Flare Networks Publishes Final Details of the Spark Token Distribution
- Flare Networks has released the final details of the Spark Token (FLR) distribution
- 100 Billion Spark Tokens (FLR) will be minted when the network is launched
- 45 Billion of the Spark Tokens (FLR) will be distributed to individual XRP holders who participated in last year’s snapshot
- Ripple, Jed McCaleb and non-participating exchanges are excluded from the distribution
- There is also a whale cap on all addresses holding over 1 Billion XRP
The team at Flare Networks has published the final details of the Spark Token (FLR) distribution scheduled for when the mainnet of the network is launched later this year.
According to the most recent distribution plan, an initial 100 Billion Spark Tokens (FLR) will be minted once the network is launched. Of this amount, 45 Billion Spark T0kens (FLR) will be distributed to XRP holders who participated in last year’s snapshot using the following formula.
An explanation of each variable in the equation can be found below.
- Spark claimable – The amount of Spark Tokens claimable by each qualified XRP address
- XRP owned – XRP held on the participating address on the date and time of the snapshot
- XRP total – The total amount of XRP in existence during the snapshot
- XRP Ripple – The amount of XRP held by Ripple related accounts, including Jed McCaleb’s, at the time of the snapshot
- XRP NPE – The amount of XRP held by non- participating exchanges at the time of the snapshot
Individual Whale Cap Set at 1 Billion XRP
In addition, the Spark Token (FLR) distribution will include a whale cap for addresses holding over 1 Billion XRP at the time of the snapshot. Any Spark Tokens (FLR) that could have been claimed with any additional XRP for this category of hodlers, will be put into the incentive pool for minting FXRP.
Initial 15% of the 45 Billion to be Distributed, the Remaining Over 25 – 34 Months
With respect to the airdrop schedule, the team at Flare Networks explained the distribution as follows.
At network launch, each account that has claimed Spark will receive 15% of the total Spark for which they are eligible.
This is 15% of the Spark claimable term in the equation above. The remaining Spark claimable will be distributed over a minimum of 25 months and a maximum of 34 months.
Flare Networks Expected to Launch Around the End of June, +/- 2 – 4 Weeks
In an April 17th tweet that can be found below, the team at Flare Networks explained that the mainnet will go live around the end of this month, give or take 2 to 4 weeks.
The $FLR distribution will start when the Flare Network goes live. The team is working to make this happen SAFELY as soon as possible. It is dependent on finishing security testing. We expect this at the end of June +/- 2-4 weeks.
— Flare (@FlareNetworks) April 16, 2021
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