For example, if you hold 5% of eligible XFLR on our platform during the snapshot, you will receive 5% of the FLR tokens Poloniex received after conversion. We will distribute all FLR tokens to XFLR holders proportionally at the time of distribution. The amount of FLR you receive will be dependent on the final conversion rate from the Flare network. We will continue this process with each FLR distribution we receive until we have distributed 100% of the FLR airdrop amount. As we distribute FLR to customers, we will deduct an equivalent amount of XFLR from their account. At that time, all eligible customers who hold XFLR will automatically receive FLR proportionally to their XFLR balance.
When will spark tokens be distributed full#
Initially, the Flare network will distribute 15% of the total FLR airdrop to Poloniex and we will distribute the full amount of FLR we receive to XFLR holders. Until we receive the full airdrop of FLR, we will continue to list Spark (XFLR) and Spark (FLR). This means that all XFLR balances will be converted to FLR over time rather than all at once. The Flare network will be distributing FLR in incremental distributions over a vesting period. Once the Flare network launches, we will list FLR. Deposit and withdrawal functionality will be shown as “Disabled” in your Poloniex Wallet. XFLR is an IOU token and cannot be deposited into or withdrawn from your account. We will publish this ratio once the network launches and we convert XFLR to FLR. The conversion ratio of XFLR : FLR will be dependent on the final amount we receive in the Spark airdrop. Customers who held XRP during the Spark airdrop snapshot on Decemat 11:59:59 PM UTC have received XFLR at a ratio of 1 XRP : 1 XFLR. Spark (XFLR) is a tradable IOU token on Poloniex that entitles the users who hold XFLR at a specified time in the future to receive Spark (FLR). Once the underlying asset’s mainnet launches, users will be distributed an amount of the new asset corresponding to the number of IOU tokens they hold at a specified point after the mainnet launch date.
By creating markets for IOU tokens, price discovery for the underlying asset can occur before that asset becomes transferable over a live network. IOUs allow users to buy, sell, and hold the native token of a blockchain that has not yet gone live with its final public network (“mainnet”). 100 billion Spark tokens will be created at the outset of the Flare network when it launches in 2021. Flare’s token, Spark, will be created through a utility fork of the XRP ledger. The general methodology of the protocol and the system that connects Flare to other networks is extendable to any non-Turing complete token. A protocol has been built on top of the Flare network to safely enable the trustless issuance, usage, and redemption of XRP on Flare, called FXRP. Learn more about Spark and XFLR tokens in our frequently asked questions below.įlare aims to be the world’s first Turing complete Federated Byzantine Agreement (FBA) network. Join our community and find more people achieving their financial goals through crypto.We announced our support for trading Spark (XFLR) on December 21, 2020. Once we have more information, we will let Abra customers know the exact date when this distribution will happen. The distribution is currently planned for Q2 2021. The actual number of tokens that you would receive will be known to Abra closer to the distribution date in Q2 2021. The number of tokens you receive will be based on your XRP balance in Abra as of Friday, Dec 11 at 3:50 PM PST. This brings a wealth of utility to the XRP ecosystem and allows XRP to be used with DeFi products.Ībra plans to distribute the Spark (FLR) token in Q2 2021. This means that any existing Ethereum application can be deployed on Flare, including Decentralized Finance (DeFi).įXRP allows XRP to be used trustlessly for the first time with full-fledged smart contracts. The Flare Network is a new decentralized network that brings full smart contract functionality to the XRP ecosystem.
We also plan to list both FLR and FXRP for trading in the Abra app. We are excited to announce that Abra will be supporting the distribution of Flare’s native Spark (FLR) token.
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