FLOW is the native currency for the Flow network, the exclusive token for staking, governance, payment of transaction fees, and the principal reserve asset on the network.
By default, your FLOW will be distributed to your CoinList Wallet. Starting next week, you’ll have options to create Flow accounts for holding your FLOW with other providers. An overview of all the available distribution options, including CoinList Wallets, is presented below:
CoinList and the Flow Team will provide updates on each provider as they become available.
We will display payment information once the Sale Period starts. You can pay with USD, USDC, BTC, or ETH.
If you fund your account and purchase tokens with USD or USDC, there are no fees. You can deposit USDC and USD into your CoinList wallet anytime at https://coinlist.co/wallets.
If you fund your account and purchase with ETH or BTC, it will be converted to USDC at the time of purchase. An estimated conversion rate will be shown at the time of purchase and you will also incur a 0.25% transaction fee from CoinList for converting such funds. All purchases will be denominated in USD. You can deposit ETH and BTC into your CoinList wallet anytime at https://coinlist.co/wallets.
Community Sale tokens are subject to a holding period where transfer restrictions apply. 50% of tokens become freely transferable after a one year cliff, the remaining 50% vest on a monthly basis over the following year. This matches the same transfer restrictions accepted by pre-launch purchasers.
Dutch Auction tokens are subject to a one year holding period after which all tokens become freely transferable.
The referral bonus allows you to earn 500 Flow for each person you refer that successfully participates in the community sale or dutch auction. You must also make a successful purchase in order to be eligible, a referral link will be provided once you complete your purchase. This bonus is designed to encourage purchasers from around the world to actively engage with Flow.
CoinList will support the distribution, storage and staking of FLOW through CoinList Wallets. By default your purchase of FLOW will be distributed to your CoinList Wallet. There are no actions required to receive your FLOW distribution to your CoinList wallet.
CoinList wallets are built on secure custody and technology infrastructure provided by our partner custodians including Anchorage, Bitgo, Gemini Custody, and Finoa. If you decide to use CoinList Wallets, your FLOW will be held at Finoa.
Upon distribution, your FLOW will be held with our custody providers and you will be available to view your FLOW balance through your CoinList wallet. Your FLOW will be available for transfer and trading at the end of the applicable lock-up and vesting periods.
There is no cost to use CoinList wallets or to store your FLOW with CoinList.
CoinList will support staking through CoinList wallets. CoinList partners with Bison Trails to provide staking services to users. If you choose CoinList wallets, you will automatically be enrolled in FLOW staking. CoinList will charge an 8% commission on staking rewards. You may opt out of staking at anytime by submitting a ticket here.
CoinList will be able to run three different node types on Flow to maximize staking rewards for our users once the reward coefficient begins to adjust staking rewards for different node types.
How much are FLOW staking rewards?
The Flow network currently has the following estimated annual staking reward rates:
Staking started on December 16th. The rates shown above are all annualized and do not take into account the 8% CoinList commission. Staking rewards are paid out monthly and will vary month by month based on the period and epochs.
You will accrue staking rewards on your FLOW while your FLOW is locked up per the terms of the sale and/or auction.
Please note, you will not be able to withdraw staking rewards and we do not anticipate supporting withdrawals or deposits support for FLOW before the end of January 2021.
The auction and sale are only available to non-US and non-Canada residents, and residents of non-restricted jurisdictions.
Restricted jurisdictions include the United States of America (including its territories), Canada, Democratic People’s Republic of Korea, Cuba, Syria, Iran, Sudan, Crimea, People’s Republic of China, Bahamas, Belarus, Botswana, Burundi, Cambodia, Central African Republic, The Democratic Republic of the Congo, Côte d’Ivoire, Cuba, Ethiopia, Ghana, Islamic Republic of Iran, Iraq, Lebanon, Libya, Mali, Myanmar, Nicaragua, Pakistan, Panama, Somalia, South Sudan, Sri Lanka, Sudan, Syrian Arab Republic, Trinidad and Tobago, Tunisia, Bolivarian Republic of Venezuela, Yemen, and Zimbabwe.
Each token offering's supported jurisdictions may vary. To view the jurisdictions eligible to use the CoinList platform please visit: https://coinlist.co/legal.
The Flow Community Sale begins on September 22st, 2020 and is open through Friday, October 2nd 5pm UTC. Participants are able to purchase up to a maximum of 10,000 FLOW tokens at the same price as private pre-launch backers ($1k equivalent). This cap is set to ensure broad community distribution and allow for maximum participation.
Alongside the Community Sale, Dapper is conducting a Dutch Auction that will be held on October 6th at 12PM UTC.
FLOW tokens from the CoinList Community Sale have a two-year lockup period, with 50% of the tokens unlocking after one year. Locked tokens cannot be transferred but they are eligible for staking and delegation during the lockup period. There's more info here.
FLOW tokens from the CoinList Auction tokens have a one-year lockup period. They are also eligible for staking and delegation during the lockup period.
Staking rewards are freely transferable as soon as they are claimed.