When was Flare coin issued?

When Was Flare Coin Issued?

Flare Network, a decentralized blockchain platform designed to connect blockchains and empower smart contracts through its Flare Time Series Oracle (FTSO), has a native token known as FLR. The issuance of FLR took place through a series of processes outlined below:

1. Initial Distribution

• FLR tokens underwent their initial distribution on March 17, 2023, through a spark airdrop to XRP holders, which was intended to incentivize wider participation.

2. Distribution Timeline

• The distribution of FLR tokens followed a phased approach over 36 months, with approximately 42.5% of the total supply being distributed in the first year.
• The remaining tokens were vested and gradually released over the subsequent years to align with the Flare Network's long-term goals and governance model.

3. Spark Token Conversion

• To participate in the initial airdrop, XRP holders required Spark (FLR/SGB) tokens, which were wrapped FLR tokens used as a placeholder during the network's development phase.
• Spark tokens could be redeemed for FLR tokens on a 1:1 basis once the Flare Network launched.

4. Token Release Schedule

• The release schedule for FLR tokens was divided into three phases:

  • Phase 1 (Year 1): Distribution of approximately 42.5% of the total supply to Spark token holders in the form of FLR tokens.
  • Phase 2 (Years 2-3): Payouts to Flare Time Series Oracle (FTSO) operators, who provide price data to the network, and to the Flare Foundation.
  • Phase 3 (Year 4 and Beyond): Distribution of remaining FLR tokens for ecosystem development, liquidity provision, and other community-driven initiatives.

5. Ongoing Distribution

• After the initial token release phases, FLR tokens are set to be distributed through various means, including:

  • Incentives for network participation, such as running FTSO nodes or creating and deploying smart contracts.
  • Grants and funding opportunities to support the broader Flare ecosystem.
  • Partnerships and collaborations with other projects aiming to leverage the Flare Network's capabilities.