The Flare (FLR) token airdrop began on Mon., Jan. 9, almost two years after a snapshot of Ripple (XRP) holders occurred on Dec. 12, 2020. The FLR airdrop was distributed at a ratio of 1.0073 FLR per 1 XRP and the preliminary distribution noticed 15% of the whole provide launched to the group.
A complete of 28.5 billion FLR have been distributed based mostly on this technique and in line with Flare’s tokenomics, 58.3% of the whole genesis FLR provide will likely be distributed over 36 months.
What’s Flare?
Flare is a Layer-1 blockchain with an oracle system aiming to spice up interoperability amongst decentralized functions (DApps) and blockchains. Whereas the token solely not too long ago launched, the protocol launched its mainnet on July 11, 2022. So far, the Flare mainnet has already processed over 70 million transactions with over 500,000 distinctive wallets.
FLR follows the trail of most airdrops
In response to knowledge from CoinGecko, FLR token seemingly began buying and selling on Jan. 9, at $0.05 amidst low liquidity on MeXC change. After the launch, the token soared to $0.15 as exchanges like Binance, OKX and Kraken began buying and selling the airdropped token.
Shortly after the elevated liquidity arrived from extra centralized exchanges (CEX) FLR token worth started to crash. On the time of writing, FLR worth has pulled again by 76% to $0.02 and its 24-hour buying and selling quantity sits barely under $50 million.
Whereas the airdrop supplied long-awaited FLR tokens without charge to XRP holders, the end result of quick promoting is routine for many airdrops. Proof of actual success will likely be whether or not the community sees a sustained uptick in using its layer-1 and interoperable oracle use case.
The views, ideas and opinions expressed listed below are the authors’ alone and don’t essentially mirror or signify the views and opinions of Cointelegraph.