FIP.01 is the first Flare Improvement Proposal. It was triggered once 66% of the FLR tokens distributed during last week’s Token Distribution Event were in community hands.
The vote starts on Saturday 21 January at 07:00 UTC. To participate in the vote, FLR holders must have wrapped your FLR tokens into WFLR before 19:00 UTC today Thursday 19 January. Voting will take place on the Flare Portal. Full details are available on the Proposal Repository.
Why is FIP.01 needed?
FIP.01 is important because both Flare and the blockchain industry have changed significantly in the years since the vision for Flare was announced. It is now a far larger project than initially considered. Instead of serving a single community with a single utility, Flare’s data acquisition and interoperability protocols are designed to increase the usefulness of the whole blockchain ecosystem and enable developers to build dapps with new and innovative use cases.
Additionally, a 36 month distribution to centralized exchange wallet addresses presents an unacceptable risk of community token loss should any additional institutions be found to be insolvent.
What changes are recommended in FIP.01?
There are two key changes within Flare Improvement Proposal 01:
- The 36 future monthly distributions (24.25B FLR) would be provided directly to wallets holding WFLR instead of sending them to the same address as the initial 15% airdrop.
- Inflation would be set at 10% in year 1, 7% in year 2, and 5% in year 3 onwards, calculated on available supply, not the fully diluted market cap, with a cap of 5B FLR minted per year.
How do I participate?
- Please ensure FLR holdings are wrapped by 19:00 UTC on Thursday 19 January. Only WFLR holders will be eligible to vote.
- The block selection period starts at 19:00 UTC. A random block will be selected before the voting period starts 07:00 UTC on 21 January. The number of WFLR held at this block time will define the number of votes available to cast.
- The proposal will be live on the Flare Portal at 07:00 UTC on Saturday 21 January. This is when the voting period starts.
- WFLR token holders have one week to cast their votes. The result will be confirmed at 07:00 UTC Saturday 28 January.
FLR must be wrapped before 19:00 UTC on Thursday 19 January to be eligible to vote on FIP.01.