Millions of FLR tokens have been airdropped to XRP users by Flare Network, a layer 1 blockchain for network interoperability.
After a 2-year delay, FLR tokens were distributed to XRP holders based on the amount of XRP they owned in December 2020.
After the airdrop, FLR token’s price fell over 70% from $0.15 to $0.023 on January 10 2023.
Flare Network (FLR) airdrop for XRP holders goes smoothly
Holding FLR tokens allows users to participate in Flare Network's governance and decision-making processes. Initially, Flare Network was conceived as a decentralised application that would utilize Ripple's XRP tokens.
FLR tokens were sent to every XRP holder in the December 2020 snapshot depending on how many XRP tokens they held. The distribution of FLR to XRP holders was 1:1. Around 4.28 billion FLR tokens were successfully airdropped.
15% of Flare Network's supply was airdropped. The majority of the remaining supply has since been sold on the open market, causing FLR's price to fall by more than 70%.
As an oracle and layer 1 blockchain, many traders who're interested in blockchain technology will be following Flare Network’s development to see how the new network fares in the crypto industry.
From Flare Network:
Flare is a layer 1 EVM blockchain that has 2 core protocols, the State Connector and Flare Time Series Oracle (FTSO). These protocols allow developers to create an ecosystem of robust and decentralized interoperability applications.
Flare Network's blockchain has processed 268 million requests, according to a recent Tweet from Flare Network's VP.
Get the latest crypto news on Bitcoin, Ethereum, Bonk and Shiba Inu.
Explore new topics and discover content that's right for you!
Planet Crypto