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Addressing NFT Rewards Program Discontinuation and FTSO Management 'Chill' Proposal

Executive Summary
This document serves to formally communicate significant updates regarding the discontinuation of the 10% NFT Rewards Program and the critical development within the FTSO management group, specifically the 'chill' proposal currently under review. It outlines the steps for refunds, introduces a notice period for community feedback, details the potential impact of the 'chill' proposal on operations, and emphasizes our commitment to transparency, compliance, and community support throughout these processes.
1. Discontinuation of the 10% NFT Rewards Program
Due to compliance requirements, it has become necessary to sunset the 10% NFT Rewards Program. We are committed to ensuring fairness and transparency in this process and will offer full refunds to all participants who minted "Mutated Scientist" and "Lab Test" NFTs. The refunds will be provided in FLR tokens, equivalent to the initial minting cost, and will be issued directly to the wallets that conducted the original minting.
Refund Process and Notice Period
A 30-day notice period, effective immediately, has been initiated to allow community members to voice any concerns or objections, particularly addressing those who purchased NFTs on the secondary market. Concerns must be submitted by 11:59 pm AEDT on 7 March 2024. Absent any objections, refunds will commence on 8 March 2024, from the designated wallet address.
2. Subject: Important: Update on 'Chill' Proposal Impact and Action Required
Dear Valued Delegators,
We wish to inform you of a critical update regarding the 'chill' proposal's impact on our Flare and Songbird delegators within the Flare Time Series Oracle (FTSO) data provider network.
The Flare Foundation has approved the 'chill' proposal, and it will soon be implemented against our data providers at the following addresses:
Flare: 0x14b424Bc9E9B8091A40384ff3d8F0C3DfC1a2879
Songbird: 0x43f0a819dccddeb05a282c78027873ab5be35cf5
This action will modify the reward distribution for delegations made to our data providers. To continue receiving FTSO rewards, it is essential for delegators to redirect their delegation to alternative data providers not impacted by the 'chill' action.
We advise you to promptly reassess and adjust your delegation arrangements to ensure uninterrupted reward eligibility within the FTSO system.
We regret any inconvenience this necessary action may cause. This measure is crucial to safeguard your interests and guarantee the continuous accrual of rewards within the Flare Network.
Our commitment to transparency and integrity is unwavering. We are devoted to providing regular updates as the situation unfolds. Should you require assistance with reallocating your delegation, or if you have any inquiries, please do not hesitate to contact our support team via Discord or directly through our website.
Discord: [https://discord.gg/c7qvDZU6Gg].
Website: https://flrlabs.com
This notice is made in good faith and does not constitute legal or financial advice. FLR LABS does not accept any responsibility or liability for the consequences of the Flare Foundation's decision, and continues to pursue avenues to challenge the decision. You are responsible for seeking your own independent and professional advice and for mitigating any potential loss you may suffer, including redirecting your stake to alternate data providers as soon as possible.
Thank you for your understanding and continued support during these significant times.
Temporary Suspension and Contingency Planning
As a precaution, we have temporarily suspended access to our website to prevent new delegations. We are actively seeking guidance from the Foundation and preparing a contingency plan for NFT holders in the event of blacklisting. Our team is dedicated to minimizing negative impacts and will keep the community informed of developments through our website and social media channels.
Contact and Updates
For further information, updates, or to express concerns, please visit our Discord and social media channels. We are here to assist and address any queries you may have throughout this process.
Last modified 9d ago