As a seasoned researcher with extensive experience in the blockchain and cryptocurrency space, I find the latest development by Flare Labs quite intriguing. The retroactive airdrop tied to their FAssets system, aiming to integrate non-smart contract assets like Bitcoin and XRP into the DeFi sphere on the Flare network, is an innovative step towards bridging traditional finance with decentralized finance.
Flare Labs has announced new developments concerning the retroactive airdrop connected to their FAssets system, which intends to incorporate non-smart contract assets such as Bitcoin and Ripple (XRP) into the Decentralized Finance (DeFi) ecosystem within the Flare network.
Objective of the Airdrop: To recognize and compensate users who were actively involved during the open beta testing stage on the Flare Labs’ Coston testnet. By engaging with the community during this phase, Flare Labs aims to identify and rectify any potential issues, thus ensuring smooth operation of the system in diverse scenarios.
Ever since its debut on June 4, FAssets has garnered over 40,000 users. These participants have collectively executed approximately 450,000 transactions involving the minting and redeeming of FTestXRP and FBTC, resulting in the creation of about 48 million FXRP tokens and roughly 6.85 million FBTC tokens.
Eligibility Criteria and Wallet Restrictions
The blockchain company revealed that users would need to actively participate in the Open Beta on Coston and engage in Songbird and Flare activity to be eligible for the retroactive airdrop. Also, participants who redeemed their FTestXRP tokens before the XRP testnet reset on August 19 will be included in the airdrop. Those who did not redeem their tokens before this reset will be ineligible. They said:
To receive the retroactive airdrop, it’s necessary that you take part in the Open Beta on Coston and show signs of involvement on both Songbird and Flare. The distribution of the airdrop will occur once the FAssets system has been formally launched on Flare.
Flare Labs has set certain rules to promote active engagement and discourage mere hoarding. Consequently, wallets holding more than 1,000 FTestXRP or 0.01 FBTC will not qualify for the airdrop. This rule comes into play 48 hours following this announcement.
As a researcher, I’d like to clarify some eligibility rules for our upcoming airdrops:
Airdrop Distribution and Anti-Sybil Attack Measures
400,000 dollars worth of rFLR tokens have been set aside for the retroactive airdrop, with approximately 10,000 individuals expected to receive benefits. The rewards are distributed based on participants’ activity levels, with amounts varying from $10 to $1,000 per recipient. Only transactions related to minting, redeeming, and collateral actions will be eligible for incentives.
To keep Sybil attacks at bay, where users may try to abuse the airdrop by utilizing numerous wallets, Flare Labs has set up a rule: A wallet must demonstrate past activity related to the delegation or staking of FLR or SGB tokens to be considered eligible. However, if a wallet doesn’t have this history, it can still become eligible if it is linked to another wallet that has previously delegated or staked FLR/SGB tokens.
This guideline prevents users from taking advantage of the system by associating several beta accounts with a single primary account, since every primary account is allowed to be linked with just one beta account.
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2024-10-11 16:06