TABLE OF CONTENTS

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. 

The Flow Community Sale begins on September 22nd, 2020, and is open through Friday, October 2nd, 5 pm 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 12 PM UTC.


What jurisdictions are eligible to participate in the sale?

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 which jurisdictions are able to use the CoinList platform please visit: https://coinlist.co/legal


How do I fund my purchase?

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.


What is the release schedule of tokens?

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.


How will my FLOW be distributed to me?

  • By default, you will receive your FLOW tokens in your CoinList Wallet. There is no storage fee for storing your Flow through CoinList.
  • There is no action needed to use CoinList Wallets.
  • If you choose CoinList for your distribution, your tokens will be delegated to nodes run by Bison Trails and CoinList. More details coming soon.
  • You may choose to receive your distribution to an external wallet or custody service.
  • In order to receive your FLOW distribution outside of CoinList through an external custody option, you must submit and confirm your external address before 12:00 PM PDT on October 26th.
  • Address generation at external providers is not yet available; CoinList and Flow will share further instructions as they become available.
  • Vesting and lock-up periods begin today, October 16, for all purchasers including those that participated in previous sales outside of CoinList


FLOW Distribution Options

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 - the default option for the delivery of your FLOW
  • Kraken 
  • Finoa 
  • Blocto 
  • Ledger - pending app store approval 

CoinList and the Flow Team will provide updates on each provider as they become available. 


What is the referral bonus?

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.


Where can I learn more about Flow?


When will FLOW tokens be transferrable?

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. 


Am I able to participate in staking during the one-year holding period?

Yes, tokens can be staked or delegated normally even while they are subject to transfer restrictions.