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.
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.
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.
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.