Flare Network Enters Beta Mode

The Spark (FLR) project, which is closely followed by XRP holders, has officially entered beta mode with its statement on Friday.

While the Spark (FLR) token airdrop, which has been delayed for a long time, continues to be expected, Flare announced that it has exceeded the “central management threshold”. According to the statements, Flare currently has 20 validators on its mainnet, of which only four are managed by the Flare Foundation and the other 16 are run by validator partners. The company says that the token distribution event will take place after an appropriate date is agreed with the exchange partners.

On the other hand, Flare Network aims to bring smart contract capabilities to various blockchain networks, starting with XRP and then Litecoin (LTC) with the native FLR token. The company previously announced that each eligible holder will immediately receive 15% of claimable Spark tokens, and then claim an average of 3% per month for a minimum of 25 months and a maximum of 34 months. The FLR will be distributed to XRP holders based on a snapshot of the network taken in late 2020.

Additionally, Flare said in late September that it plans to distribute FLR tokens between October 24 and November 6, provided sufficient validators assume their roles. However, Flare CEO Hugo Philion has since delayed that timeline in statements he has made since then. The CEO now says that the FLR tokens will be distributed no later than January 9th.