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Home Blockchain

Flare Proposes to Change Token Distribution

by Dalmas Ngetich
Aug 24, 2022 - 12:00 am
in Blockchain
Flare Proposes To Change Token Distribution

On the 23rd of August 2022, the Flare network announced the Flare improvement proposal 01, which aims to improve token distribution, inflation rates, and the existing incentive structure.

The Flare network is a blockchain that enables secure Cross-chain interoperability. It is the first project using the Federated Byzantine Agreement protocol, set to launch in 2022. The Flare foundation will issue the FIP01.

Flare Improvement Proposal 01 is here.

FIP01 is critical for the long term success of #Flare, which is now a radically larger project than originally envisioned. The proposal covers token distribution, inflation rate & incentive structure.

Full detailšŸ‘‡https://t.co/aREBqrE7Hm pic.twitter.com/3FYuwgpNcd

— Flare ā˜€ļø (@FlareNetworks) August 23, 2022

The proposal involves changes in reward distribution and payout structure to improve the short-term and long-term inflation of the FLR token to ensure its success.

Recent changes have occurred, resulting in a rapid expansion of the Flare project. Expanding from a single entity and community to providing secure smart contract assets for developers who design cross-chain applications.

The new proposal is designed to maintain current AirDrop participants while making a place for new entries into the Flare ecosystem. This equality maximizes the rewards for so many members of the FLR community.

The proposal aims to maintain the initial distribution system, with 15% of FLR tokens distributed to AirDrop participants. In contrast, the remaining FLR tokens will be distributed to proxy delegates over three years.

The proposal also aims to reduce the inflation rate to 10% in year one and 7% in year two. A Cross-chain incentive structure is to calculate 3% per annum of FLR supply or 10% of FLR and distribute the lesser value of the two equally to all tokens staked.

If passed, individuals wouldn’t have to rely on centralized platforms for distributions, and those who delegate Flare tokens are set to receive more incentives. This provides a strong incentive to reduce unneeded liquidity and ensure equality between FLR holders.

Tags: Flare
Dalmas Ngetich

Dalmas Ngetich

His primary focus is on technical analysis (crypto is, obviously, *not* crypto without the twirls of price action), the magic of DeFi, and NFTs. He is specifically training his eyes and effort on DeFi—and how the tech is changing investment, opening up opportunities for everyone—and the possibilities of NFTs.

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