Ripple holders are set to benefit from Huobi Japan, as the leading Asian crypto exchange announced that it plans to distribute Flare Network tokens and Songbird tokens to XRP investors.
The press release also added that the exchange would soon communicate the date and time of the tokens’ distribution to its users.
All You Need to Know About the Flare Airdrop
The FLR and SGB giveaway will be distributed to XRP holders who held the token in their Huobi Japan account at the date of the snapshot, December 12, 2020, at precisely 9:00 (Japan Time).
The tokens will be distributed to XRP holders who meet the requirements using a 1:1 ratio.
For instance, a Huobi user with 500 XRP at the time of the snapshot will receive 500 units of Flare and Songbird tokens when the airdrop commences.
Ripple Holders That Could be Excluded From the Airdrop.
Huobi Japan added that an XRP holder could be excluded from the FLR distribution even if their accounts were included in the snapshot.
Some circumstances include customers whose accounts have been cancelled or frozen, customers who executed a trade during the time of the snapshot, and customers whose deposits did not reflect.
Furthermore, Huobi Japan said it would not distribute the FLR tokens to users related to fraudulent activities.
Flare Network Tokens Airdrop
The distribution of FLR and SGB tokens has been a major topic of discussion for over a year. However, it is worth noting that the airdrop is a method the Flare Network team wants to use to distribute its ecosystem tokens.
Flare Network does not intend to carry out an Initial Coin Offering (ICO) for its digital currency; instead, it chose to airdrop the tokens to XRP holders.
Out of the 100 billion FLR total supply, Flare Network said it would distribute 45 billion to XRP holders. Additionally, Flare Network noted that it would commence the distribution of FLR after completing the upgrade of Songbird.
According to Hugo Pilion, Flare Network CEO:
“With the final two protocols [of Songbird] required before Flare launch, [it] will allow us to proceed to Flare launch. A full roadmap to Flare launch will be released in the coming weeks,”