Flare Networks declares that the XRP test net resets on August 19th, 2024. The new update from the platform outlines important updates for users involved in the XRP ecosystem.
The updates are most important for the users who are expecting to claim XRP Flare Airdrop. The new updates may redefine the tokenization and decentralized finance (DeFI) applications of the platform.
In this article, we will be exploring everything you need to know about XRP Flare Airdrop.
Currently, there is a broader discussion in the XRP community about the potential impacts on the token’s value due to external factors, such as proposals involving Bitcoin and the US national debt.
These discussions are also creating more interest in the XRP, Flare bridging, and the Testnet airdrop. So, if you do not want to miss out on a potentially lucrative activity, read on.
What is Flare?
Flare is a decentralized blockchain platform designed to facilitate the interoperability of different blockchain networks.
The platform can also enable smart contract functionalities to networks that traditionally do not support it. FLR is the native cryptocurrency of Flare.
FLR is used for paying transaction fees and interacting with the smart contracts in the platform. The total supply of the FLR token is pre-determined to be 100 billion.
A majority of the tokens are reserved for rewarding the community for their active participation in various events conducted to improve the efficiency and features of the platform.
FLR is available on (DeFi) decentralized finance exchanges such as Coinbase and it is currently valued at $0.0152.
What is XRP Flare Airdrop?
As you may already know, XRP is the native token of XRP Ledger There has been a talk of discussion in the past few days regarding the lawsuit, which the token partially won. Regardless, the XRP and Flare teams were working on a project that allows bridging between XRP to Flare.
The project is called FAssets, which is a platform that allows non-smart tokens, such as Bitcoin (BTC), Dogecoin (DOGE), and XRP to be utilized within smart contracts on the flare network.
The FAssets demo app opened for the public and announced that the participants would receive FAssets retroactive airdrop. The rewards of the retroactive airdrop are not announced yet.
How to Participate in the XRP Flare Airdrop?
The platform has not announced an exact date for the retroactive FAsset airdrop. However, the airdrop is tied to the ongoing development and participation in the FAsset system.
The Airdrop is planned to incentivize participation in the full rollout of the FAsset system, starting with the open beta on the Coston Testnet.
Participants can start minting and redeeming FtestXRP on the Coston Testnt since June 4.
Step-by-step guide on participating in XRP Flare Airdrop:
- Set up Bifrost Wallet and ensure it is updated to the latest version.
- Connect the Bifrost wallet to the Coston and send XRP to the agent.
- Provide proof of transaction
- Once confirmed, users will receive their minted FTestXRP in their Bifrost wallet.
- If needed, users can redeem their FTestXRP to receive their original testXRP back in their wallets.
- Let the platform know the challenges you have faced while using the platform, or suggestions to improve their service.
Eligibility Criteria for Claiming the Rewards
While the complete scope of the airdrop has not been announced yet, you need to make sure that you fulfill all the eligibility requirements set by the platform to get rewarded for your effort. The conditions include:
- All participants must have the latest version of the Bifrost wallet.
- Need enough test network funds including testXRP and CFLR.
- Participants should not hold more than 1000 units of each test FAsset unless they are acting as an agent or liquidator.
- If the user has a different address for the beta, then they should send the required amount to their beta address on Songbird or Flare.
- Participants should stay away from using VPN services while participating in the platform’s testnet.
What are the New Updates in the FAssets Demo App?
On August 8, Flare published an announcement regarding the XRP Testnet Reset and the FAssets Beta Reset.
The announcement gave updates for users involved in the XRP ecosystem and for those who utilize FAssets open beta.
The announcement states that the XRP testnet will be reset on August 19, 2024. This resetting will erase all existing FTestXRP tokens, in an attempt to enhance the stabilization and efficiency of the testnet environment.
It also added that the FAsset beta app will be paused during the rest till the XRP testnet stabilizes.
XRP Testnet Reset What to Do?
The reset may make the users panic. Especially when you learn that the action will erase all existing FTestXRP tokens. But here is what you can do to save your progress:
- Redeem FTestXRP: the users should redeem their FTestXRP by August 18, 2024, 11:59 PM EST.
- An airdrop of 1000 new TestXRP will be awarded to the users to facilitate the transaction.
Also, Read: XRP Airdrop 2024: Are You Eligible? Find Out Here
Conclusion
While the exact date of the XRP Flare retroactive airdrop has not been announced, it is tied to the ongoing development and participation in the FAsset system.
The XRP has announced a testnet reset and an airdrop of 1000 new TestXRP is given to facilitate the redemption of FTestXRP tokens.
More specific details regarding the date and time will be announced in the coming weeks.
