Leading cryptocurrency exchange Coinbase has officially started distributing Flare (FLR) tokens to eligible users. This airdrop rewards XRP holders who maintained balances during a specific historical snapshot, fulfilling a long-standing commitment made by the exchange.
The distribution process is now live for qualified customers using Coinbase's simple and advanced trade interfaces, as well as those on Coinbase Exchange in approved regions. This move concludes a significant waiting period for the XRP community, which had eagerly anticipated this event.
Eligibility Criteria for the Flare Airdrop
To qualify for the FLR token distribution, users must have held XRP on the Coinbase platform on the snapshot date of December 12, 2020. The exchange has confirmed that only those meeting this specific criterion within authorized jurisdictions will receive the tokens.
The airdrop is part of Flare Network's broader initiative to reward participants in the XRP ecosystem. This strategic distribution aims to bootstrap participation and governance within the Flare network, which is designed to provide smart contract functionality to assets like XRP.
Distribution Timeline and Process
Coinbase has indicated that the distribution process is currently underway and is expected to take up to 72 hours to complete for all eligible accounts. During this processing window, outbound transfers for FLR tokens will be temporarily disabled to ensure accurate allocation.
Inbound transfers of FLR tokens have already been enabled on Coinbase platforms in regions where trading support exists. This allows users to deposit tokens from external wallets in preparation for when trading officially commences on the exchange.
Future Trading Support for FLR
Following the completion of the airdrop distribution, Coinbase plans to gradually enable trading for the FLR-USD trading pair. The exchange will make an official announcement once sufficient liquidity is established and the market is ready for trading activity.
This listing represents a significant development for both FLR token holders and the broader XRP community, as it provides increased accessibility and trading options for the asset. For those looking to track these developments as they happen, you can monitor real-time exchange listings as they become available.
Background on the Flare Network Airdrop
The Flare Network successfully initiated its token distribution on January 9, 2023, with an initial distribution of 4.279 billion FLR tokens to millions of recipients across various exchanges. This massive airdrop represents one of the largest token distributions in cryptocurrency history.
The complete airdrop program involves 24,246,183,166 FLR tokens being distributed across 36 monthly installments. These distributions occur at noon UTC every 30 days, with the program having commenced on March 17, 2023. The schedule includes 35 distributions of 676,040,637 FLR each, followed by a final distribution of 584,760,871 FLR in the 36th month.
XRP Community Response and Context
The XRP community has welcomed Coinbase's distribution of the Flare airdrop, though many continue to advocate for the relisting of XRP on the exchange. Coinbase suspended XRP trading in early January 2021 following the SEC's action against Ripple Labs, creating ongoing uncertainty for XRP holders.
This airdrop distribution represents a positive step in the relationship between Coinbase and the XRP community, potentially signaling improved relations and future collaboration. The connection between FLR and XRP remains significant, as Flare Network aims to expand the utility of XRP through its smart contract capabilities.
For those interested in exploring how to maximize the value of airdropped tokens, consider learning advanced token management strategies that can help optimize your crypto portfolio.
Frequently Asked Questions
What was the snapshot date for the Flare airdrop eligibility?
The snapshot occurred on December 12, 2020. Only users holding XRP on Coinbase at that specific time qualify for the FLR token distribution.
How long will the Flare token distribution take?
Coinbase estimates the distribution process will require up to 72 hours to complete for all eligible accounts. Users should check their wallets within this timeframe.
Will Coinbase support trading for FLR tokens?
Yes, the exchange plans to enable trading for the FLR-USD pair gradually after the airdrop distribution is complete and sufficient liquidity is established.
Why did Coinbase suspend XRP trading previously?
The exchange halted XRP trading in January 2021 following the SEC's lawsuit against Ripple Labs, which created regulatory uncertainty around the token's status.
How many total FLR tokens will be distributed through the airdrop?
The complete airdrop program involves 24,246,183,166 FLR tokens being distributed across 36 monthly installments to eligible participants.
Can I transfer my FLR tokens out of Coinbase immediately?
Outbound transfers will remain disabled during the initial 72-hour distribution period to ensure proper allocation. Transfers will be enabled once distribution is complete.