A little more than a week after blockchain platform Flare Network took a snapshot of the XRP blockchain, it has completed its calculations and found out how many spark (FLR) tokens the eligible XRP holders will get.
According to Flare’s blog post, “after a week of analysis with Flare’s partners, XRPLORER and Towo Labs, the XRP:FLR claim ratio can now be set out.” They said that to maintain the strict minimum 1:1 distribution ratio, the distribution amount is increased from 45bn Spark tokens previously stated to FLR 45,827,728,412.
Therefore, “for each 1 XRP held then 1.0073 FLR (rounded to 4 decimal places) can be claimed,” wrote CEO Hugo Philion.
As a reminder, Flare Network is backed by Ripple‘s investment arm RippleX, and it’s working on a system that aims to help blockchains interact with XRP. Its native token is spark, created by a utility fork of XRP. The team behind the network took a snapshot of the entire XRP blockchain on December 12, searching for the addresses that held XRP in the crypto exchanges and wallets that participated in the 45bn-spark-heavy airdrop.
Flare is creating 100bn spark tokens, which will be distributed as they become available, with the network excepted to go live in Q1-Q2 2021. As for the airdrop, the eligible users need to nothing, given that they will receive the tokens automatically. They’ll receive 15% of the total spark for which they are eligible at launch, and the rest should be distributed over a minimum of 25 months and a maximum of 34 months, after which any remaining undistributed spark will be burned or distributed based on a governance vote.
At 10:54 UTC, XRP is trading at USD 0.53. It dropped 8% in a day and appreciated more than 7% in a week. Meanwhile, it went up 43% in a month, and 173% in a year. Out of the four time frames, it outperformed bitcoin (BTC) in the monthly gains one.
You are eligible to receive FLR tokens if:You held XRP in your XRP wallet during the December 12, 2020 snapshot.You claimed your FLR by submitting an ETH address before June 11, 2021.
How much will I receive? Each monthly airdrop is calculated based on 3 random snapshots from the 23 days prior to the monthly distribution day. The 35 first instalments will be of 676 040 738 FLR and the last one will be of 584 760 888 FLR.
A wallet must have held Wrapped FLR (WFLR) for the 23 days before each claim day to be eligible to claim a portion of that month's FlareDrop. These 23 days constitute the “Holdings calculation period”.
Claim: To receive your XRP tokens, participants must go through a claiming process outlined by the XRP airdrop. This process usually includes verifying your ownership of the snapshot addresses and completing specific tasks or requirements. Coin: XRP is the digital coin or token distributed through the airdrop.
If eligible, you should have received FLR tokens at a ratio of 1 XRP = 0.1511 FLR. Flare is the blockchain for data, an EVM smart contract platform that expands the utility of blockchain.
Flare price prediction 2024: Flare's price for 2024 according to our analysis should range between $0.046 to $0.07 and the average price of FLR should be around $0.058.
According to the latest long-term forecast, Flare price will hit $0.05 by the end of 2024 and then $0.07 by the middle of 2025. Flare will rise to $0.1 within the year of 2027 and $0.2 in 2034.
According to our current Flare price prediction, the price of Flare is predicted to rise by 224.67% and reach $ 0.097212 by May 28, 2024. Per our technical indicators, the current sentiment is Bearish while the Fear & Greed Index is showing 67 (Greed).
The 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: The dates above are the dates when Flare will be distributing the FLR in the network.
Tokens will be distributed to accounts in 36 installments every 30 days. The first distribution happened on March 17, 2023, and the last will occur on January 30, 2026. To learn more and to see all the distribution dates, visit Flare's website: FlareDrop guide.
Navigate to your Wallet and click the Withdraw button.Select XRP wallet in the “Withdraw from” field.Select withdrawal address or add a new withdrawal address. PLEASE NOTE: Withdrawing to the incorrect address might result in the irreversible loss of funds!
To protect the XRP Ledger from being disrupted by spam and denial-of-service attacks, each transaction must destroy a small amount of XRP. This transaction cost is designed to increase along with the load on the network, making it very expensive to deliberately or inadvertently overload the network.
Flare's goal is to bring the use of applications and smart contracts built on blockchains like Ethereum to other networks like XRP Ledger, which have previously been unable to support them on their own.
However, if Ripple loses all appeals, the SEC is likely to collect the $1.3 billion (the amount that the regulator alleges that Ripple earned from the unregistered securities sale) and offer XRP holders an option to sell their holdings.
Once you've copied your Flare address, open XRP Toolkit and connect your XRP wallet. Go to Properties in the Account menu and paste your copied address in the message key field. XRP Toolkit will offer to convert your Flare address to the required format for storing it as a message key on the XRP Ledger.
Introduction: My name is Geoffrey Lueilwitz, I am a zealous, encouraging, sparkling, enchanting, graceful, faithful, nice person who loves writing and wants to share my knowledge and understanding with you.
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