Binance will support the Flare (FLR) Token Distribution Event

On 9 January 2023, Binance will provide eligible customers with their first 15% of the Flare (FLR) public token distribution. This will be in the ratio of 0.1511 FLR for every 1.0000 XRP held on Binance at the time of the snapshot on 12 December 2020.

The mechanism for the remainder of the distribution will be determined by the community vote on Flare Improvement Proposal 01 (FIP.01). If this governance proposal is approved, the remaining 85% of the token distribution (ratio 0.8562 FLR for every 1.0000 XRP) will be distributed on chain to addresses that wrap their tokens, instead of being provided to airdrop addresses.

The full FLR public token distribution will be completed over 36 months with a total ratio of 1.0073 FLR for every 1.0000 XRP. A comprehensive summary of FIP.01 and details on the two possible versions of Flare tokenomics for the different governance vote outcomes are available for further reading. Should Binance choose to support subsequent airdrops, a further announcement will be made.

Recipients of the Flare token distribution will be able to wrap and delegate their tokens to the Flare Time Series Oracle to immediately start earning inflationary rewards for supporting the provision of decentralized data for the network. If the community votes yes to FIP.01, this will also ensure recipients receive the maximum number of FLR tokens available to them.

Additional information for Binance customers

This is not a new airdrop. This is the same airdrop that Binance had previously confirmed support for. The only differences are that the token is now called Flare (FLR) not Spark, and that the date for the token distribution has been finalized as 9 January 2023.

Eligibility criteria for the token distribution are unchanged and based on an XRP snapshot completed on 12 December 2020. Further details on the specific criteria for Binance customers can be found on the Binance website here and here. Although these posts mention that the token distribution has been cancelled, this is just because of the token name change. The token distribution will proceed for Binance customers as described above.

Flare is a blockchain built to connect everything. It presents developers with a simple and coherent stack for decentralized interoperability, allowing developers to serve multiple communities and ecosystems simultaneously through a single deployment.

Flare’s protocols now provide:

  • Scalable EVM-based smart contracts.
  • Highly decentralized price feeds.
  • Secure state acquisition from other blockchains.

Flare and ecosystem partners are also building:

  • Insured smart contract token bridging.
  • Non-smart contract token bridging.
  • Secured data relay.
  • Horizontal scaling through a fully interoperable multi-chain ecosystem.