This post was written by Neil on Jul 14, 2022
FLR Distribution Governance Proposal - An overview as of the 14th of July, written by Tom T in the Flare Discord.
We understand the community is keen to learn more about the proposal but please be mindful it has not been published yet. Here are some additional items to take note of:
1./ It is only a proposal and the community will have an opportunity to vote on it via governance, using wFLR, later this year or early next year. The proposal would need to pass in order to take effect.
2./ The proposal will be published well in advance of voting allowing plenty of time to review.
3./ Eligible participants would receive their initial 15% airdrop from the platform / exchange or self custody wallet where their XRP was held on 12/12/2020. So no change to this.
4./ The proposal would make it easier for participants to utilize self custody methods, if they originally held their XRP on an Exchange, to receive the remaining 85% in monthly distributions.
5./ It will suggest a wrapping and delegation requirement of your FLR/wFLR to FTSO data providers on the network to receive the remaining 85%.
6./ Delegation will work similarly as it does using SGB on the Songbird canary-net. For those not familiar with delegating, here’s a guide.
7./ The monthly allotments will be paid out in increments of around 2.5% to delegators proportionate to their holdings compared to the total amount delegated on the network.
8./ Participants can continue to add / wrap / delegate newly acquired FLR to increase airdrop reward amounts.
9./ Several snapshots will be taken every 30 days to observe delegated balances.
10./ The airdrop rewards pool is fixed and is separate from the FTSO inflationary rewards.
11./ The entire amount of the airdrop rewards pool would be distributed over the course of a 36 month period once (if) the proposal passes.
12./ There is nothing to do currently as FLR distribution will not begin until around September’ish.