Flare Has Finally Begun Distributing FLR Tokens to XRP Holders

The long-awaited airdrop of Flare FLR tokens has commenced today. Multiple exchanges are taking part as more than 4 billion tokens are distributed to those eligible.

On Jan. 10, Flare Networks posted a live stream countdown to one of crypto history’s largest token distribution events.

More than two years after a snapshot of XRP holders was taken, Flare finally began airdropping tokens. Flare is a layer 1 Ethereum Virtual Machine (EVM) blockchain that aims to bring smart contract compatibility to the Ripple network.

In October 2022, Flare (formerly known as Spark) stated that it would airdrop 15% of the claimable token to XRP holders at the time of the snapshot.

That distribution has finally begun today.

Flare Network Dropping 4.3 billion Tokens

The first Flare Improvement Proposal (FIP01) states that 4.28 billion FLR tokens will be distributed. The remaining 24.23 billion tokens will be distributed monthly in uniform increments over 36 months to those that wrap their FLR tokens.

Centralized exchanges participating in the airdrop included Binance, OKX, Kraken, Bithumb, UpBit, and Kucoin.

Hugo Philion, CEO & Co-founder of Flare, said:

“For the blockchain industry to flourish, we need more useful decentralized applications. Flare is tackling this through data, not just prices but transaction details, Web2 events etc, so that developers can build applications that provide more utility to a larger group of users.”

He added that this could enable new use cases to be built. One potential use case would be triggering a Flare smart contract action with a payment made on another chain. Additionally, it could facilitate a new way of bridging to bring non-smart contract tokens to Flare for use in DeFi applications.

Furthermore, the network has two core protocols: the State Connector and Flare Time Series Oracle (FTSO). According to the official website, these allow developers to create an ecosystem of robust and decentralized interoperability applications.

A couple of hours ago, Flare announced that its network was now live.

No XRP Price Reaction

There was very little reaction from Ripple’s XRP, from which the Flare Network snapshot was taken in December 2020.

The XRP price was trading down 1% on the day at $0.349 at the time of press. The cross-border transfer coin has not moved much in the past week despite those around it notching up gains.

Furthermore, XRP is down 10% on the month and a whopping 90% from its January 2018 all-time high of $3.40.

Disclaimer

BeInCrypto has reached out to company or individual involved in the story to get an official statement about the recent developments, but it has yet to hear back.

Source link

Be the first to comment

Leave a Reply

Your email address will not be published.


*