Dubai, 21 October 2022
A major milestone will be achieved next week, as Flare reaches the decentralization threshold set for token distribution and enters the 6-9 month Beta period.
Flare will have onboarded sufficient independent validators to render the network decentralized and secure. Once an appropriate date has been agreed collectively with the major exchanges, Flare will be ready to commence token distribution.
The public FLR token distribution allocation is dictated by a snapshot of pre-existing assets (XRP), with over 90% custodied on centralized exchanges. These exchanges will therefore receive a correspondingly high proportion of FLR.
Flare has been in constructive conversations with these exchanges to request they release FLR to their customers within days of the Token Distribution Event (TDE), and certainly within no more than two weeks. An orderly and simultaneous distribution is the fairest manner to provide FLR to our community and will be to the benefit of everyone involved.
The coordination of token distribution by over one hundred exchanges involves multiple security and compliance reviews. Some exchanges require visibility of decentralized network validation for several weeks before sanctioning the token distribution. With this factored in, Flare envisages all the exchanges being ready within the next month, but with international end of year celebrations, a TDE around 9th January ‘23 may be deemed the optimal path for the fairest and most inclusive distribution. If exchange feedback in one month’s time means a December TDE is an option, then as previously stated, the network itself will be ready.
Flare would like to publicly thank all the exchange teams prioritizing the integration of FLR, who have been conducting code audits, security reviews, compliance checks, as well as finalizing the integration of the Flare blockchain. We are also very grateful for the continued support of the Flare Community and their belief in the potential of Flare’s novel technology.
During this period, we would appreciate it if the community could avoid contacting the exchanges excessively. We estimate that 5-10 million individuals will receive FLR during the public token distribution, and the exchanges have a very important task in ensuring that all of their customers’ funds are distributed safely.
Flare Network is one of the largest token distributions that blockchain has ever seen. For the best result for the community and the long term success of the network, we want to ensure that this distribution is as fair, orderly and seamless as it can be.