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Flare Labs announced a retroactive airdrop for FAssets beta participants, with eligibility based on active engagement and wallet restrictions.
Key Notes
Flare Labs is launching a retroactive airdrop to reward active participants in the FAssets open beta on Coston.Eligibility requires engagement on Coston, Songbird, and Flare, with restrictions on large FTestXRP and FBTC wallet balances.The airdrop will distribute $400,000 in rFLR tokens to up to 10,000 participants, based on activity in minting and redeeming.Flare Labs has released an update regarding the retroactive airdrop tied to its FAssets system, which aims to integrate non-smart contract assets like Bitcoin BTC $61 143 24h volatility: 0.4% Market cap: $1.21 T Vol. 24h: $31.30 B and XRP XRP $0.54 24h volatility: 0.9% Market cap: $30.29 B Vol. 24h: $1.62 B into the decentralized finance (DeFi) space on the Flare network.
The goal of the airdrop is to reward users who actively participated in the open beta phase on the Coston testnet. Flare Labs revealed that community participation in this phase will help them find and fix bugs, ensuring the system works well under various conditions.
Since its launch on June 4, FAssets has attracted more than 40,000 participants. These users have collectively performed around 450,000 mint and redeem transactions for FTestXRP and FBTC, creating 48 million FXRP tokens and 6.85 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 be eligible for the retroactive airdrop, participants should actively engage in the Open Beta on Coston and demonstrate activity on Songbird and Flare. The airdrop will be distributed after the FAssets system is officially released on Flare.”
Flare Labs has implemented specific restrictions to encourage genuine participation and deter passive holding. Thus, wallets with balances exceeding 1,000 FTestXRP or 0.01 FBTC will be excluded from the airdrop. This restriction takes effect 48 hours after this announcement.
“All wallets with FTestXRP balances greater than 1,000 will not be eligible for the airdrop. Only applicable to Coston. All wallets with FBTC balances greater than 0.01 FBTC will not be eligible for the airdrop. Only applicable to Coston. This rule will take effect starting 48 hours after this announcement,” the company stated.
Airdrop Distribution and Anti-Sybil Attack Measures
The total allocation for the retroactive airdrop is $400,000 in rFLR tokens, with a maximum of 10,000 recipients expected to benefit. The rewards will be tiered, based on participants’ activity, with airdrop amounts ranging from $10 to $1,000. Only transactions related to minting, redeeming, and collateral actions will be incentivized.
To prevent Sybil attacks, where users attempt to exploit the airdrop by using multiple wallets, Flare Labs has established that a wallet must show prior activity involving the delegation or staking of FLR or SGB tokens to be eligible. If a wallet does not meet the previous requirement, it can still be eligible if it is connected to another wallet with a history of FLR/SGB delegation or staking.
This rule limits users’ ability to exploit the system by connecting multiple beta wallets to a single main wallet, as each main wallet can only link to one beta wallet.
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Temitope is a writer with more than four years of experience writing across various niches. He has a special interest in the fintech and blockchain spaces and enjoy writing articles in those areas. He holds bachelor's and master's degrees in linguistics. When not writing, he trades forex and plays video games.
