After first announcing our support for the Flare Token Distribution Event (FLR) December 11, 2020we are pleased to announce that XRP token holders will begin receiving FLR on January 10, 2023.
The snapshot of XRP balances took place on December 12, 2020 around 12:00 UTC (the first validated XRP ledger with a timestamp greater than or equal to 00:00 UTC on December 12, 2020).
Kraken accounts that had an XRP balance at the time of the snapshot should receive approximately 15% of the total FLR they are eligible for on January 10, 2023 after the completion of the token distribution event. At that time, eligible customers will receive 0.151095 FLR for every 1.0000 XRP they had on Kraken at the time of the snapshot. The distribution method of the rest of the FLR tokens depends on the outcome of the community vote on Flare 01 Improvement Proposal (FIP.01). Voting on this proposal is expected to begin in February.
Financing and negotiation
You will be able to add FLR to your Kraken account by going to Fundingselecting the asset and pressing Deposit. Trading is expected to go live in January ten.
Here’s what you need to know:
| Teleprinter | RPF |
| negotiable against | USD, EUR |
| Price accuracy | 2 decimal places |
| Minimum order | 5 FLRs |
| Minimum deposit | 12 RPFs |
| Deposit confirmations required | 60 confirmations (~2 minutes) |
| Not available in | Japan |
| service available | krakenthem KrakenPro interface |
Note: Trading via the Kraken App and Instant Buying will be available once liquidity requirements are met (when enough buyers and sellers have entered the market for their orders to be effectively matched).
About leveraged positions
Holders of XRP tokens who held a Leveraged spot long position using the snapshot will be credited with a balance of FLR corresponding to this position.
Holders of XRP tokens who held a leveraged spot short position via snapshot a balance of FLR corresponding to this position will be debited.
Kraken also supports staking for Flare (FLR) holders*
Of Earn section of your Kraken account or your Professional mobile app, you will be able to stake your FLR holdings and earn up to 8-12% in annual rewards.** FLR staking on Kraken is gasless, meaning there are no network transaction fees for staking/unstaking or for claiming and withdrawing staking rewards. Additionally, Kraken allows you to easily stake and withdraw at any time, with no lock-up period.
What do you want to know
- You can earn up to 12% in annual rewards, distributed weekly.
- Deposits require 60 confirmations (~2 minutes). You can add FLR to your Kraken account by going to Fundingselecting the asset and pressing Deposit.
- FLR staking is not available for customers in the United States and Canada.
What is Flare?
Flare is a Layer 1 blockchain based on the Ethereum Virtual Machine (EVM) focused on creating deeper interoperability between different blockchains and decentralized applications. Flare offers FAssets and the LayerCake protocol to open up more blockchains to the power of smart contracts and connect assets across smart contract-enabled networks. Flare’s native token, called Flare (FLR), can be used as collateral in applications, to provide data feeds, and to vote on network changes.
Useful links
Will Kraken make more assets available?
Yes! But our policy is not to reveal any details before launch, including the assets we are considering. All available Kraken tokens can be found here, and all future tokens will be announced on Kraken’s blog and social media profiles. Our customer engagement specialists cannot answer any questions about any assets we may make available in the future.
Trade with caution
There is no guarantee that a limit order will be executed. There is also no guarantee that a market order will be executed at a certain price. The availability and liquidity of the particular digital asset will impact these types of orders.
*Geographic restrictions apply
**Reward rates are subject to change and subject to Kraken’s terms and conditions.
These materials are for general informational purposes only and do not constitute investment advice or a recommendation or solicitation to buy, sell or hold any crypto-asset or to engage in any specific trading strategy. . Some crypto products and markets are unregulated and you may not be protected by government indemnities and/or regulatory protection schemes. The unpredictable nature of crypto-asset markets can lead to loss of funds. Tax may be due on any return and/or increase in value of your crypto-assets and you should seek independent advice on your tax position. For more information, please see our Terms of use.
