On January 9, 2023, the Flare Token Distribution Event (TDE) will occur. Flare while making the announcement, expressed much gratitude to the exchange teams for their unending assistance and cooperation. As additional exchanges are added to the list offering this new advancement, the number of businesses grows. Binance is one of the renowned exchanges among others, carrying out the distribution exercise.
https://twitter.com/FlareNetworks/status/1612237590857486336
Getting to know Flare
The native currency of the Flare Network Blockchain, a different kind of cryptocurrency with various opposing viewpoints and the Flare Time Series Oracle, is called Flare (FLR) (FTSO). Users might use services currently existing on the ETH framework without converting to ETH currencies since it is simple to integrate with Ethereum. The Avalanche format is also compatible with Flare.
How will the distribution work?
Binance will distribute the first 15% of the Flare (FLR) public token distribution to qualified consumers on January 9, 2023. For every 1000 XRP owned on Binance on December 12, 2020, there will be 0.1511 FLR available.
The community’s decision on Flare Improvement Proposal 01 will decide the distribution method for the remaining funds (FIP.01). If this management proposal is accepted, the remaining 85% of the token distribution (0.8562 FLR for every 1.00 XRP) will be given on chain to addresses that wrap their tokens rather than being assigned to lessons for the airdrop.
A total of 1.0073 FLR will be distributed for every 1.0000 XRP over 36 months for the whole FLR public token distribution.
Those who received the Flare token distribution will be able to wrap and delegate their tokens to the Flare Time Series Oracle to begin receiving inflationary rewards for immediately assisting in the production of decentralized data for the network. Additionally, this will guarantee recipients receive the total amount of FLR tokens available to them if the community votes favor FIP.01.
What about bankrupt exchanges?
According to Flare, they have been in touch with the teams at FTX, Celsius, and Voyager to discuss the best way to distribute the token. Flare claims that the ideal scenario would be for them to be able to provide Flare access to their customers’ addresses so that Flare may airdrop them directly.
However, these issues are seldom straightforward due to the complexity and length of bankruptcy procedures. According to the company, it is usually safer to self-custody your cryptocurrency in a wallet like Bifrost Wallet, Ledger, Trezor, or D’Cent.
