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.
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.
“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.
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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.
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.
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Furthermore, XRP is down 10% on the month and a whopping 90% from its January 2018 all-time high of $3.40.
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If eligible, you should have received FLR tokens at a ratio of 1 XRP = 0.1511 FLR. Flare is the blockchain for data, an EVM smart contract platform that expands the utility of blockchain.
Do I qualify for the airdrop? To qualify for the initial 15% airdrop, you must have had a confirmed positive balance of XRP in your Uphold account at the time of the snapshot - 00:00 UTC on 12th December 2020. To qualify for the remaining 85% FlareDrops, you just have to hold FLR in your Uphold account.
How to claim my FLR tokens? Go to XRPScan, paste your XRP address, and navigate to the Flare tab to find your Flare address and claimable FLR balance. If some FLR tokens are available to claim, head over to Ledger Live or MetaMask to claim your tokens. Learn more.
What is the potential impact on Ripple's value if they win their court case with the Securities and Exchange Commission (SEC)? Originally Answered: If Ripple would win a lawsuit, how would it affect the XRP price? When (Not IF) Ripple wins that baseless lawsuit, expect the price to 20x in few days.
Claim: To receive your XRP tokens, participants must go through a claiming process outlined by the XRP airdrop. This process usually includes verifying your ownership of the snapshot addresses and completing specific tasks or requirements. Coin: XRP is the digital coin or token distributed through the airdrop.
The Flare token airdrop finally happened after a two-year wait, with billions of tokens distributed to millions of recipients on Monday. Originally scheduled for distribution in 2020, the airdrop occurred at 6:59 p.m. EST on Monday.
The first distribution happened on March 17, 2023, and the last will occur on January 30, 2026. To learn more and to see all the distribution dates, visit Flare's website: FlareDrop guide. If you have received an installment of distribution rewards, the tokens must be actively claimed within 67 days.
As a holder of Flare or Songbird tokens, you possess the capability to wrapping your tokens. Wrapping and delegating them to an FTSO provider grants them increased vote power and allows you to partake in shared rewards.
When Flare exited observation mode 15% of the Flare (FLR) tokens were airdropped to those that registered their XRP address for the airdrop. The remaining 85% of the tokens will be proportionally allocated to accounts that hold Wrapped Flare (WFLR).
How much will I receive? Each monthly airdrop is calculated based on 3 random snapshots from the 23 days prior to the monthly distribution day. The 35 first instalments will be of 676 040 738 FLR and the last one will be of 584 760 888 FLR.
Can XRP reach $100? Reaching a $100 price point would mean a market capitalisation of roughly $5.2 trillion for XRP, considering the current circulating supply of about 52 billion. This would be more than four times larger than the current value of all cryptocurrencies combined.
XRP holders are getting 30% of the total initial supply of 100B tokens. Another 22% will be distributed via liquidity mining over the next seven to eight years to those who move assets from compatible chains onto Songbird.
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