Flare Network Enters Beta Mode As XRP Holders Await Long-Delayed Spark (FLR) Token Giveaway

by Nitisha Upadhye
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Flare Network Enters Beta Mode As XRP Holders Await Long-Delayed Spark (FLR) Token Giveaway

Flare is officially entering beta mode as XRP holders continue to await its long-delayed Spark (FLR) token airdrop.

Flare announced via Twitter on Friday morning that it had surpassed its “decentralization threshold.”

The network now has 20 validators on its mainnet, only four of which are run by the Flare Foundation. The 16 others are run by validator partners.

The company says the “token distribution event” will happen once it agrees on a suitable date with its exchange partners.

Flare Network, with its native FLR token, aims to essentially bring smart contract capabilities to various blockchain networks, starting with XRP and then Litecoin (LTC).

The company previously said that each eligible holder will immediately receive 15% of their claimable Spark tokens, and then claim an average of 3% per month, carrying on for a minimum of 25 months and a maximum of 34 months.

FLR will be distributed to XRP holders based on a snapshot of the network taken in late 2020.

In late September, Flare said it planned to distribute the FLR tokens between October 24th and November 6th, provided enough validators took up their roles.

Flare chief executive Hugo Philion has since delayed that timetable, however. The CEO now says the FLR tokens will be distributed by January 9th at the latest.

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