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HomeCryptocurrencyFlare Surpasses Decentralization Threshold, Next Is Distribution Event for XRP Holders: Details

Flare Surpasses Decentralization Threshold, Next Is Distribution Event for XRP Holders: Details

Eligible XRP holders will soon receive their Spark (FLR) after about two years of waiting. The token distribution event for XRP holders is next on Flare’s development agenda.

According to the latest announcement, Flare has surpassed a decentralization threshold as the Foundation now controls less than 33% of network validation power.

In a series of tweets a couple of hours ago, Flare announced that the network has entered Beta Mode.

Read Also: Flare Network New Dapp Will Let XRP Holders See Number of Spark (FLR) They Will Receive

Out of 20 validators on mainnet, only 4 are controlled by Flare Foundation, the remaining 16 validators are evenly operated by Blockdaemon, Figment, Staked, and IntoTheBlock.

With this new development, the much-anticipated Spark (FLR) distribution event can commence any moment from now.

It’s stated in the report that the distribution event date will be decided by Flare Networks and exchange partners.

During the FLR token distribution event, eligible Flare Time Series Oracle (FTSO) providers will be empowered to contribute as network validators. Also, the holders of FLR will be able to delegate to providers of their choice.

Flare team noted:

“Flare has surpassed the ‘decentralization threshold’ (Foundation controls less than 33% of network validation power) and has entered Beta Mode. The Token Distribution Event can commence once a suitable date has been agreed with exchange partners.

“At Token Distribution, qualifying Flare Community FTSO providers will be empowered to contribute as network validators. FLR token holders will be able to delegate to their chosen providers.

“Flare mainnet is now open for observation nodes; the mainnet peering whitelist has been removed and any entity can spin up an observation node on Flare Network. Interact with the network without restriction on your own node.”

Read Also: Flare Networks Is Set To Airdrop another Token to XRP Holders. Who Are Those Eligible? Details

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Recall that Spark (FLR) tokens were initially planned to be airdropped in early 2021, according to an announcement in late 2020. But it never happened as planned, keeping XRP holders in anticipation. However, considering the latest report, the waiting will soon be over.

It’s worth mentioning that the snapshot of XRP Ledger in readiness for the FLR airdrop was taken sometime in late 2020 and there are a total of 100 billion Spark tokens to be distributed.


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Solomon Odunayo
Solomon Odunayo
Solomon is a trader, crypto enthusiast, and analyst with over four years of experience in the industry. He strongly believes that crypto assets and the blockchain will continue to gain prominence. At TimesTabloid.com, he focuses on news, articles with deep analysis of blockchain projects, and technical analysis of crypto trading pairs.
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