When is the next XFLR disbursement on Bitrue?

[ringer2 998]

We got the first 15% but anyone know when the next one is?

[thinlyspread 3,586]

https://blog.flare.xyz/further-information-on-the-spark-token-distribution/

Quote

WHAT YOU WILL RECEIVE AND WHEN:

At network launch, each account that has claimed Spark will receive 15% of the total Spark for which they are eligible. This is 15% of the Spark claimable term in the equation above. The remaining Spark claimable will be distributed over a minimum of 25 months and a maximum of 34 months.

Each month,* a pseudorandom number in the interval [2,4][2,4] will be generated by the Flare Time Series Oracle (FTSO). This number corresponds to a percentage of the initial remaining Spark claimable.

For example, if person X has 1000 Spark claimable and 4% is picked every month by the FTSO, they receive 1000*15% = 150 Spark at day 1, and then (1000-150)*4% = 34 additional Spark per month for 25 months, coming to a total of 1000 Spark.

The average of the pseudorandom number draws should equate to 3% per month, the midpoint between 2 and 4. At this rate, the distribution will be complete within 34 months. The process runs until either all Spark have been distributed (minimum 25 months) or 34 months have passed. At 34 months, any remaining undistributed Spark is burned or distributed based on a governance vote. (If there is a burning event this reduces the amount of tokens that an individual receives overall, but their percentage ownership of the token remains unchanged.)

No one is treated differently in this process: it applies equally to the amounts that Flare Networks Limited and the Flare Foundation will receive.

With regards to how you receive these tokens:

If you self custody, the system will deliver them to the Flare address with which you claimed. (This is the Ethereum-style address that you set in the XRP message key field to make the Spark claim in the first place.)

If you are claiming through a participating exchange, they will distribute the token to your account over time.

*Note: If a claim is made after network launch (within the 6 month window) then the amount received to that account will be the 15% from the initial distribution + any additional amounts that have unlocked.

WHY IS THE DISTRIBUTION STRUCTURED THIS WAY?

The distribution structure has been designed to help achieve a successful network launch and to provide strong incentives for network participation that builds utility.

Free Riders & Early Liquidity Management

It has always been our stated position that the best people to provide capital to underpin the trustless issuance of FXRP on Flare are the people who own XRP. The only way to achieve this fairly is, in our opinion, the distribution of Spark that is taking place. Rather than embracing Flare and Spark for the utility it creates, a certain percentage of people will wish to claim Spark only because they believe that it is “Free money”. To reduce the negative effects from this dynamic, the amount of liquidity that can be put into the market at any one time is therefore limited by the extended unlock process.

 

[ty816 2]

On 1/9/2021 at 9:28 PM, ringer2 said:

We got the first 15% but anyone know when the next one is?

How come you got your 15% already? Im using ledger and dont see it. Also couldn't find the date of the first distribution. Any idea?

[3lfx 1]

4 hours ago, ty816 said:

How come you got your 15% already? Im using ledger and dont see it. Also couldn't find the date of the first distribution. Any idea?

Bitrue have issued an IOU to allow trading on their platform. Flare Networks have not launched yet.

[ringer2 998]

3 hours ago, 3lfx said:

Bitrue have issued an IOU to allow trading on their platform. Flare Networks have not launched yet.

Right. I’m asking when the next IOU is released. Sorry that wasn’t obvious. 

Edited January 13 by ringer2

[3lfx 1]

16 hours ago, ringer2 said:

Right. I’m asking when the next IOU is released. Sorry that wasn’t obvious. 

Imagine it as a note from the exchange saying "I will pay you this when its available"

[ringer2 998]

8 hours ago, 3lfx said:

Imagine it as a note from the exchange saying "I will pay you this when its available"

Yes, I know how the iou works. I’m asking when the next release of it is. 

[3lfx 1]

15 hours ago, ringer2 said:

Yes, I know how the iou works. I’m asking when the next release of it is. 

Oh sorry I misread your previous reply. I wouldn't imagine they will be doing another.