This post was written by Neil on Feb 15, 2023
The initial 15% distribution was completed during the Flare Token Distribution Event on 9 January, with the remaining 85% of the distribution to be shared by all holders of wrapped FLR.
This will be split into 36 instalments: 35 instalments of 676,040,637 FLR and one final instalment of 584,760,888 FLR. Combined with the initial 15% distribution, this totals 28,524,921,372 FLR to be provided directly to the Flare community.
Every 30 days, each instalment will be proportionally allocated to wallets that hold wrapped FLR (WFLR). The tokens must be claimed within 90 days or they will be burned.
To define the amount due to each wallet, the mean WFLR balance will be calculated based on 3 random blocks chosen from the 23 days prior to distribution day. The received FLR will then be proportional to this average as a percentage of the total circulating WFLR.
For example, if a wallet contains an average of 0.001% of the total circulating supply of WFLR across the three random blocks, then the wallet will be eligible for 0.001% of the next distribution allocation, which equals 6760.4 FLR.
These tokens will need to be actively claimed by every user, just like the FTSO delegation rewards, for example by using the FTSO AU App. However, Flare recently deployed facilities for safe automatic claiming by third parties, allowing users to “set and forget”. These facilities have already been leveraged by some wallets to offer autoclaiming functionality for FTSO rewards. It is likely providers will offer similar functionality to autoclaim the public token distribution.
The first of the 36 distributions will take place on Friday 17 March at 12:00 UTC. Subsequent distributions will happen every 30 days.
WFLR holdings will be calculated based on three random blocks from the previous 23 days.
If you’re new to Flare Networks and you might find our Getting Started index of posts and pages useful.