Here's How Litecoin (LTC) Holders Can Receive Spark (FLR) Rewards: All We Know

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Tue, 01/19/2021 - 12:50
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Vladislav Sopov
Recently, Flare Networks team dropped a bombshell by its decision to add another asset to its instruments besides XRP-based FXRP tokens
Here's How Litecoin (LTC) Holders Can Receive Spark (FLR) Rewards: All We Know
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Flare Community, the supporters of the much-anticipated Flare blockchain, have shared some details on how rewards will be distributed between XRP and Litecoin (LTC) holders. Despite being sophisticated, this design provides numerous opportunities to enthusiasts of both blockchains.

More assets, more liquidity, more demand

According to an explanatory post by a community-managed account, the rationale behind the implementation of support for many assets on Flare mechanisms were quite simple. With many F-Assets (Flare-based tokens), the demand for FLR will increase. Therefore, its value will be catalyzed.

Here's why Flare blockchain adds multiple assets
Image via Twitter

As covered by U.Today previously, on Jan. 8, 2020, Flare Networks announced that Litecoin (LTC) will be integrated into its blockchain once it goes live. The fifth-largest cryptocurrency has a passionate community, so the potential userbase of the upcoming programmatic blockchain Flare is expanding.

Related
Flare Networks to Integrate Litecoin (LTC) as SEC Alleges XRP Is Unregistered Security

It should be noted that Spark (FLR) tokens, core native assets, will be distributed between XRP holders via an unparalleled multi-month airdrop. Flare Networks took the snapshots of XRP balances on Dec. 12, 2020, to airdrop 1 FLR to 1 XRP.

Meanwhile, unlike XRP holders, Litecoiners (LTC) will not be eligible for FLR airdrops. Therefore, followers of the Flare Community Twitter account asked what is required for LTC owners to join the Flare operations.

Dedicated reward pool for Litecoiners

Flare Community representatives explained that FLR payouts to Litecoin (LTC) holders will come from a special Litecoin (LTC) rewards pool. A cache of 5,000,000,000 Spark (FLR) tokens has been preserved for the purpose.

In an explanatory YouTube video, the Flare Community announced that all holders of F-Assets (FXRP, FLTC and so on) will receive passive income. Within the framework of the program, payouts will drop into holders' pockets every single day. An up-to-date payout amount will be calculated given actual F-Asset/FLR prices.

Related
Flare Networks CEO Hugo Philion: Spark (FLR) Not to Be Security

Recently, Flare Networks CEO Hugo Philion, in his interview with Raoul Pal's Real Vision Crypto television channel, informed viewers that his team plans to launch Flare blockchain in mainnet as soon as May 2021.

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About the author

Blockchain Analyst & Writer with scientific background. 5+ years in IT-analytics, 2+ years in blockchain.

Worked in independent analysis as well as in start-ups (Swap.online, Monoreto, Attic Lab etc.)