Flare Network update: FLR token airdrop

Back in December 2020, we posted this blog to let you know that if you were holding any XRP tokens in your Revolut account at midnight UTC on 12 December 2020, you’d be eligible for the Spark token airdrop.

After a couple of years of infrastructure improvements, and a deferral of the original distribution date (initially planned for the summer of 2021), Flare Network announced that they might be ready to distribute their native token: Flare (ticker: FLR). The name Spark won’t be used anymore to avoid mix-ups with another existing project.

The Token Distribution Event (or airdrop) is expected to take place between 24 October and 6 November, 2022. (Update: the event is now expected to occur in January 2023, see here).

What do I need to do to receive my Flare tokens?

If you held XRP tokens in your Revolut account at the snapshot date (midnight UTC, 12 December 2020), you’re eligible to receive FLR — you don’t need to do anything.

While we’re doing our best to support the airdrop, several things need to happen first to make it possible (keep reading to find out). Most of these things are beyond our control and depend on our partners.

Unless all our partners support the airdrop (and the FLR token), we won’t be able to do so either.

So, what needs to happen for you to receive Flare tokens?

1. First and foremost, the airdrop event itself. Flare Network hasn’t decided if they’ll distribute the entire amount in one go during that time, or spread it out across monthly airdrops (this will be decided by vote and could result in 29 additional airdrops!). They’ve released more information about this on their blog
2. Next, our trading partners will need to confirm if they’ll list FLR as a tradable asset on their platforms, and that it has sufficient liquidity. Otherwise, we won’t be able to list it as a tradable asset
3. Then, our blockchain infrastructure partners will need to provide support for the token — this is critical both for claiming the majority of the airdrop, and allowing us to potentially enable withdrawal functionality in-app for FLR
4. Finally, as with any other token in the Revolut app, FLR must pass through a series of internal checks before being listed, including liquidity, financial crime risks, legal, regulatory and other due diligence considerations. This process can take time, but we’ll keep you posted via this blog (or email, if you’re eligible to receive the token)

How many tokens will each person receive?

There are two possible public token distribution methods as mentioned (a one off airdrop, or 30 total monthly airdrops), so first, Flare has to settle on one.

The total amount of tokens allocated to the public distribution (28,524,921,372 FLR) is the same regardless of the chosen method. As we said in our original blog post, if we can support the airdrop, the allocation of tokens will be calculated as follows:

Number of Flare tokens for User A = (Number of XRP tokens held by User A at snapshot / Total XRP held by Revolut at Snapshot) x Total Flare tokens received by Revolut during the airdrop

According to Flare’s blog, they expect that for every 1 XRP held as of the snapshot date, each user will receive a total of 1.0073 FLR.

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