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The network will automatically destroy unclaimed tokens 67 days after distribution.
Flare Networks has announced the successful distribution of the first of 36 planned FLR airdrops to wrapped token holders.
Flare disclosed the successful distribution of the rewards in a tweet yesterday, noting that the first distribution, dubbed FlareDrop.01, as promised, made 676 million tokens claimable to WFLR holders as part of the first drop. The team also reminded users that 24.2 billion tokens would be distributed over 36 months.
FlareDrop.01 is live.
👉 676M FLR can be claimed by wallets holding Wrapped FLR
👉 This is the 1st of 36 monthly FlareDrops
👉 In total across all the drops, 24.2B FLR will be claimableRead the FlareDrop Guide & let us know when you have claimed yours. https://t.co/RkNHMtaLST pic.twitter.com/Gu5MooMgS5
— Flare ☀️ (@FlareNetworks) March 17, 2023
As explained in a previous report, with the passing of the first Flare Improvement Proposal (FIP.01), WFLR holders would be entitled to FLR drops every month for the next 36 months. It bears mentioning that before the introduction of this proposal, the original plan was to distribute the remainder of the 28,524,921,372 FLR tokens from the 15% tokens distribution event to XRP holders at a time of December 2020 screenshot to these holders in 36 tranches with no further action required on their part.
However, Flare Networks introduced FIP.01 to make the drop more inclusive, arguing that the project now has a broader vision. Consequently, as highlighted in previous reports, the drop is now more akin to staking rewards that accrue to WFLR holders every month.
To be eligible for the FlareDrop, users must hold WFLR for 23 days before each claim day. Notably, the network chooses three random blocks within this specified holding period to get an average of the WFLR tokens held by each wallet. Each holder’s rewards are calculated as a percentage of the wallet’s average WFLR holdings to all WFLR in circulation. As previously highlighted, the first 35 drops would consist of a little over 676 million tokens, while the final drop would be about 584.76 million FLR. The network will automatically destroy unclaimed tokens 67 days after distribution.
Notably, the next drop will occur on April 16 per a guide attached to yesterday’s tweet.