Comprehensive Guide to the FLR Token Airdrop for XRP Holders

hello everyone so today we're going to be talking about uh flat token airdrop which is a free airdrop for xrp holders

I already posted a video about it a few months back and this is an important update and some proposed changes that

we're going to be talking about in this video today so ah as usual disclaimer and warning I'm not a financial advisor

or investment expert none of my videos are for financial advice or for investment advice perspective they are

just to share my learnings and one of the warning that always give us never ever send your money or crypto to

someone who calls himself as a professional broker or investment firm no matter what the returns that they are

promising because they'll Target You by emails and comments and they can use any names fake names and never ever give

your money to somebody else for investing with your money you invest it the reason I say this is because a lot

of people still lose money with these fake investors my Twitter feeders are generated to London I'm pretty active on

Twitter and not only me for information like this especially the crypto space is easier to have a Twitter account and

follow the accounts so that you get up-to-date information much more quicker and much more easier so what is the flat

token what is the air drop about right so in November 2020 uh in episode 13 I posted a detailed video about what is

the flr token it was called as a spark token at that point now it's been renamed to flower token so I posted

detailed explanation why you are getting the eye drop in the first place so we will not be covering the why you are

getting the airdrop because that has been covered in detail in that in that video and you can see that video if you

want I will give you the link in the description for that video so who's going to get the airdrop obviously uh

like I had explained in that video in number 2020 on the 12th of December 2020 roughly about three to five am IST or

midnight in UK anybody who were holding xrp in their in a supported exchange you know many of the exchanges were

supported like Finance Patrol victra.com many of the exchanges were supported there were very few that did not offer

support to it in the end for foreign so if you are holding your xrp in a supported exchange or in a decentralized

wallet you will get a free eye drop so um the the thing is you will get the free eye drop even if you had sold your

xrp after that date for example in the 12th of December 12th of December 2020 after the snapshot got taken if you sold

it in the afternoon or on the 13th or 14th for example anytime that you have sold it transferred it you know you will

still get the airdrop you're still eligible it is based on the fact that you had xrp on that day doesn't matter

whether you have xrp or not I have sold all my most of my xrp I do not hold xrp but I am still eligible for the and drop

so that's one of the questions that a lot of people had asked so I wanted to make it clear so there has been a delay

in the flat Network launch if you had seen my episode 13 we talked about the fact that the network is expected to

launch in March 2021 and the ad drop was also supposed to happen around the same time but it's been delayed by more than

19 months and they finally going to launch on the 24th of October 2022 and there's various reasons why a network

delays I mean network is getting delayed you know blockchain is very difficult in terms of the testing so the testing

cycle went on much much longer than they had anticipated typical IT project right so uh token distribution even date is

something that they had published and there's a detailed article that's been published it's different to the 24th of

October 2022 and why is this the case it is still being worked or they're saying that they have given a detailed article

and they're saying that it could take a few days or weeks for the token to be distributed to you so the token

distribution even date and there's a series of Articles has been given and primarily what they are saying is the

token distribution even date is going to be around the 9th of January 2023 this is because they want all of the

exchanges to distribute it at the exact same time and they don't want like if you're holding it in binance and you get

it early and if you're holding it in you know something like Xerox and you get it late for example then you don't want

this difference to happen for people who are holding xrp they want all the exchanges to be participating it at the

same time now uh which means that some of the exchanges they need to go through compliance reviews Security reviews

taxation reviews before they can actually uh you know distribute it to their to their holders so in in various

legislations it takes different times there are a lot of regulations and unlike people might think there are a

lot of regulations in crypto space which needs to be factored in so which is why even though the the flare networks are

ready to do the token Distribution on the 24th of October um it is going to take at least a couple

of months the 9th of January is the tentative date that's been provided and we expect expect that this should not

get delayed Beyond this you know because uh assets flight networks have already announced with couple of days remaining

they are actually going live with the network so um we could expect that it could

probably be a few days delay but it's probably going to be not like you know previously where 19 months till it for

example so one of the key things that we need to be talking about is in context is the song word Canary chain add drop I

had posted some videos about it but in December 2021 almost a year after the proposed launch the test net version

called as the canary chain of flag networks was used for incentivized testing of the blockchain protocol and

the the test net was called as a songbird protocol and the concept was called as Canary chain now in a normal

test net the tokens don't have any monetary value but it is hard to incentivize people like Aptos for

example recently what they did was they had an incentivized test net where they promised people that they will be

getting a drop of the tokens but it was only a promise but a canary chain the difference is that the token that is

used for testing has got a monetary value you can actually trade it and that was called the songbot token sgb token

so flab networks and dropped the same amount of SGP tokens that you would have got as flower tokens as flr tokens so

that was kind of an indication to say how many flower tokens you would have got and you know the airdrop mechanism

was also vetted but not all exchanges participated in this airdrop because the exchanges had only promised to drop

flower tokens they did not promise to eye drop the canary chain sgb tokens even though it had a monetary value so

there were a few exchanges like you know binance.com crypto.com that that supported sgv up front uh wazirex did

not supported initially but uh you know they eventually supported it so song about Canary chain eye drop the

reason why it is important is because if you look at the price chart right after a while it started dipping so if you got

it later for example the price would have dipped but at the point when that drop happened and immediately after it a

few months later it reached a peak price of about 64 cents like you know if you had like 1000 xrp that you were holding

and you would have potentially got about 150 SGP tokens which could have been worth hundred dollars at that point of

time but today the sgb price obviously because the canary chain today the SUV price is about two cents and I posted it

on Twitter as well when people were asking me you know should we buy sgb uh should we buy song but and I did explain

it saying that it's not an investment it is not an investment token because it's a canary chain and a Kennedy chain is a

test net chain ultimately once the main net is nearing then obviously you know it's not going to have as much value as

it used to have so ah potential investment again is only the flat token but we will talk about it later so more

on the Songbird chain you know when the Songbird um the the ad drop was going on I had

even posted a uh the first shorts video in my channel I will give you the links to these as well these are like one

minute videos of what is stronger what is a canary chain and uh you know which exchangers are supporting it we kind of

actively campaigned for the uh Songbird ad drop and eventually it was good to see more and more exchanges like wazirex

and everyone else coming to support the songbot token and especially when it was around like 60 65 cents

um people were getting air dropped these tokens and which is beneficial for them so apart from the flr they also got this

flower token which is very important so now the price of flair is is very difficult to predict but you can kind of

compare it to you know what was sgb's Peak value that it could go to as soon as it get released from the first few

days get released just compare give an idea of the money entry value of what flower could be but a lot has changed we

are not in the same kind of Market anymore we are in a bad market and xrp is price is around 47 cents right now so

you could say it's compared to xrp or you could compare it to the sgb speak value but eventually it's Market that's

going to decide the the price of FL so we will not go there from a speculation perspective but more important than the

price of probably equal importance of the price is that there is an important proposal called as the fip01 Flair

Improvement proposal 0 1. now there is a detailed article it's actually going pages and Pages it's a lengthy and

detailed proposal there's a lot of nuances supported a lot of combinations about it you can read the full proposal

give you the link to this proposal as well if I p01 it's on the flat website but the the main

um idea behind this proposal is that uh you will not get the remaining 85 percent so let me explain so as per the

current plan uh there's a there's about a total of 28 billion tokens that are going to be and dropped for xrp holders

that's how much xrp I mean how much uh xrp was being held by people and how much flr is going to be add drop to

people right of which 15 percent about roughly 4.2 billion tokens will be our drop down the first token distribution

event date which is January 2023. the remaining 85 percent which is 25 billion tokens nearly should have been adopt

over a 24 to 36 months cliff on a declining proportion there's a there's a random calculation there but for

Simplicity sake I have just used a an example here where assume you're going to get 1000 flr drop right you held an

appropriate amount of xrp and you're going to get 1000 flr drop in total for example right so which means that ah on

January 2023 when the token distribution happens you will get 150 FL or 15 percent of the FLL and the remaining 850

tokens will be added up to you on a monthly basis in a declining ratio so you will get it for like I've used a 24

month calculator and this is just a sample calculation there are like I said there is a lot of formulas or a lot of

you know variables behind it but it's a declining proportion so if you assume an evenly declining proportion so we get 47

46 45 and so on until like you know another two years you will have got your 850 tokens even if you did nothing if

you you will just keep getting it in binance or fazirex wherever you got your first ad drop and wherever you held xrp

during the December 2020 snapshot this is what is the current scenario this is what has been promised originally but

the key change is that what flower is saying in the fip01 is that if you sell your 15 tokens you will

get nothing after that point you will not get the remaining 85 percent if you hold your 15 percent SLR tokens

in the centralized exchange itself in in your uhirex or binance or wherever you're holding it you will still get

nothing so basically if you sell it you will get nothing if you do nothing you will still get nothing

and if you transfer it obviously you are not going to get it because you are not eligible transferring is almost

equivalent to selling so the airdrop stops for all of these people so what do you do to continue getting the remaining

85 percent right so what they are saying is that you must move your flr tokens this is a proposal right now right so

there you must move your flr tokens to self custodial wallet or D5 wallet like a meta mask or I know most of the uh the

self-custrated wallets that we have explained in our Channel and you need to wrap your uh flat tokens to wfl wrapping

is kind of in flowers language is equivalent to delegating to a validator node which is commonly what you used to

call as staking into a POS blockchain proof of chain proof of stake blockchain right so we have talked about what is

proof of stake in our episode 46 if you want to understand why proof of stake is important and this concept of staking

you can actually look at it so but if you stake into a proof of chain a proof of stake blockchain you will get a

reward for helping to run the blockchain safely ah into a validator mode for example so that is what they are saying

that if you move your 15 percent tokens into a non-custodial wallet self-custodial wallet

and if you uh help in this proof of state by by wrapping your reflr then you will get the remaining 85 percent now

this means that there are a lot of changes that that needs to be analyzed right so this is an incentive to buy

flower tokens the first 15 drop that people get this is an incentive for people to buy the flat tokens because

the price of tokens will obviously better why because that means that if you if even if you did not get the

fifteen percent hard drop but if you bought it from the market and if you stake it or if you wrap it then you are

still eligible for the remaining 85 percent so even if you did not hold any xrp during 2020 and you are new to the

market you can still buy it from the market you can still buy flower tokens and you are still eligible for the

remaining 85 percent drop so if you miss the snapshot date there is a way for you to get the remaining 85 percent the the

ad drop by actually buying the token which means it's a incentive for uh you know people to buy the tokens and it

will help the price and it's also an incentive for D5 Safi uh Savvy users to get the 85 percent more right people who

are in D5 obviously are earning a lot lot more which we've been posting consistently in the last you know one

year almost you know how if you move to decentralized finance you can earn much more than centralized exchanges and uh

the more flr get the flat tokens that gets take the more reliable the network becomes it's better for decentralization

process this might be an excuse for people to learn decentralized finance and it will prevent the dependency on

Central exchanges like Finance or wazirix for the future 36 hour drops that could happen right so what if

azurex or banan suddenly change their policy and say that okay we will drop you the 15 and drop but we are no longer

going to hand drop the remaining 85 percent and they keep it for themselves a lot of exchanges did on the song board

I drop they kept it for themselves they sold it they made a huge profit about it so right

um so your money they actually benefited perfect and there's nothing stopping the central exchanges from doing it it's

just the moral ethics that stop them from doing it so there is no no dependency going forward if you adopt

this approach and there will be a detailed calculation scenarios in in their website but what they are

predicting is that you will probably get more tokens because if everybody doesn't do this and if small number of people a

smaller portion of people comparatively do this and you will get more tokens compared to the original which is going

to be distributed to a larger population so ah and you will also probably get it a lot more earlier the the curves are

very the various curves are are presented in the fib01 website you can go and look at it but what are the

consulate people who bought xrp believing that they will get the 100 air drop they are at a significant

disadvantage if they don't want to do any of this and they will lose 85 percent of their promise tokens which is

not uh you know fully correct right so even if you are intending to sell 15 like I was intending to sell the 15 of

the tokens assuming that I'm going to get the remaining 85 percent but if that's going to change then I need to

rework my strategy so centralized exchanges will get thing after that will distribute nothing which means that if

we're going to be relying on a central exchange like wizard X or binance or whatever you're going to get nothing

after that point right so a lot of retail users are still way behind on the default adoption curve and be extremely

confusing to an average user what's happening in the first place nobody will explain but

um that means that you know it is going to be difficult for them to get the remaining atoms So eventually the

biggest concern is that 85 percent of retail users are still only using you know centralized exchanges you know it's

just a rough number I mean I don't know the exact number but there are a lot of Statistics that published closer to this

number right so um and this will probably bring probably another 10 percent of population 25 with

a lot of Education generally popular influences do not encourage the user base to come to D5 because they have

their own benefit to keep people in the centralization but I've been making decentralized Finance videos from last

year from almost from March 2021 and posted almost like 15 20 episodes just on decentralized finance alone right

from episode 23 and 24 which is like an introduction to what is T5 so this might be an opportunity for people to learn

decentral FMS because that's where we need to get to we cannot be relying on some Flex changes defeats the whole

purpose of what crypto stands for so um the people who are going to vote on sip01 probably will know how much

beneficial it is for them because you know the whole decentralized finance and voting and everything they will probably

only be knowing about it so it's not uncertain at this point whether this proposal will pass but there is a

chance that uh you know Central exchanges might try and stop it so we'll we'll have to see how this is going to

pan out but if this is going to pass and I'll as we should make a detailed video or demo video about how you can move

your flr tokens to a decentralized wallet and how you can wrap them and how you can get the remaining 85 percent

even if you have never done any of this before I'll make a detailed video like before so hopefully you found this

useful if you did please post a comment it will be really helpful for me to make continue making videos like this thank

you bye