The distribution of Spark (FLR) tokens to Ripple investors was delayed, but the CEO of Flare Network has now released an update on the cause of the delay.
CEO of Flare comes up with the cause
Hugo Philion, the co-founder and CEO of Flare, stated that the Songbird project, his canarynetwork, before continuing to issue FLR tokens.
According to Philion, the upgrade is an important phase in the launch of the Flare Network. According to him, the projects take time to ensure that everything runs smoothly. The upgrade is expected to be completed before the end of March 2022. Philion said the following in a recent tweet:
“With the last 2 protocols of Songbird required for the launch of Flare, it will allow us to proceed with the launch of Flare. A full launch roadmap will be released in the coming weeks.”
The ‘airdrop’ of Flare Network
The XRP community has been waiting for the distribution of FLR to their wallet since last year. Since the airdrop was announced in December 2020, distribution has been delayed several times.
According to Flare, Ripple investors who own XRP will participate in the massive airdrop of 100,000,000,000 Spark tokens. It concerns those who complied with this on December 12, 2020.
At the launch of Flare, the XRP investors will get 15% of their claimable FLR tokens on their various exchange accounts.
In addition, the eligible traders will have to claim an average of 3% of their remaining FLR tokens on a monthly basis. This is expected to take the next 25 or 34 months after the airdrop begins.
Most XRP investors don’t seem very happy with the distribution process of the FLR tokens. Still, Flare Network hinted that the process is designed to avoid negative effects on the coin when it goes live. The Flare CEO said the following:
Coinbase has already announced plans to support the Flare Network’s token distribution process.
What is Spark?
Spark is Flare Network’s native token designed to provide smart contract functionality to various blockchains. Some of these are Ripple and Litecoin.
Flare is also reportedly going to Cardano (ADA) integrate after XRP and LTC. This came from the 2021 Twitter poll in which a majority of people preferred the seventh largest cryptocurrency.