FLR Token is the native token of Flare Network, a Layer 1 blockchain similar to Ethereum but with enhanced data acquisition capabilities. Flare enables decentralized access to high-integrity data from other blockchains and the internet, allowing for the creation of innovative dapps with new use cases and monetization models. It supports multi-chain deployment through a single implementation.
Being Ethereum Virtual Machine (EVM) compatible, Flare allows applications written in Solidity for EVM chains to run seamlessly on its platform. This article will discuss the guide to FLR airdrop called FlareDrop and FLR tokenomics.
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FLR Airdrop Guide: FlareDrop
Flare Network offers a series of 36 monthly FLR airdrop called FlareDrops, distributing a total of 24.2 billion FLR tokens to actively participating community members who have their Flare tokens wrapped.
Eligibility Criteria:
To qualify for a FlareDrop in any given month, a wallet must:
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Hold Wrapped FLR (WFLR) for the 23 days leading up to the claim date, a period referred to as the "Holdings Calculation Period."
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During this time, three random blocks are selected to determine the average holdings across all wallets, with further details available in the Technical Documentation.
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The amount of FlareDrop tokens a wallet is eligible to claim each month is proportional to its share of the total WFLR in circulation.
Notably, no Flare-affiliated entities, employees, or founders are permitted to claim FlareDrops using their token allocation.
Update: FLR tokens that have been delegated to validators on the P-Chain are now also eligible for FlareDrops. Monthly FlareDrop allocations are calculated based on the combined total of WFLR held and FLR staked on the P-Chain during the snapshot of the three random blocks.
FLR Tokenomics
Flare (FLR) is designed with a focus on community ownership, achieved through direct token distributions, network incentives, and initiatives from the Flare Foundation ecosystem.
Token Details
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Name and Ticker: Flare (FLR)
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Genesis Token Supply: 100 billion FLR
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Public Token Distribution: 28.52 billion FLR
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Cross-Chain Incentives: 20 billion FLR
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Annual Inflation Rate: 7%
Allocation:
A significant 58.3% of the initial Flare supply is dedicated to the community, including monthly FlareDrops, cross-chain incentives to enhance Flare's value, and project grants via the Ecosystem Support Program.
22.9% of FLR is dedicated to Flare development and investment entities, 16.7% of FLR is allocated for Flare team, advisors, and early backers, and 2.1% FLR is allocated to be burned backer tokens.
Governance:
19.8% of the genesis distribution is excluded from governance voting rights, ensuring neither the Flare Foundation nor the Flare VC Fund can influence network governance decisions.
Distribution Schedule:
Following an initial 15% distribution, the remaining allocations to entities are evenly spread over 36 months, with a temporary halt in the first month during the FIP.01 vote to solidify the public token distribution mechanism.
FLR Token Utility:
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Network Security: Tokens can be staked with Flare validators.
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Decentralized Price Data: Encourages incentivized delegation to the FTSO, supporting accurate decentralized price data provision.
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DApp Collateral: Serves as collateral within decentralized applications on Flare.
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Transaction Fees: Utilized to deter spam attacks, ensuring network integrity.
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Conclusion
FLR Token and its FlareDrop airdrop initiative represent a comprehensive approach by the Flare Network to foster community involvement and ownership. By distributing a substantial portion of FLR tokens through FlareDrops, alongside direct token distributions and network incentives, Flare aims to create a decentralized ecosystem that is accessible and beneficial to its community. The eligibility criteria for FlareDrop ensure a fair distribution mechanism, rewarding those who actively participate in the network by holding WFLR or staking FLR tokens.
The tokenomics of FLR highlight a commitment to sustaining the network's growth and utility. With a significant allocation towards community incentives, development, and ecosystem support, Flare demonstrates a balanced distribution strategy that prioritizes long-term viability and governance integrity. The utility of FLR tokens within the network—ranging from securing the network through staking to providing collateral for decentralized applications—underscores the multifaceted role these tokens play in enhancing network functionality and security.
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