Binance has confirmed that it will implement the January 9 Flare (FLR) airdrop distribution to eligible XRP holders.
Binance, the world’s largest exchange by daily trading volume, has confirmed its support for the recently-announced January 9, 2023, Flare (FLR) airdrop distribution to eligible XRP holders on the exchange. This confirmation follows the exchange’s announcement on supporting the airdrop two years ago when the token was still called Spark (SPARK).
The Flare Networks team disclosed the development through an official tweet and a press release on its website. “Binance has confirmed that they will provide the Flare (FLR) token distribution to eligible customers on 9 January 2023,”
— Flare ☀️ (@FlareNetworks) November 30, 2022
According to the media release, Binance confirmed that it would distribute eligible XRP holders on the platform with the first 15% of the FLR token distribution. According to the Flare team, the distribution will occur in a ratio of 0.1511 FLR to 1 XRP held at the time of the December 12, 2020 snapshot. This means that customers who had XRP on their Binance balance at the time of the snapshot on December 12, 2020, will receive 0.1511 FLR for every 1 XRP token. This is consistent with earlier announcements.
Additionally, as previous reports confirmed, the rest of the token distribution will be determined by the results of the vote carried out on the Flare Improvement Proposal (FIP.01). If the votes go in favor of the proposal, addresses who had wrapped and delegated their tokens to the Flare Time Series Oracle (FTSO) will receive more FLR tokens at a ratio of 0.8562 FLR for every 1 XRP held, instead of delivering it to airdrop addresses.
The conclusion of the whole distribution event will see XRP holders receive 1.0073 FLR for every XRP held at the time of the snapshot, lasting 36 months. The Flare team noted that it would update the community accordingly in case of further airdrop support from Binance.
The Flare Team Confirmed That This is Not a New Airdrop
Conclusively, the team further provided clarification on the recent confirmation from Binance. The press release specifically noted that the recent announcement is not presenting a new airdrop for Binance users but that the exchange has only confirmed the tentative date of the distribution and the change of name from Spark (SPARK) to Flare (FLR).
Recall that Binance became one of the first exchanges to declare support for the FLR token airdrop (formerly SPARK) when it was announced on November 25, 2020. The exchange informed its customers that it would carry out the snapshot on December 12, 2020, at midnight (UTC).
Recall that Singapore-based announced its support for the distribution event for supported jurisdictions on October 20, as previously reported by The Crypto Basic. This announcement came two months after Huobi Japan declared support for the event. Earlier this month, the Flare team unveiled the project’s tokenomics, revealing a further deferment of the distribution date.