Flare (FLR) airdrops to XRP holders two years later than planned ──then the price plummets | coindesk JAPAN | Coindesk Japan

Flare Networks’ native token, “Flare” (FLR), finally went public on the night of January 9 after waiting for nearly two years after being heavily debated among community members. (XRP) was airdropped (distributed) to holders. Many of the holders who received it appear to have sold it immediately.

Flare Token Distribution Event https://t.co/3GkF2dbGBY

— Flare (@FlareNetworks) January 9, 2023

The airdrop will be 1:1, i.e. 1 FLR will be distributed for every 1 XRP held, for a total of 42 XRP holders who held at least 1 token during the December 2020 snapshot. Over 80 million FLRs have been distributed.

Airdropped tokens currently account for 15% of the total project supply, with the rest to be distributed over the next three years.

FLR holders can vote on future airdrop distribution methods on Flare’s governance forum, along with suggestions for the project.

According to CoinGecko data, the token was initially set at 5 cents amid low liquidity with only MEXC Global on the exchange, and then tripled as liquidity increased with the participation of OKX and Kraken. of 15 cents. Since then, the price has fallen to 2 cents, and recent CoinGecko data shows 4 cents. As of 10:30 UTC on January 10, the token had traded approximately $34 million.

Flair initially aimed to be a decentralized financial (DeFi) application powered by XRP, but has gradually shifted to a Layer 1 blockchain and oracle (oracle: meaning of oracle, priestess, shrine maiden) provider. Layer 1 refers to the base blockchain, such as Ethereum or Solana, while Oracle refers to the provider of external information to the blockchain.

While the token is new, the Flair network is already operational, having processed more than 268 million requests (for data and transactions) in the past week, said Josh Edwards, Flair’s vice president of engineering. Edwards said in a tweet on January 9th.

｜Translation: coindesk JAPAN
｜Editing: Toshihiko Inoue
| Image: Flare official website
｜Original: Flare Tokens Airdropped to XRP Holders After Two Years; FLR Price Plummets