David Schwartz Clears the Air over Confusion Related to Tax on FLR Airdrop to XRP holders
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A couple of hours ago, the official Twitter account of the Flare community, an audience-driven Twitter account based on the Flare blockchain ecosystem, has shared the roadmap of the Flare Finance token (DFLR) airdrop.

Considering the report, XRP has holders that are eligible for the airdrop are likely to receive DFLR before FLR.

Read Also: About 1 Billion XRP Now Set Up By 17,077 XRP Accounts to Claim Spark Tokens; Top Exchanges Pledging Support

DFLR Requires Snapshot after the Launch of Flare Blockchain

Going by the thread and infographics shared, Flare Finance, a pioneering DeFi environment for Flare blockchain will distribute the DFLR tokens to eligible XRP holders as soon as Flare is launched.

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The airdrop is expected to be organized in a way that is different from how Spark (FLR) will be airdropped for XRP holders.

To know the actual amount of DFLR required for the airdrop, Flare Finance will conduct a snapshot of FLR balances a month after the launch of Flare blockchain.

Once the snapshot is taken, users will receive 15% of their FLR stakes, which was calculated 1:1 to the balance on 12th December 2020, when the snapshot of XRP Ledger was taken.

According to the roadmap, the remaining 85% of FLR tokens will be distributed by Flare Networks within 24-36 months after the Flare goes live. Also, DFLR holders will be able to exchange them for YFLR tokens.

Read Also: What Incoming SEC Chair Gary Gensler Once Said About Relationship between Ripple and XRP

Afterward, YFLR tokens will represent the core digital assets of all decentralized finance (DeFi) instruments powered by Flare Finance.

Read Also: How Flare Network and Spark Token FXRP Will Substantiate the Utility of XRP for Its Holders

Below are the direct answers to eight frequently asked questions as shared by Flare:

“Q1. Do I only get 15% of my dFLR as we only initially receive 15% FLR when the Flare Network launches? No. If you will received FLR via a self custody wallet / supporting dFLR exchange, your dFLR will be based on the 100% FLR you will (eventually) receive.

“Q2. What happens if I have to move my FLR because my exchange does not support it? You will then receive 100% of your dFLR however this will be based on the 15% FLR you moved and not the 100% FLR you will eventually receive.

“Q3. My exchange supported the FLR airdrop, does that mean it is supporting the dFLR airdrop too? No. I am unaware of any exchanges to announce support for dFLR but this airdrop is still many months away, have patience and if news arises of support I will certainly inform you.

“Q4. Is there a way to see if my FLR claim was successful for a self custody wallet? Fortunately for you @xrpscan has your back, enter your XRP address at http://xrpscan.com to check!

Read Also: Ripple, Coinbase, Bitfinex Moved Almost 100 Million XRP

“Q6. I have a Ledger, how do I claim FLR? If you were holding XRP at the time of the snapshot on a ledger device I would recommend checking out Wietse Wind’s guide here: flare.wietse.com

“Q7. Why have I not received my FLR tokens yet? The Flare Network is yet to launch.

“Q8. Do I have to create a separate account for dFLR? No. Just like an Ethereum wallet can hold both Ethereum and ERC20 tokens, a Flare wallet can hold FLR and tokens built on the Flare Network.”

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Solomon Odunayo

By Solomon Odunayo

Solomon Odunayo is an accomplished blockchain and cryptocurrency expert at Herald Sheets, known for his in-depth analysis and engaging articles that cater to both beginners and experienced readers. With a degree in Computer Science from the University of Lagos, Solomon leverages his technical background and keen understanding of the crypto space to provide readers with valuable insights and up-to-date news. His passion for innovation and commitment to staying current with industry developments make him a trusted voice in the digital currency community.