distributed in the first year.
- The remaining tokens were vested and gradually released over the subsequent years to align with the Flare Network's long-term goals and governance model.
3. Spark Token Conversion
- To participate in the initial airdrop, XRP holders required Spark (FLR/SGB) tokens, which were wrapped FLR tokens used as a placeholder during the network's development phase.
- Spark tokens could be redeemed for FLR tokens on a 1:1 basis once the Flare Network launched.
4. Token Release Schedule
The release schedule for FLR tokens was divided into three phases:
- Phase 1 (Year 1): Distribution of approximately 42.5% of the total supply to Spark token holders in the form of FLR tokens.
- Phase 2 (Years 2-3): Payouts to Flare Time Series Oracle (FTSO) operators, who provide price data to the network, and to the Flare Foundation.
- Phase 3 (Year 4 and Beyond): Distribution of remaining FLR tokens for ecosystem development, liquidity provision, and other community-driven initiatives.
5. Ongoing Distribution
After the initial token release phases, FLR tokens are set to be distributed through various means, including:
- Incentives for network participation, such as running FTSO nodes or creating and deploying smart contracts.
- Grants and funding opportunities to support the broader Flare ecosystem.
- Partnerships and collaborations with other projects aiming to leverage the Flare Network's capabilities.
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