Adding a message key to your XRP Ledger account does not affect security, message keys are only informational.
You claim Flare by adding a message key, representing a Flare address, to your XRP Ledger account. It's enough to complete the claim process once per XRP account.
You can send and receive XRP as you normally would after completing the claim process. For additional details about the Flare token distribution see this blog post.Ĭlaiming Flare does not affect your XRP balance, other than costing the minimal XRP Ledger transaction fee of less than 0.00002 XRP. At the end of the claim period, all unclaimed Flare tokens will be burned. Your claimable Flare amount depends on your XRP balance on 12th December 2020, 00:00 UTC and you have until 11th June 2021, 23:59 UTC to make your claim. #XRP Ledger SnapshotĪt the inception of the Flare Network 100 billion Flare will be created, 45 billion Flare will be claimable by XRP holders. You can use Bifrost Wallet developed by Towo Labs to send, receive and delegate Flare tokens. Your last valid message key will be used for the coming Flare (FLR) distribution. Investing in or trading cryptoassets comes with a risk of financial loss.The snapshot occurred on XRP Ledger index 60,155,580 and the Flare (FLR) claim period ended on XRP Ledger index 64,204,315. The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Spark tokens are to be used for governance on the Flare network through voting mechanisms, and token holders will be able to earn a return on their holdings by committing Spark tokens as collateral to secure the trustless issuance and redemption of FXRP, a protocol built to “safely enable the trustless issuance, usage, and redemption, of XRP on Flare.”Īs Daily Hodl reports, Flare has in the past said it would allow the community to vote on how the tokens should be airdropped, but ultimately decided against that move based on potential tax implications. The Flare Foundation is a non-profit organization, and has written in its constitution it must be wound down and all of its Spark tokens burned if token holders agree its existence is no longer beneficial to the network. The only way to achieve this fairly is, in our opinion, the distribution of Spark that is taking place.įlare Networks added that some users will not be embracing Flare and the Spark tokens for the utility they bring to the market, but will instead “wish to claim Spark only because they believe that it is ‘free money.’” The slow rollout is meant to “reduce the negative effects from this dynamic” by limiting the amount of liquidity that can be put into the market right away. It has always been our stated position that the best people to provide capital to underpin the trustless issuance of FXRP on Flare are the people who own XRP. The slow rollout is reportedly meant to avoid users from selling their FLR tokens on the market as soon as they receive them so the price doesn’t plummet right away. Once the network goes live, each eligible holder will immediately receive 15% of their claimable FLR tokens, while being able to claim an average of 3% per month thereafter.Īccording to Flare, the airdrop will carry on for a minimum of 25 months and a maximum of 34 months to eligible XRP holders. Flare Networks has detailed its plan to airdrop Spark (FLR) tokens to XRP holders after months of planning the airdrop.
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