eToro posts Q&A on FLARE and Songbird tokens
Due to concerns voiced by traders, online broker eToro has posted Questions and Answers on FLARE and Songbird (SGB) tokens.
- What are FLARE and Songbird?
FLARE and Songbird (SGB) are both crypto tokens issued by Flare Network.
- How are they related?
Both FLARE and SGB are being distributed by Flare Network to users who were included in the global snapshot of users holding open XRP positions on December 12, 2020.
- OK, so what is “Spark”?
Spark is the previous name of the FLARE token. Flare Network changed the name of the token a while ago.
- Is eToro supporting both tokens?
Yes, eToro is supporting the distribution of both tokens.
- Are the two distributions connected?
Not exactly. The two distributions are aimed at the same target audience – users who held open positions in XRP at the time of the global snapshot on Dec 12, 2020.
- Does this mean that all eToro users who held open positions in XRP will receive both Songbird and FLARE tokens?
Not necessarily – having held open XRP positions during the snapshot is just part of the story. Users must (then and now) have a fully verified eToro account, and must reside in a region where regulatory authorities permit the distribution of crypto tokens.
- What’s all this about a two-part distribution, of 15% and then the remaining 85%?
First of all, this pertains only to FLARE. 15% of the tokens to which eligible users are entitled will be distributed initially. The mechanism by which the remaining FLARE tokens will be distributed will be executed based on the outcome of the Flare community vote on Flare Improvement Proposal 01 (FIP.01). Furthermore, the 85% will only be distributed to users who continue to hold the FLARE tokens until the entire distribution is complete. These above terms are entirely dependent on the decisions to be made by the Flare community. eToro is not responsible for the decisions made by Flare Network about this distribution. SGB is already in the process of being distributed, on a monthly basis.