Flare team begins distributing FLR tokens worth $714 million

The first 676 million FLR can be claimed by users as part of the Flare blockchain token airdrop that began in January 2023.

FlareDrop.01 is live.

? 676M FLR can be claimed by wallets holding Wrapped FLR
? This is the 1st of 36 monthly FlareDrops
? In total across all the drops, 24.2B FLR will be claimable

Read the FlareDrop Guide & let us know when you have claimed yours. https://t.co/RkNHMtaLST pic.twitter.com/Gu5MooMgS5

— Flare ☀️ (@FlareNetworks) March 17, 2023

In total, across 36 monthly rounds, 24.2 billion FLR will be distributed. Based on current pricing, that figure is roughly $714 million. At the start of the distribution the token edged higher.

On January 9, 2023, 4.279 billion FLR were allocated to “millions of users” under certain criteria. One of them was owning at least 1 XRP as of the snapshot on December 12, 2020.

The tie to Ripple’s token is explained by Flare’s focus on building a DeFi ecosystem on the fintech project’s network.

Distributions will occur in equal tranches of 676 million FLR each month, with the final tranche totaling 584.76 FLR.

Users can claim their tokens in several ways:

• via a wallet on Flare Portal;
• through the BiFrost Wallet app’s functionality;
• setting up auto-claim on the project site;
• manually configuring a smart contract.

As reported, Arbitrum, the developers of the Ethereum layer-2 network, planned on March 23 an airdrop, with the project subsequently moving to a decentralised governance model.