Kraken supports the Flare (FLR) token distribution event – trading and staking start January 10

After first announcing our support for the Flare (FLR) token distribution event on December 11, 2020, we are pleased to announce that eligible XRP token holders will begin receiving FLR on January 10, 2023.

The snapshot of XRP balances took place on December 12, 2020 at approximately 12 am 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 are expected to receive approximately 15% of the total FLR for which they are eligible on January 10, 2023 following completion of the Token Distribution Event. At that time, eligible clients will receive 0.151095 FLR for every 1.0000 XRP they had on Kraken at the time of the snapshot. The method of distribution of the remainder of FLR tokens depends on the outcome of the community vote on Flare Improvement Proposal 01 (FIP.01). Voting on this proposal is expected to start in February.

Funding and Trading

You will be able to add FLR to your Kraken account by navigating to Funding, selecting the asset, and hitting Deposit. Trading is anticipated to go live January 10.

Here’s what you need to know:

Note: Trading via Kraken App and Instant Buy will be available once liquidity conditions are met (when a sufficient number of buyers and sellers have entered the market for their orders to be efficiently matched).

About leveraged positions

XRP token holders that held a leveraged long spot position through the snapshot will be credited a balance of FLR corresponding to this position.

XRP token holders that held a leveraged short spot position through the snapshot will be debited a balance of FLR corresponding to this position.

Kraken also supports staking for Flare (FLR) holders*

From the Earn section of your Kraken account or from your Pro mobile app, you’ll be able to stake your FLR holdings and earn up to 8-12% in yearly 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 makes it easy for you to stake and unstake at any time, with no lockup periods.

What you need to know

• You can earn up to 12% in yearly rewards, distributed weekly.
• Deposits require 60 confirmations (~2 minutes). You can add FLR to your Kraken account by navigating to Funding, selecting the asset and hitting Deposit.
• FLR staking is not available to clients in the United States and Canada.

What is Flare?

Flare is an Ethereum Virtual Machine (EVM) based Layer 1 blockchain focused on creating deeper interoperability between different blockchains and decentralized applications. Flare offers FAssets and the LayerCake protocol to open more blockchains to the power of smart contracts and bridge assets across smart contract enabled networks. Flare’s native token, referred to as Flare (FLR), can be used as collateral within applications, to provide data feeds and to vote on changes to the network.

Useful links

Will Kraken make more assets available?

Yes! But our policy is to never reveal any details until shortly before launch – including which assets we are considering. All of Kraken’s available tokens can be found here, and all future tokens will be announced on Kraken’s blog and social media profiles. Our client engagement specialists cannot answer any questions about which assets we may be making available in the future. 

Trade with caution

There is no guarantee that a limit order will execute. There is also no guarantee a market order will execute 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 compliance with Kraken’s terms and conditions.

These materials are for general information purposes only and are not investment advice or a recommendation or solicitation to buy, sell or hold any cryptoasset or to engage in any specific trading strategy. Some crypto products and markets are unregulated, and you may not be protected by government compensation and/or regulatory protection schemes. The unpredictable nature of the cryptoasset markets can lead to loss of funds. Tax may be payable on any return and/or on any increase in the value of your cryptoassets and you should seek independent advice on your taxation position. For more information, please see our Terms of Service.